When you are in financial distress, the thought of losing your home on top of having overwhelming debt can leave you feeling hopeless. Bankruptcy can be an effective way to stop foreclosure actions and give you time to consider your options.
An Aurora Foreclosure and Bankruptcy Attorney Can Help
The Law Office of Kristen Allard Shier assists individuals and families in the Denver, Colorado, metro area who are facing foreclosure and need legal advice. There are a number of ways to avoid or stop a foreclosure action, and the sooner you get the advice of a knowledgeable lawyer, the better your chances of getting an outcome you can live with.
One way to halt a foreclosure action is to file bankruptcy. While a Chapter 7 bankruptcy won't allow you to catch up on back payments, it can relieve you of other debts and give you a chance to modify your loan or find a way of making extra income. Under a Chapter 13 bankruptcy, you can reorganize or reduce your debt and make up for missed mortgage payments through a repayment plan of up to five years.
Englewood Foreclosure Assistance Attorney
Before deciding to file for bankruptcy, it's a good idea to consider all your other options. Some foreclosure options and bankruptcy alternatives include:
- Loan modification: This changes the amount of the monthly payment, either by extending the loan over a number of additional payments, or by reducing the amount of the principal.
- Debt negotiation: Creditors of unsecured debts such as credit cards and medical bills may be willing to negotiate a reduced balance or create a different payment plan that works for you.
- Federal and private programs: There are a number of housing assistance programs available at both the federal and private level. Having an attorney advise you on the applications for these programs can sometimes make the difference between qualifying and being turned down.
- Short sales: If walking away from your house is the best financial solution for you, a short sale can take the property off your hands (by selling it to a lender who takes less than what is owed) and avoid both foreclosure and bankruptcy.
Contact the Law Office of Kristen Allard Shier today for answers to your bankruptcy and foreclosure questions or to schedule a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
