Something has happened that disrupts your income, and you know that your mortgage is going to be affected by it. There is money still coming in, but it’s not going to be enough to take care of the mortgage along with the rest of the bills. As a result, the dreaded thought of foreclosure starts to become a reality, and you’re not sure what to do. On the one hand, you could go to the bank and try to get into one of the refinancing programs that are available, but that’s a long shot. Instead of trying to deal with the bank in the short amount of time you have, look into a chapter 13 bankruptcy in Des Moines instead.
Going the route of a chapter 13 bankruptcy in The Law Offices of Kevin Ahrenholz Des Moines may seem like an extreme reaction, but it is a sound and sensible one. You need to make sure you are ahead of the bank when it comes to foreclosure. The bank has to go through a legal process in order to be able to take the home back. If you don’t act quickly, the foreclosure process can reach a point where the bank can request relief from any bankruptcy action you take. Chances are good that the court grants that request as you filed for bankruptcy too late.
Time is absolutely of the essence in this situation. When you get to the court ahead of the bank, you put yourself in a much better position to keep your home. Filing a chapter 13 bankruptcy in Des Moines gives you the ability to reorganize your debt into a managable amount every month. Provided you are quick enough, you won’t have to deal with the bank as long as your bankruptcy is active. The bank now has to deal with the trustee overseeing your case and can not take further action to get the home back.
It’s a big decision to file for chapter 13 bankruptcy in Des Moines. However, the benefits can far outweigh the negatives, allowing you to live on a reduced income without losing everything. Talk to a lawyer about how Chapter 13 works and how it applies for your personal situation.
