High unemployment, the mortgage crisis and a down economy all contribute to the financial strain on homeowners in the Phoenix area. If you are struggling with high monthly payments and don’t know what to do with your mortgage, you may find the answers you are looking for at the Wright Law Offices.
Whether you are looking to save your home — or if you simply wish to walk away from your mortgage debt burden — bankruptcy may be a solid option for you.
Contact Wright Law Offices to speak to a Phoenix mortgage loan attorney about your legal options. Schedule a free consultation today.
Mortgage Loans in Bankruptcy: Exploring Your Options
Many factors must be considered when deciding what to do with a mortgage loan in bankruptcy. Our firm can help you determine your most practical option based on the equity in your home, your income level and other factors. Our Phoenix bankruptcy lawyers can help you determine if either of the following options is right for you:
- Chapter 7 bankruptcy — Whether you are looking to eliminate your mortgage debt and give up your house, or keep your house and eliminate other debts, Chapter 7 bankruptcy may be right for you. Individuals with little or no equity in their homes (or those with negative equity) may find the financial relief they seek through Chapter 7 bankruptcy, which can eliminate mortgage debt.
- Chapter 13 bankruptcy — If you are looking to protect your assets and keep your house in bankruptcy, Chapter 13 bankruptcy may be your best option. Chapter 13 bankruptcy stops the foreclosure process and allows you to repay a portion or all of the missed mortgage payments. The repayment plan lasts for a period of three to five years.
Contact a Phoenix Mortgage Loan Bankruptcy Lawyer
Learn more about your specific legal options by scheduling a
free consultation with an Arizona bankruptcy attorney. Call 480-845-0145 today.