Arizona has the third highest foreclosure rate in the U.S. so many Gilbert homeowners continue to be in distress and facing the risk of losing their family residence. Almost one in two hundred homes in Arizona will be subject to foreclosure filings during 2011 at the current rate of foreclosure within the state. The loss of one’s family home can be extremely traumatic. Many times, homeowners will have paid for years on the their home, but when the real estate market tanks, their investment now is upside down. When a Gilbert resident loses one’s home to foreclosure while the real estate market is down, it can mean that years of investing are wasted with no return on one’s investment. This financial loss is compounded by the emotional consequence of losing the home where one’s family was raised.
Although you may be many months behind on your home mortgage, there may still be a way to protect and save your home through a Chapter 13 Bankruptcy. The well regarded Gilbert Bankruptcy law firm Stone Rose Law has helped many families just like you in Gilbert protect their family residence. We know what your family’s home means to the members of your household both financially and emotionally and will use our skill, experience and expertise to protect what you have worked so hard to acquire.
A Chapter 13 Bankruptcy filing is composed of a massive number of documents that are not written in clear easy to understand English. It is almost unheard of that a non-attorney can prepare and file a Chapter 13 Bankruptcy and successfully obtain a Chapter 13 discharge. The Chapter 13 process is simply too complicated for someone who is not in bankruptcy court on a daily basis. We can help you fashion a Chapter 13 Bankruptcy plan that is acceptable to the Bankruptcy Trustee that will also make economic sense given your objectives and financial goals.
The Chapter 13 Bankruptcy process differs from a Chapter 7 because you do not simply obtain a discharge or termination of your Chapter 7 unsecured financial commitments. A Chapter 13 requires development of a bankruptcy repayment plan that you will use to make payments through the Bankruptcy Trustee for a 3- or 5-year time period. The plan payment must meet specific criteria that dictates how particular types of debt are treated and the amount of your plan payment that must be allocated to each type of debt.
Essentially, you must repay all amounts on secured debts as well as the full balance on some unsecured debts that take priority. These unsecured debts that must be completely satisfied in your bankruptcy plan include family support obligations ordered in a divorce or child custody proceeding, unfulfilled payroll obligations toward employees and certain types of tax obligations. The monthly plan payment may also need to include a portion that will be paid to other unsecured creditors.
A Chapter 13 is like a Chapter 7 in the sense that you will receive a discharge once you have fulfilled the Chapter 13 plan terms. All plan payments must be made, which will mean that you have paid all past due amounts on your mortgage that were owed at the time your filed Chapter 13. The same must be down with any past due amount on secured obligations for vehicles if you kept any financed motor vehicles. The amounts you owed on unsecured debts that are treated as a higher priority will also be satisfied once all plan payments have been made. Once your Chapter 13 plan has been completely fulfilled, you will receive a discharge so that you do not need to pay any remaining balances on your other unsecured financial obligations like credit card balances. This means you will have much less total debt so keeping your mortgage current once you have completed your Chapter 13 plan should be much easier.
At Stone Rose Law, there is nothing that is more satisfying to us then seeing people who came to us on the brink of a foreclosure sale complete their Chapter 13 plan. We recognize the importance of one’s home to their financial future and recognize that many of our former clients have turned their financial lives around by preserving their residence and using the Chapter 13 Bankruptcy process. Even if you are months or even years behind on your home, we may be able to help you fight to preserve this most fundamental family asset. Stone Rose Law is committed to helping Gilbert residents save their homes from foreclosure and rebuild their economic lives so contact us today at 480-498-8998.