Debts are burdensome and uncomfortable. When Parker residents receive their monthly credit card bills and see that their balances have ballooned due to interest fees or that an unexpected medical procedure is thousands of dollars more than they anticipated, they may worry about how they will pay their financial obligations. Unpaid debts have a way of festering and growing and not going away until debtors take action.
Taking action with regard to unpaid debts is important, particularly when a person’s financial woes affects their ability to pay their mortgage. When mortgage payments have been missed for several months a homeowner’s residence may become subject to foreclosure. A family’s home may be lost if its members are not able to stay current on its mortgage payments.
Debtors who are facing this serious situation should know, however, that they may have options. Both Chapter 7 bankruptcy and Chapter 13 bankruptcy can aid individuals in keeping their homes as they work to repay the debts that they owe. While the automatic stay prevents creditors from taking foreclosure action on debtors’ homes as they work through the bankruptcy process, exemptions and debt reorganization may help individuals find more suitable, long-term ways of paying down their mortgage debt.
The Bruntz Law Firm advocates for individuals who are caught in the difficult situation of facing foreclosure. The firm provides its clients with sound legal information and guidance that can help them decide if and how bankruptcy may serve their financial needs. Debts are burdensome, but the foreclosure process is scary and can threaten the lives that Parker families have fought to build. Yet, the threat of foreclosure shouldn’t paralyze individuals. It should instead motivate them to work with a legal professional to pursue debt relief options that protect their best interests.