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The Dodds Law Firm, PLC
Surprise, Arizona Attorney
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Chapter 13 bankruptcy for those facing foreclosure

Many Arizona residents have found it difficult to keep up with their mortgage payments in the aftermath of the 2008 financial crisis, and this has led to a sharp increase in the number of foreclosures. If you are in this situation, there are steps that you can take which may allow you to keep your home and also reduce some of your other debts. However, you may wish to consider taking action swiftly if you wish to protect your rights and avoid long-term negative consequences.

One step that you may wish to consider if you are facing foreclosure is filing for Chapter 13 bankruptcy protection. A Chapter 13 bankruptcy payment plan may allow you to bring your mortgage current without interest or penalties. This is usually done over a period of between three and five years. A Chapter 13 bankruptcy could also allow you to discharge some of your unsecured debt if it can be shown that you are unable to make the necessary payments.

The provision to discharge unsecured debt under a Chapter 13 bankruptcy plan could also apply to a second mortgage or a line of credit based on your home equity. These debts will be considered unsecured if the value of your property is lower than the balance remaining on your primary mortgage.

Many individuals find it difficult to cope with the stress and anxiety of an unmanageable financial situation, and the threat of foreclosure often makes matters even more challenging. With our experience in this area, we can outline the options that are available, and we will endeavor to put a stop to harassment from debt collectors. If you would like to know more about the strategies that you could pursue to stop foreclosure, please visit our page dealing with Chapter 13 bankruptcy plans.

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Dan R. Dodds Dan R. Dodds

At the Dodds Law Firm, I focus my practice on the needs of individuals who have suffered losses because of abusive, deceptive or unfair conduct by others. I also provide comprehensive counsel in all matters related to Chapter 7 and Chapter 13...Read More

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