Declaring Bankruptcy Because of Foreclosure
If you’re facing foreclosure, you’re probably worrying about your future and the future of your family. Declaring bankruptcy can be one solution to foreclosure, but you will need an experienced Buffalo foreclosure attorney by your side to guide you through this complex legal process. At the Law Offices of Randy H. Gugino, we work diligently every day to assist our clients in stopping foreclosure proceedings. Here is some crucial information on declaring bankruptcy because of foreclosure.
Declaring Bankruptcy Because of Foreclosure | What is a Foreclosure?
A foreclosure is a legal procedure initiated by your lender to have your property auctioned. This is ordinarily done by your lender when you fall behind in your monthly payments, property taxes, homeowner’s insurance, or allow the property to fall into substantial disrepair. A Chapter 13 Bankruptcy will give you the opportunity to bring current your arrears over a period of three to five years.
Declaring Bankruptcy Because of Foreclosure | How Bankruptcy Can Help
If you’re facing financial hardship and your lender is foreclosing on your property, bankruptcy may be your best solution. When you declare bankruptcy, the court orders an automatic stay that stops all collection activities from creditors. As a result, you may be given the opportunity to bring your arrears current over a period of up to five years.
Contact our experienced Buffalo foreclosure attorney for trustworthy guidance for all families facing foreclosure in Buffalo. At the Law Offices of Randy Gugino, we understand your need for sound legal guidance through the complex issues of foreclosure and bankruptcy. With the skilled counseling of our award-winning foreclosure attorney, together we can develop a plan to bring your mortgage arrears current, and at the same time maintain a quality standard of living. To schedule a consultation, please contact our office by phone at (716) 800-4652. Let our experience work for you.