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Many Arizona homeowners have applied to their mortgage lenders to reduce interest payments through loan modifications to achieve manageable payments each month, but not all lenders have been cooperative or responsive to borrowers. Consequently, some homeowners have filed for Chapter 13 bankruptcy to stop foreclosure and force lenders to work on their modification requests.
The automatic stay granted by the bankruptcy court when a consumer files a Chapter 13 bankruptcy will stop foreclosure, prevent creditors from continuing with debt collection actions and stop creditor harassment. For the consumer in search of a fresh financial start, filing for Chapter 13 bankruptcy could bring the lead to the debt relief the person is seeking. One thing it cannot accomplish, however, is compelling a mortgage lender to grant a loan modification.
A lender holding the mortgage on real property is a secured creditor in a Chapter 13 and has the right to ask the bankruptcy court to release the home from the protection of the automatic stay. Once the home is released, a lender is free to move ahead with the foreclosure. It is up to the lender to decide if he or she wants to take the home or work with the homeowner on a loan modification.
A Phoenix bankruptcy attorney might be able to help a person whose financial challenges include being unable to make a monthly mortgage payment. The debt repayment plan of a Chapter 13 bankruptcy might reduce the burden of credit card debt, debts incurred through business ownership and other financial obligations to provide a consumer with manageable payments on non-mortgage debts. The reduced debt achieved through a Chapter 13 might help a consumer in the loan modification process by showing lower overall debt ratios in comparison to income.
Source: Fox Business, “Can bankruptcy court force home loan modification,” Justin Harelik, Feb. 5, 2013
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"Benjamin Wright with Wright Law Office made a very difficult time for us much easier. We were struggling and did not know what our options were. He explained all our options and helped us to make the best financial decision. They made things easy and were always available to answer any questions we had. I would definitely recommend him."
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Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.
I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!
Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.
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I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.
How does Chapter 13 bankruptcy work?
For individuals who maintain a steady income but are grappling with debts that need more time to be cleared, Chapter 13 bankruptcy could provide a viable solution. This form of bankruptcy enables debtors to retain their property while adhering to a three to five-year repayment plan. In Scottsdale, the bankruptcy attorneys at Wright Law Offices utilize their expertise in developing personalized Chapter 13 plans that are uniquely designed to suit your circumstances and work in your favor.
What role can a lawyer play in tackling credit card debt?
When credit card debt spirals beyond control, the feelings of isolation and stress can be daunting. However, with a knowledgeable lawyer by your side, the situation can be transformed significantly. Lawyers are experienced in negotiating with formidable credit card companies, often succeeding in achieving reduced interest rates or a minimized debt total. At Wright Law Offices, located in Phoenix, our committed legal team stands ready to help you take back control of your financial situation and direct you towards other potential debt relief avenues like bankruptcy.
What happens when foreclosure is knocking on my door?
The prospect of foreclosure can make it seem like your world is tumbling down. Yet, it's vital to remember that there are legal routes available to navigate this challenging situation. Foreclosure is a process initiated by lenders when mortgage payments are overdue, leading them to recover their loan by selling your property. While it sounds intimidating, our adept team at Wright Law Offices in Tempe is here to assist. We guide you through every step of the process, thoroughly exploring all viable options, such as loan modification, bankruptcy, or even contesting the foreclosure in court.
What is a tax debt lawyer's role?
Being in debt to the IRS can create enormous stress. However, a tax debt lawyer can intervene and significantly improve your situation. They're skilled in negotiating a viable payment plan with the IRS, striving to reduce the tax debt you owe, and in certain scenarios, even getting penalties and interest absolved. The proficient team of Scottsdale tax debt lawyers at Wright Law Offices is committed to helping you face this challenge with optimism. Leveraging our deep knowledge of tax law, we're dedicated to securing the best possible outcome for every client we represent.