KEEP YOUR PROPERTY.
Home Foreclosure in Tacoma
If you're having money problems, you can easily fall behind on your monthly home mortgage. If you continue to miss your payments, losing your home to foreclosure could become a reality. Filing for bankruptcy may provide you with the debt relief you need to save your home, and you may even protect up to $125,000 of your equity with the Homestead Exemption.
Crushing debts for medical bills and credit cards can cause anyone to fall behind on their mortgage. Sudden, unexpected debt that accompanies being laid off or an economic downturn may also be a potential culprit. Sadly, lenders have zero tolerance for missing payments, no matter how good your intentions. When the threat of losing your home becomes a reality, it's time to consider your options.
You may be able to stop foreclosure with help from one of our Tacoma bankruptcy lawyers. Finding out if you can save your home is easy. All you have to do is contact one of our bankruptcy attorneys in Washington for a free consultation.Stop foreclosure with help from our experienced Pierce County bankruptcy lawyers
- Chapter 7 and Chapter 13 bankruptcy both stop home foreclosure
- Filing for Chapter 7 bankruptcy may provide you with an opportunity to get caught up on your mortgage
- Chapter 13 bankruptcy allows you to consolidate your debt, including mortgage arrears, and make payments over a three to five year period
- Get more information by contacting one of our Tacoma home foreclosure relief lawyers today
If you're faced with prospect of losing home to foreclosure, speak with a Tacoma bankruptcy lawyer who can help you explore all of your potential options to save your home. Most Tacoma homeowners who fall behind on their mortgage are hard working people who suddenly find themselves with a mountain of debt they can't pay.
These are the people for whom bankruptcy laws were created. The idea is to help honest people get back on their feet, save their home from foreclosure, and stop allow them to get a fresh financial start while retaining their dignity. If stopping foreclosure on your home is important to you, contract our Pierce County law office and find out more about bankruptcy.The difference between filing for Chapter 13 and Chapter 7 bankruptcy
Filing for either variety of bankruptcy will stop foreclosure on your home immediately. Your financial situation and status as a homeowner will largely determine whether Chapter 7 or Chapter 13 is more viable. If your annual earnings are below the median household level in Washington, filing for Chapter 7 bankruptcy may present the best option. If your income is above this level, Chapter 13 may be the way to go. A means test may be necessary to help your Tacoma home foreclosure relief lawyer make this determination.
Chapter 7 bankruptcy doesn't really offer a long-term solution to home foreclosure in most situations, but it could free up time to explore methods of getting caught up on your mortgage.
Chapter 13 bankruptcy is often referred to as the "home saver plan," because it's often the most effective way to stop home foreclosure. In a Chapter 13 bankruptcy, your debt is consolidated into an affordable monthly payment plan, and you're allowed to incorporate your mortgage arrears into the payment. The term may be from three to five years. Your unsecured debt, like credit cards and medical bills, may be partially or entirely discharged by the court. This allows you to focus on maintaining your debt consolidation payments, and keep your home.Contact a bankruptcy attorney in Tacoma and get more information about home foreclosure
In some situations, wage garnishment resulting from an unpaid debt lawsuit causes a homeowner to fall behind on their mortgage. Filing for bankruptcy immediately stops all debt collection, including wage garnishment. Simply freeing up this money may be all it takes to save a home from foreclosure.
The federal government created bankruptcy laws because someone who can never get ahead financially is a drain on the economy. Our Washington bankruptcy lawyers offer a free consultation so that you can get the facts about debt relief that leads to a fresh financial beginning. Contact our law office in Tacoma today and stop home foreclosure.