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Bankruptcy Helps Homeowners Protect their Property

Bankruptcy may help Colorado home owners keep their homes and avoid foreclosure. Chapter 13 can help individuals struggling with their finances get hope and get their feet back on the ground.

 
 
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PRLog - Apr. 26, 2014 - DENVER -- Many people in Colorado who are contemplating bankruptcy fear that they will be unable to keep their home after the filing. In fact, the reverse is true. The vast majority of Colorado homeowners who file for bankruptcy actually get to keep their homes.

This is true even when the home is in foreclosure. Federal bankruptcy law protects homeowners by halting foreclosure proceedings upon filing. In the case of Chapter 7 filing, this is a temporary halt. The mortgage company may request that the automatic stay on the foreclosure proceedings be lifted. By this time, many homeowners have sufficiently reorganized their finances that they are able to prevent the foreclosure. That's because Chapter 7 bankruptcy eliminates debts with sizable monthly payments like car notes and credit card debt.

Filing Chapter 13 (http://bankruptcy-attorneydenver.com/chapter-13-bankruptcy/) can be an even more appealing alternative for homeowners. Chapter 13 permits consumers to reorganize big debts, like a mortgage. This means that homeowners don't have to make a separate agreement with their lender in order to keep their house. Most often, consumers are given a period of between three and five years to get caught up on mortgage payments.

A consumer whose home is not in foreclosure is similarly able to keep their property. The main question for these homeowners just might be whether or not they want to keep their house. In some instances, it makes sense to let the house go in favor of renting for a few years before trying home ownership again. When a property needs to have extensive renovations or when the homeowner owes far more than the property is worth, letting go may be the smart financial step.

The issues surrounding homeownership and bankruptcy are complex ones. It is only with the help of an experienced Denver bankruptcy attorney like Christopher German that consumers can become familiar with their rights in a bankruptcy proceeding. Colorado bankruptcies come with few absolutes. There are many options for going forward, but most consumers are not aware of the intricacies of federal bankruptcy laws.

The Law Office of Christopher A. German offers affordable, compassionate assistance to Colorado consumers who are contemplating filing for bankruptcy. Chris German helps clients to realize the dream of financial security and even prosperity by judiciously guiding them through the bankruptcy process. His extensive experience and professional integrity have enabled him to help hundreds of clients in the Denver area.

Call the Law Office of Christopher A. German at (720) 675-8070 or visit the firm's website at http://bankruptcy-attorneydenver.com/ to schedule a consultation.


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Source:Legal Marketing Today
City/Town:Denver - Colorado - United States
Industry:Finance, Legal
Tags:Denver Bankruptcy Attorney, Bankruptcy Denver, Foreclosure Denver, Chapter 13 Denver, chapter 7 Denver
Shortcut:prlog.org/12315250
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