The family residence is more than just a valuable asset; it is where you raise your family, experience many cherished life experiences and the source of your family’s safety and security – in short it is home. When the safety and security of your family home is threatened by creditors, it can be an extremely stressful and anxious time. During tough economic times, many people that never expected to be in such a situation face the loss of their family home.
The burst of the housing bubble, escalating variable home interest rates and the collapse of the stock market, which ravaged many people’s retirement accounts created a “perfect storm” of negative economic factors. The thought of losing one’s home can be a devastating prospect, especially for families that have been paying on their family home for many years only to suddenly find that their home has negative equity and the payment has risen beyond their ability to pay.
The Arizona bankruptcy law firm of Stone Rose Law frequently receives calls from clients who are trying to save their home. Many people that contact us for assistance in saving their home are frustrated after negotiating with their mortgage company for months. There are a number of effective bankruptcy strategies that may help you save your home even if you are far behind on your mortgage.
A bankruptcy filing will bring foreclosure proceedings to an immediate halt. Once your file for bankruptcy, you will receive the protection of the automatic stay which means that all debt enforcement actions including foreclosure proceedings must immediately stop. An experienced bankruptcy law firm may use the bankruptcy process to eliminate some of your unsecured debt burden freeing up more income to pay your mortgage company. A Chapter 13 bankruptcy in Arizona also may permit you to pay past due amounts on your mortgage over an extended period of a three- or five-year term.
If you have sufficient income, an experienced Arizona bankruptcy attorney may be able to develop a Chapter 13 bankruptcy payment plan that will permit you to maintain your current mortgage payment and devise a Chapter 13 payment plan to save your home. If you make all Chapter 13 payments and continue making your current mortgage payment over the duration of the plan, you will receive a Chapter 13 discharge of any outstanding unsecured debts.
If you seek prompt assistance from our Arizona Chapter 13 bankruptcy attorneys, we may be able help you save your home. Our experienced Arizona bankruptcy attorneys at Stone Rose Law will carefully evaluate your situation so that we can advise you on the best bankruptcy strategy to save your home.