Are You Facing Home Foreclosure in Virginia?
If you are behind on your mortgage and threatened with foreclosure, filing bankruptcy may be your best option for relief. Once bankruptcy is filed, an automatic stay is placed on all creditor actions, including foreclosure. This allows you time to review your situation and develop a plan to get a fresh financial start.
At Cravens & Noll, our bankruptcy foreclosure attorneys have experience with all facets of bankruptcy law. We understand how bankruptcy works to relieve debtors of their downward spiral and get them back on their feet. As our client, we will carefully review your situation and advise on your options. While not all debt relief options end in saving your home, we are committed to obtaining the best outcome for your financial needs.
Types of Bankruptcy Chapters
When you file for bankruptcy, there are multiple chapters you can apply for. Each chapter offers a different payment plan based on your financial situation and the nature of your debts.
The two most common chapters are Chapter 7 and Chapter 13. Both are popular because they cater to average people who need a better method of paying back their debts or in some cases not have to pay back most of their debt.
Chapter 7 is fairly common, as it essentially wipes away your debt. It’s designed for people who are struggling to make their monthly debt payments and who do not either earn too much income or own too much equity in property. Yet, this method does not come without consequences.
In order to get rid of these debts, the court must decide which of your assets can be liquidated to help pay your debts. These can include cars, furniture, and other possessions that require regular payments. Your house can be considered for liquidation, but a skilled and educated attorney can help you determine if this is the best option for your unique financial situation. Our attorneys have the experience to explain to you during the first meeting whether you will lose any of your property. In most cases, you will be able to keep all of your property.
Chapter 13 is another popular bankruptcy option for people unable to keep up with their debt payments. Chapter 13 differs from Chapter 7 in that it’s designed for people with a steady income but too many debts to pay. Chapter 13 also lets you keep most of your assets while you pay them off in smaller payments.
For most people, Chapter 13 bankruptcy is the best option to achieve debt relief while preventing foreclosure because it allows for a restructuring of debts into a single monthly payment. Often, this frees some additional income for mortgage payments. Additionally, any past-due mortgage payments can be restructured into the payment plan.
Our Bankruptcy Service Fees
A Chapter 13 bankruptcy filing starts at $500 – $1000 or the initial filing plus $310.00 for court filing fees. If you are in danger of losing your home soon, we can rush the filing for $500.
While these fees may seem costly, especially when you’re already in debt, you’ll spend more money in the long run without an experienced foreclosure attorney on your side.
With Cravens and Noll representing you in court, you can have the confidence that your needs are being taken care of the right way. Our attorneys are professional and efficient, meaning you will not waste money on redoing work to compensate for mistakes.
Contact the Foreclosure Attorneys at Cravens and Noll
If your home is facing foreclosure, you need a dedicated attorney on your side. Contact the bankruptcy foreclosure attorneys at Cravens and Noll. Our goal is to get you back on your feet as quickly as possible so you can live your life again.