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In a recent interview, leading bankruptcy attorney Joan Sirkis Warren, partner at Lavery & Sirkis, in Hackettstown, NJ, revealed how you can protect your home by declaring Chapter 13.For more information please visit https://www.joanlaverylaw.com
When asked to comment, Warren said, "Many people who are looking to declare bankruptcy want to save their assets, including their home. Filing for Chapter 13 offers short and long-term solutions that are not available under Chapter 7."
Declaring bankruptcy under Chapter 13 allows for immediate relief.
When asked to elaborate, Warren commented, "As soon as you declare Chapter 13 bankruptcy, an automatic stay put on your case means that creditors cannot take actions against you,which includes protecting your house from foreclosure."
"You can think of Chapter 13 as a payment plan that lasts from three to five years. Many people get the benefit of discharging their credit card debt, while saving your home," she said.
"Time is of the essence when it comes to filing. To take advantage of the payment plan offered by Chapter 13, you must declare bankruptcy before the sheriff sale date in order to retain your rights," Warren said.
Warren added that you can work with an attorney to create a tailored payment plan.
"A lot of people are unable to catch up on their past due payments, so it’s important to work together to come up with a realistic payment plan within a three-to-five-year framework,” she said.
Another added benefit of Chapter 13 bankruptcy is that homeowners in debt might be able to get rid of their second mortgage.
When asked to elaborate, Warren said, "You can discharge your second mortgage if the amount you owe on your first mortgage is more than what your home is worth when you file for bankruptcy."
"Chapter 13 bankruptcies are notorious for being complicated, particularly when it comes to calculating the value of your home for stripping second mortgages, so the best thing to do is to hire an experienced bankruptcy attorney," she added.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Joan Warren
Email: Send Email
Organization: Lavery & Sirkis
Address: 699 Washington Street, Suite 103, Hackettstown, NJ 07840
Phone: 908-850-6161
Website: https://www.joanlaverylaw.com
Source URL: http://RecommendedExperts.biz
Release ID: 88958497
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