Stop Foreclosure And Repossession
Your home and your car are two items that help you feel safe and secure. When it becomes possible that you could lose your home, your car or both because you have not paid your bills, that feeling of safety and security can be replaced by fear.
At Gumm & Green, LLP we have helped hundreds of people find a viable solution to their mounting debt. Working with an experienced bankruptcy attorney can ensure that you have the information and tools you need to effectively work to keep you home, car and other personal property.
We provide bankruptcy solutions for clients throughout Southern California.
At Gumm & Green, LLP, we have 50 years of combined experience. We are dedicated to helping you save your home and car and get relief from mounting debt through bankruptcy filing. To schedule your free consultation, call 818-707-4233 OR 855-707-4233.
Stop Home Foreclosure
Both Chapter 7 bankruptcy and Chapter 13 bankruptcy can stop foreclosure.
In a Chapter 13, our bankruptcy attorneys can help you obtain a repayment plan that takes place over a period of a three- to five-year timeframe. In that time, you can pay your mortgage arrears and get current on your mortgage payments.
In a Chapter 7, bankruptcy filing will stop the foreclosure process. As a homeowner, you can try a loan modification. You may have a few more months to work out your financial issues and figure out a way to keep your home.
When either type of bankruptcy is filed, an automatic stay goes into place, which prevents your lender from proceeding with the foreclosure. If you have already received a notice of entry of default, or if you are 90 days behind on your mortgage, it is time to speak with an attorney.
Stop Vehicle Repossession
Car repossession can happen as soon as missing two payments. If you file bankruptcy before the car repossession takes place, this will place an automatic stay on the debt collectors. The repossession proceedings will stop.
In a Chapter 7, you can eliminate your unsecured debt. Your car loan is a secured debt. However, when you “free up” money by not having to pay credit card payments, you can use that to pay your car loan.
In a Chapter 13, you enter into a payment plan and can cure your late payments through the plan. Another option in a Chapter 13 is the “cram down.” For a “cram down” to work, the contract between you and the lender must be more than 910 days old. In this type of plan, you negotiate to pay off the fair market value of the car, rather than the amount you owe.
Speak With A Reputable Repossession Attorney
Do you need to stop foreclosure or car repossession? Turn to the professional, experienced and resourceful attorneys at our firm. Contact Gumm & Green, LLP today and schedule a free consultation to discuss filing for Chapter 7 bankruptcy. Call 818-707-4233 OR 855-707-4233.