Given how sketchy the economy has been over the recent years in Arkansas specifically though with lower taxes from the federal level that could change, it is no surprise that many Arkansas residents have found themselves unable to pay back their loans and have lost their homes to foreclosure.
By many, we mean thousands. It can happen to anyone, even honest, hardworking Americans. However, there is a way to avoid home foreclosure and we will briefly address how you can go about doing just that.
If you happen to find yourself in such a predicament, then we highly recommend that you get professional legal help as soon as possible. Also, foreclosure laws are specific it is important to seek the assistance of a competent and profound legal professional with a track record that is unassailable in foreclosure matters. USAttorneys.com cuts through the normal search engine clutter and makes this process very easy for you.
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How can Chapter 13 bankruptcy put a stop to the foreclosure process?
There are several different types of bankruptcy that you may file for and be granted. When it comes to avoiding home foreclosure though, Chapter 13 bankruptcy would be your ideal option. Yes, there are several benefits of this type of bankruptcy.
- When you file for chapter 13 bankruptcy and provided that you are granted it, you can basically work out a payback plan which is more convenient for you.
- You will still pay back your debts but you can take longer to accomplish this so you can have that much needed breathing room and the amounts of money or installments that you will have to pay on a monthly\weekly basis will be substantially slashed. Obviously, this can provide striking relief to you financially.
- Furthermore, you can also get to keep your property such as your home or car, and so forth.
- One of the main eligibility criteria’s for chapter 13 bankruptcy is having a steady source of income which will allow you to pay back the loan or debt as per your new pay back plan.
Second mortgage lien stripping
On top of the fact that you can take longer to pay back your home mortgages and pay smaller installments, there is another added benefit to filing for Chapter 13 bankruptcy. And this benefit can be rather substantial for certain individuals who are having a tough time dealing with their home mortgage.
In cases where the value of your home is considered to be lesser than a certain amount, you may be able to strip a second home mortgage lien and once you are granted chapter 13 bankruptcy, your debt will now be classified as an unsecured debt. In such cases, a part of the debt or the whole debt itself may be discharged.
Contact us today!
If you are faced with home foreclosure, we know how overwhelmed and uncertain you may be about the future. We can help you find the top Arkansas foreclosure lawyer in your neighborhood, city, or county. A legal expert who you can call right away and directly set up an initial free consultation and get this ball rolling in the right direction.
We know this situation is agonizing. Let’s get this behind you.
All you need is to use the interactive map or the local lawyers’ directory search to gain access to a list of legal pros. They have decades of experience and have helped dozens and dozens of people avoid home foreclosure and other financial situations that are totally unappealing.
If you face any issues during the process feel free to fill the free case evaluation form or chat with one of our agents on the live chat forum to set you on the right path. After giving us your contact information we will call you back and help you find the legal professional you need.
Everyone in life needs to ask for help at some point!