All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Bankruptcy and protecting your home: Part I

Unfortunately, there are many people who, to no fault of their own, fall behind on home payments and ultimately face foreclosure. Whether you are having a hard time paying your mortgage due to a medical emergency, unexpected job loss or any other reason, it is important to remember that you may have many options available - including a possible loan modification and other debt relief alternatives.

However, one option that many people fail to consider is bankruptcy. In fact, bankruptcy is typically one of the most effective tools for protecting your home and fighting foreclosures.

For instance, once you file for bankruptcy, all debt collection actions against you will be automatically stayed (stopped), including foreclosure proceedings. So, at the very least, bankruptcy will give you the time you need to fully consider your options and possibly work out the best deal for you and your family. In addition, you can often use bankruptcy to discharge (eliminate) many other debts - including medical and credit card debt - which will free up funds that you can use to help pay your mortgage.

However, the form of bankruptcy you choose will depend on whether or not you believe you will ever be able to make mortgage payments. If you think you will be able to resume regular mortgage payments in the future, a Chapter 13 bankruptcy may be the best option. This typically involves a process in which you agree to a three- or five-year repayment plan - often at a reduced amount - and you get to keep your assets and home.

Ultimately, though, the bankruptcy process can be quite complex, which is why it is best to contact an experienced attorney as soon as possible. After all, every situation is different, and a knowledgeable lawyer can help determine the best option for your situation. For example, even if you have already paid off your home, but have a large amount of other debt, you may still want to use bankruptcy. In fact, bankruptcy may be the best way to eliminate your other debt while at the same time protecting your entire home. Learn more in Part II.

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.