SAN DIEGO FORECLOSURE DEFENSE LAWYER
Bankruptcy and foreclosure
You can file bankruptcy to help you prolong the foreclosure process. It is very important that you understand how bankruptcy works. Many people use bankruptcy as a scare tactic. There are several different "chapters" of bankruptcy. Some are work-out others are wipe-out, but here is the general idea. When someone files bankruptcy it's almost like someone builds a "bullet-proof" barrier around the house. No one can touch you! However, you are not free of all responsibility and most people do not understand that. You need to know the difference between the "chapters" of bankruptcy before you file and we suggest you speak to a lawyer at our firm before making and huge decisions like "filing bankruptcy protection"
Like we mentioned earlier, some bankruptcies are "work-out" others are "wipe-out". The two that are most commonly used for foreclosure defense are Chapter 7 & Chapter 13. Chapter 7 is the "wipe-out" and Chapter 13 is the "work-out". Bankruptcy is a federal court action designed to help individuals repay their debts or eliminate their debts depending on their circumstances. Chapter 13 bankruptcies are designed to reorganize debts in an effort to repay all debt. Chapter 7 bankruptcies are geared more towards liquidation of assets. Both Chapter 7 and Chapter 13 immediately stop the foreclosure process and any creditors from taking further action against you. Feel free to contact the Foreclosure Attorneys Of San Diego to discuss the pros and cons of filing bankruptcy protection. Remember that every case is different and bankruptcy might or might not be the best option for your situation.
Contact an San Diego foreclosure defense lawyer at the firm for skilled legal assistance with a bankruptcy consultation.