San Diego Bankruptcy Lawyers
Filing for Chapter 13 bankruptcy protection in San Diego can be one of the most powerful tools to regain your financial freedom. If you have junior lien or a 2nd loan on your home, you may be able to strip it away with a bankruptcy. As San Diego bankruptcy lawyers, one of the biggest complaints we hear is that people are paying more on their home than it is actually worth. But, with a Chapter 13 filing, you can remove that 2nd mortgage.
A San Diego bankruptcy lawyer can help you wipe out credit car debt, decrease your car payments, get you up to speed on your first mortgage, and completely strip away your second mortgage with a Chapter 13 filing. And, to add to the benefits, when the housing market rebounds, you will be able to keep all the gained equity in your home!
You must keep in mind that removal of the second mortgage is only available with a Chapter 13 bankruptcy filing. The Chapter 13 debt relief plan can be very complicated, so you need an experienced bankruptcy lawyer to handle it for you. You are a good candidate if your home is appraised for more that your 1st mortgage.
Generally, an appraisal will be sufficient for the bankruptcy judge to approve the Chapter 13, but your mortgage company may oppose the motion. The court will then determine the value of the property and if it is below the amount of the 1st mortgage. Once the Chapter 13 plan is approved, you will have to make all your payments over the life of the bankruptcy plan, in order for the court to award your discharge. Once the discharge is in place, the second mortgage is totally wiped out.
Additionally, new legislation proposed to Congress would allow a bankruptcy judge to modify or reduce the first mortgage in a Chapter 13. The law will even allow the judge to lower your interest rate and change the term of your loan. As San Diego bankruptcy lawyers we strongly encourage the support of this new Chapter 13 bill.
We at the Law Office of Harold D. Thompson are San Diego Bankruptcy Lawyers dedicated to helping you get out of financial distress. If your debts are piling up and you are looking for a “fresh start” call a San Diego Bankruptcy Lawyer that will fight for your rights. Call 888.530.1773 TODAY for your free consultation with a qualified bankruptcy lawyer. Whether it’s a Chapter 7 or Chapter 13 filing, we will work to find the best solution for you. And don’t forget to download our free book: The California Guide to Bankruptcy!
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I went through a debt consolidator freedom fidelity which took over 3000 from me and applied non of my money to ANY of my debt. I’m currently being sued by 2 of the credit card companies. I don’t make enough to even being able to start paying back any of my debt. Monthly income 1650 bills 1550. I struggled to pay that company the 3000 they took from me. I’m in a financial bind I can not get out of. I need to file chapter 7. Can you help? Thank you I look forward to hearing back from you. 619-203-2860