Emergency Bankruptcy Filing to Stop Foreclosure

If you need emergency bankruptcy filing to stop foreclosure, you have probably confused what sort of things you should be focusing on. The truth is that there are no right or wrong answers. Rather, it is more a matter of you and your specific circumstances determining the course of action that best suits your particular needs. Each case is unique and you need to contact bankruptcy attorneys for certain review.

For starters, you can review your mortgage agreement. This includes understanding exactly how much of your home is yours, as well as the exact amount of monthly payments that have been contracted. Of course, all of this information is in writing, so make sure you review this with your lender.

In addition to reviewing your mortgage document, it is also important to understand your debt to income ratio. Your income is how you make your living, while your debts are what you owe for things like your mortgage, your car, your student loans, etc. Your debt to income ratio is an important consideration as to whether or not you will qualify for a mortgage refinance. If you have a very high ratio, chances are you will not qualify, unless your income is substantially higher than your debts.

How to Stop a Foreclosure Auction Immediately

You have several options to stop this type of sale. The first is to arrange a short sale. This is similar to what you would do if you were trying to sell your home through a traditional real estate agent. You would arrange for the listing price to be reduced and for a lesser amount than what you owe on your mortgage. This will stop the foreclosure and allow you to pay back your loan in a reasonable amount of time. You should not expect to get as much as you would with a short sale, but it can provide you with relief from harassing collectors and creditors.

Another option is to contact your lender directly to see if they can work with you to stop foreclosure. Your lender can set up a forbearance agreement that allows you to make lower payments over time until your loan has been paid off. This will help you avoid foreclosure and let you have peace of mind that you aren't going to lose your home to foreclosure. A forbearance arrangement will work in most circumstances if you have a legitimate financial hardship and you haven't fallen on hard times due to a job loss or some other catastrophic event.

These two options are probably not the best options when you are trying to figure out how to stop a foreclosure sale immediately. However, you shouldn't give up hope. It's important to know that there are other options that can be used to delay the sale and allow you more time to work with a reputable company to repay your loan.

What is an Emergency Filing?

Well, when you file for bankruptcy, your bankruptcy is effective immediately. However, there can be a delay before your bankruptcy is deemed "effective". The trustee may need to look over your business and financial documents for any property owned by you that may be liquidated in order to pay back some of your creditors. The time frame in which an emergency bankruptcy filing would occur is dictated by your state's laws. In some states you will need to file your bankruptcy application within a specific amount of time after your first rental agreement has expired (usually about 90 days).

How Quickly Can Bankruptcy Be Filed?

Bankruptcy has many different classifications depending on what kind of discharge you choose. The most common and popular is liquidation, which occurs when a creditor makes an offer to the courts for a transaction of the debtor's debts. When it is this easy to file bankruptcy, there is no reason to delay. It is not recommended that anyone delaying a bankruptcy filing seek a financial planner or legal professional to assist them.

If you do proceed with filing, there are some extra steps to take. First, check to see if your local courthouse allows you to fill out an application for bankruptcy. Some do; others don't. You should also find out what exactly your obligations will be once your case has been filed, including whether or not you will be required to give up your salaried status (some companies are exempt from giving up their status during bankruptcy proceedings).

Another important detail is the status of your creditors (who may now be attempting to collect from you in an attempt to recover their money). Again, some courts do not allow creditors to collect from a bankrupt individual, but all others will. You should be aware of any potential pitfalls before starting the process of filing an emergency bankruptcy to stop foreclosure.

Experienced Bankruptcy Attorney - Tips For Hiring One

When it comes to hiring a bankruptcy attorney, you have a few different options available to you. You can hire an attorney that specializes in only filing bankruptcy petitions, or you can hire an attorney that also handles a variety of different types of cases throughout the country. It will really depend on your personal situation as to which would be the best option for you. 

If you have friends or family who have gone through bankruptcy, there is a good chance that they will have had good experiences with the attorneys that they have hired. Getting their experience could help you know what to look for, when hiring a bankruptcy lawyer, and how to stay out of any legal trouble that you may find yourself in.

Some of the most important things to look for when hiring an experienced bankruptcy attorney are their experience level. You should make sure that they have a great deal of experience with the bankruptcy petition process, and that they have dealt with a wide variety of cases throughout the years. You should also make sure that you are able to communicate easily with them and that you are comfortable with them handling your case. 

A good attorney will always let you know upfront what the fee will be, so you will know if you are comfortable with them handling your case or not. Keep in mind that a good attorney is one that you will be able to trust with your assets for many years to come.