If you are in a large amount of debt and you have a mortgage on your home, you may face the risk of not being able to afford your mortgage payments anymore. Once mortgage payments stop because you do not have sufficient income to make your payments, your home will likely be foreclosed.
A foreclosure occurs in Maryland when a lender files legal proceedings in the local Circuit Court seeking the sale of real estate that secured the payment of a real estate loan. Richard J. Hackerman is a Baltimore, Maryland foreclosure attorney who represents people throughout the state when lenders file foreclosure actions or are in the process of filing foreclosure actions. He can assist you if you are facing the possibility of losing your home because you can no longer afford the payments.
Are you facing the possibility of foreclosure? Richard J. Hackerman, one of the top bankruptcy lawyers in Baltimore, may have a solution for you! Contact him today.
When mortgage payments are missed, the reason is often a loss of income due to illness, loss of employment, or other temporary problems.
Filing a Chapter 13 Bankruptcy in Baltimore can provide up to 60 months to “catch up” on missed payments and save your house.
Is Chapter 13 Bankruptcy Right for Me?
This is the critical decision that you and your attorney must make based on the amount of the arrears, your assets, and your present and future income.
Time is of the Essence
As soon as a Bankruptcy is filed, there is an automatic injunction which will prevent the Foreclosure sale. To protect your home, you must act quickly. You must file the bankruptcy petition before the foreclosure auction takes place.
Chapter 13 bankruptcy in Baltimore allows indebted individuals with regular income streams to retain some or all of their assets during the bankruptcy process. In a Chapter 13, some creditors are paid through a trustee appointed to maintain a debtor’s bankruptcy estate. Other creditors, generally those creditors secured by your home or other real estate and the holders of automobile liens, are paid directly by the Debtor after the Chapter 13 case is filed.
- Chapter 13 bankruptcy filers are generally able to keep their personal property and assets.
- Chapter 13 bankruptcy can be used as part of plan to negotiate a difficult or an untenable financial situation.
Chapter 13 Bankruptcy for Wage Earners
Reasons for Filing Chapter 13 Bankruptcy:
- A person is behind in mortgage payments and seeks to save a house.
- A person has excessive debts or significant equity in his or her home.
- A person received a Chapter 7 discharge within the last eight years.
- A person has disposable income after paying reasonable living expenses.
Am I Eligible to File for Chapter 13 Bankruptcy?
To qualify for a Chapter 13 bankruptcy, an individual must have a steady source of income and be able to pay back his or her debts (or a portion of the debts) by making monthly payments over a period of 36 to 60 months. A steady source of income can include salary, spousal or other support, commissions, family assistance, rental income or business earnings.
Chapter 13 Bankruptcy lawyers in Baltimore assist those who need to file bankruptcy to protect their home. People with the means and desire can save their home through the chapter 13 process. My Baltimore bankruptcy law office will assist you as much as possible throughout the bankruptcy process. A Chapter 13 case is generally a more detailed and time-consuming process than a Chapter 7 bankruptcy. So, you will need all the help you can get.
Personal Attention for Personal Bankruptcies
Richard J. Hackerman has helped people all over the State of Maryland.
THE PROBLEM – TOO MUCH DEBT.
You can lower credit card debt with a Chapter 13 bankruptcy under certain circumstances. Every situation is different. Call or contact our bankruptcy law office to schedule an appointment for a free initial consultation. I can help.
One of the benefits to filing Bankruptcy in Baltimore is the “automatic stay” which stops most types of legal actions against a debtor including foreclosure. However, in many instances, homeowners who are facing foreclosure do not want to or cannot file for Bankruptcy. In these instances, our firm can assist with other means that may help a debtor avoid foreclosure and/or Bankruptcy. Possible actions may include negotiating a short sale or a deed in lieu of foreclosure. Depending on a debtor’s situation, we can evaluate whether Bankruptcy, or some other alternative, can help resolve a pending or potential foreclosure.
- PROBLEM: If you do not make your car payments your lender may repossess your car.
- PROBLEM: Without an automobile, you cannot get to work.
- PROBLEM: If you do not have a job, you cannot make your payments.
Filing for Chapter 13 bankruptcy protection can stop the vicious cycle of debt before it destroys your life. Under a Chapter 13 plan, your car will be protected and you may not necessarily end up paying the full amount you owe on your loan.
If your auto has already been repossessed, you must file before the auction sale. A Chapter 13 plan will allow you to make up missed payments over the life of your plan.
Beware of Foreclosure scams
Due to the weak housing market, the number of foreclosures is skyrocketing. As a result, several individuals and companies prey on homeowners facing foreclosure.
One common scam is offering to buy your house and then rent it back to you. If you sell your house with a “QUIT CLAIM” deed, the mortgage is not satisfied, and the lender may continue with foreclosure.
If you need an experienced attorney on debt settlement or bankruptcy in Baltimore to help you with a Chapter 7 or Chapter 13 bankruptcy filing, please contact Richard Hackerman for a free initial bankruptcy consultation.
IF SOMEONE IS OFFERING TO BUY YOUR HOME, I CAN REVIEW THE CONTRACT, NEGOTIATE ON YOUR BEHALF AND MAKE SURE THAT YOU WILL NOT BE PREYED UPON BY UNSCRUPULOUS INVESTORS WHO ARE ONLY SEEKING TO BUY YOUR HOME AS CHEAP AS POSSIBLE AND MAY BE TRYING TO TAKE ADVANTAGE OF YOU IN SUCH TIME OF NEED. THERE ARE REAL ESTATE SCHOOLS IN BALTIMORE THAT TEACH PEOPLE TO WRITE ILLUSORY CONTRACTS THAT REQUIRE YOU TO SELL YOUR HOME, BUT PERMIT THE BUYER TO “FLIP” YOUR HOME, WITH LITTLE OR NO LIABILITY TO THE BUYER SHOULD HE FAIL TO BUY YOUR HOME AS YOU MAY BELIEVE THEY ARE REQUIRED TO DO.