Choosing A Bankruptcy Lawyer – Important Tips

Too much debt can bring a devastating result in a company’s or an individual’s life. Providentially, bankruptcy laws exist to bring respite to the person who is overburdened with debt. There are d [...]

Keywords: bankruptcy, bankruptcy laws, bankruptcy lawyers, bankruptcy attorney

New Bankruptcy Audit Requirements Announced for Southern California

When Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"), one of the reforms included a requirement for random audits of case files. The guidelines for debto [...]

Keywords: Bankruptcy, Bankruptcy Code, investment

Los Angeles Bankruptcy Lawyer: When is Filing Bankruptcy Your Best Option?

Filing bankruptcy is not a decision to be made lightly, as it is likely to affect your ability to obtain a mortgage, a car loan, or a new unsecured credit card for quite some time into the future. In [...]

Keywords: bankruptcy, mortgage, financial, Lawyer Referral

If you're facing a financial crisis and fear losing your house, know you're not alone. Like millions of other homeowners, you may have lost a job or suffered a pay cut, your adjustable rate mortgage may have reset and you can't afford the payment, or falling property values mean you can't refinance. You might think that bankruptcy, foreclosure and loss of your house is inevitable. One answer doesn't cover every scenario, and you may have options that include keeping your house as you work through financial challenges. Explore all options before concluding that all will be lost in foreclosure or bankruptcy proceedings.

Your mortgage payment, which could include amounts for property insurance and taxes, is probably the biggest single bill you pay each month. The check covers your housing needs, and it represents an investment for most homeowners - there are financial and emotional aspects as well. If you can't make your mortgage payments, you need to take a hard look at your situation, financially and otherwise, and decide on a course of action that's best for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.

Here is a list of options and factors you'll need to consider:

• What is the extent of your financial crisis - is there a dominant element, like a job loss, or is paying one debt at the root of your financial problems, like medical bills or your mortgage?
• Is your financial crisis temporary, such as a short period of unemployment or underemployment, or is there a permanent change, such as a disability that will affect your earning power on a long-term basis?
• How much equity is in your house?
• How does the value of your house compare to the debt it secures - do you owe more than the house is worth?
• How does your current home meet your housing needs - is it the right size, what are the ongoing maintenance and ownership costs, and does the location meet your lifestyle, family, and employment needs?
• Is home ownership the best way to meet your housing needs? Do you have the abilities and resources needed to own the place in which you currently live?
• If you want to keep your home, have all options for loan modification been explored?
• If you don't want to keep your home, have you tried to sell it, either through conventional means or through a short sale?
• Is your lender willing to pursue foreclosure alternatives, such as accepting a deed in lieu of foreclosure?
• Have foreclosure proceedings started, and if so, how far along is the process?
• Would you qualify Chapter 7 or Chapter 13 bankruptcy relief?
• Do you have other debts, and could those debts be discharged or restructured through bankruptcy?