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Timing of Bankruptcy Saves Home & Car

Timing Matters When Filing Bankruptcy

Some may benefit by filing bankruptcy early in the year, while others may wait until after tax returns. If you’ve recently had a bankruptcy discharge, then you can’t file too soon. As a problematic financial situation sits too long, waiting to file has its own set of risks. One thing is for certain; when it comes to filing personal bankruptcy, timing matters. The bankruptcy code, one’s relationship status, the type of bankruptcy being filed, a pending home foreclosure or car repossession, and many other different factors play a role in determining the best time to file bankruptcy.

Because the timing of the bankruptcy filing can make such a difference in the outcome of a bankruptcy case, it’s important to seek legal advice right away. The experience and guidance offered by a Debt Advisors bankruptcy attorney is just a call away. During your free initial consultation, and meetings that proceed, all options will be evaluated to determine the timing that would have the best outcome.

Here are two recent cases that provide a glimpse into just how important timing can be.

Timing of Bankruptcy Saves Home & Car

Because the timing of the bankruptcy filing can make such a difference in the outcome of a bankruptcy case, it’s important to seek legal advice right away. The experience and guidance offered by a Debt Advisors bankruptcy attorney is just a call away. During your free initial consultation, and meetings that proceed, all options will be evaluated to determine the timing that would have the best outcome.

Here are two recent cases that provide a glimpse into just how important timing can be.

Quick Action Stops Home Foreclosure Proceedings

When multiple mortgage payments are unpaid, the mortgage lender has the right to take possession of and sell your home. In order to stop home foreclosure immediate legal action is required.  This example is about a Wisconsin resident who realized at the last hour that they were truly in imminent danger of losing their home. The homeowner notified Debt Advisors Law Offices to see if they could help stop foreclosure. During their free bankruptcy consultation, the homeowner shared important details about their desperate situation.  Debt Advisors attorneys and their bankruptcy team acted quickly against the ticking clock. A chapter 13 bankruptcy petition was filed immediately which stopped any advancement of the foreclosure process. Within 24 hours of the real estate taxing authority taking title of the client’s home, Debt Advisors experience and quick action saved it. Had the homeowner waited just a day longer to file bankruptcy, this case may not have had the same outcome.

Quick Action Can Get Car Back From Repo

Over the years, Debt Advisors Law Offices has retrieved thousands of vehicles back to their owner. When a series of loan payments aren’t received, lenders won’t hesitate to repossess the vehicle. Not having required auto insurance can have the same unpleasant result. If you wait too long to try and negotiate with the creditor, or if you try to run from the payments, it will eventually catch up to you. When least expected, vehicles are picked up and taken away; leaving folks with no reliable mode of transportation. If you find yourself in this situation bankruptcy may get your repossessed vehicle back. However, the petition to file bankruptcy must be done within 15 days of the repo. This was the case for a recent client who called on Debt Advisors for help. The vehicle was taken by the lender due to loan payment default. The client didn’t fully realize the severity of the situation until the vehicle was gone. Desperate to get it back, a bankruptcy petition was filed about 10 days later and the car was returned to owner.

Is Your Bankruptcy Timing Right Now?

If you’re in a time-sensitive situation that involves losing a home or getting your car back, you may need to file bankruptcy. Every state including has its own laws about home foreclosure, vehicle repossession and bankruptcy. Attorneys at Debt Advisors Law Offices are familiar with Wisconsin laws and experienced in helping people in your situation. When it’s down to the wire, the call you make to Debt Advisors Law Offices may be the single action that saves the day. Fill out the form on this website or call toll free at 888-660-5413 to make an appointment.

Could Federal Interest Rate Hike Cause more Foreclosures?

Although nobody knew exactly when it was going to happen, the Federal rate increase last month had been predicted by financial markets for some time now. It’s the first increase since 2006, and the first time the Feds have implemented any rate hike since the most recent recession. (Federal Reserve interest rates went from a range of 0% to .25% to a new range of .25% to .5%.)There was instant chatter about more rate hikes to follow, possibly as soon as March of 2016. However, more recently, traders anticipate the next hike may not be until early 2017. The current rate hike appears minimal, but many still wonder if the economy is strong enough to handle even a small rise.

Rate hike may push homeowners into foreclosure

The housing market is supported by more than low mortgage rates, yet some home-buyers may still find it more difficult to get approved for a new home loan. Millions of American home owners and home buyers are uncertain about how this most recent federal rate increase will affect them both short and long-term. Some current owners fear that a small increase will equate to significantly more money taken from their wallets. Other consumers speculate higher interest will have minimal personal impact and a mostly positive mark on the economy. Chief economists and market strategist also have varying opinions. Some say that the increase is so small that it will have a very gradual and nearly unnoticed impact on mortgage rates. Other experts say higher rates could mean as many as one in five homeowners may face losing their homes.

Bankruptcy can save your home

Free financial advice from Attorney Chad Schomburg of Debt Advisors Law Offices.

The increasing cost of buying a home means fewer people will qualify for a mortgage loan. The larger problem may involve those who already own a home, especially those who have an adjustable rate mortgage, or those that may have taken out a home equity line of credit. It may be too soon to know what the full financial impact will be, but one thing is for sure, higher interest payments and financial pressure from many different angles may put your home at risk of foreclosure. If you find yourself facing foreclosure, don’t wait too long. (Don’t throw in the towel too quickly either.)How will you know what to do? Talk to a Debt Advisors Bankruptcy Attorney about your options. The consultation is free. If you qualify, Chapter 13 bankruptcy could save your home from foreclosure.