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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
Client Review
"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."
Carlos Aguirre
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
- 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
- 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
- 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
- 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
- 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
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What our clients are saying…
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.
Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.
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.