Over 10,000 Bankruptcy Cases Filed
Chapter 7
Chapter 7 bankruptcy is a 3-4 month legal process that can free you of most or all of your debt and end the creditor calls and lawsuits relating to that debt for good. The process is relatively simple for you, as a reputable attorney should handle almost every detail of your case.
Read MoreChapter 13
Chapter 13 is a 3-5 year legal process that can help you reorganize your finances, pay off debts that you cannot discharge, and still get rid of credit card or other unsecured debt. The process is lengthy, but invaluable, and demands a reputable and experienced bankruptcy attorney to guide you through.
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Bankruptcy Lawyer Long Beach
Bankruptcy is usually not a person’s first option. Besides how it might affect your credit and relationship with your creditors, some people perceive that there is a stigma attached to the word. Therefore, people often are curious about what alternatives there may be to filing for bankruptcy. Fortunately, there are many options to explore before turning to a Long Beach bankruptcy lawyer for relief.
First, there is debt settlement. Due to the many debt consolidation and settlement companies advertising these days, many consumers are familiar with the concept. Essentially, such a company negotiates directly with your creditors to get your balances lowered. However, this industry is filled with unscrupulous businesses who take advantage of people who are in difficult situations. Therefore, it is important to only deal with experienced, reputable companies that adhere to the highest industry standards. Wadhwani & Shanfeld, A Professional Law Corporation, not only can negotiate settlements on your behalf, but does so in a professional and reputable manner.
Second, there is loan modification. Often people seek bankruptcy because their home is under water and they cannot afford their monthly mortgage payments. However, lenders do not always want to foreclose on your home. Foreclosure sales often bring less than what the property is worth, and many lenders take a large loss when this occurs. Thus, it is possible to try to get a loan modification through your lender. However, this can be a long and arduous process that is not always successful.
Third, there are settlement options to explore on your second mortgage. Lenders who have a second mortgage on your home do not have all of the same legal protections that a first mortgage has. Not only can their second mortgage be wiped out in a foreclosure sale, but they can potentially have their mortgage stripped off of the property in a Chapter 13 bankruptcy. Therefore, these lenders are sometimes willing to negotiate with people who are in trouble. However, unlike a first mortgage, these lenders may be able to come after you for any deficiency on the loan when the property is sold. Thus, it is highly recommended that you seek legal advice from an attorney when exploring this option. The bankruptcy lawyers Long Beach at Wadhwani & Shanfeld, A Professional Law Corporation, often can facilitate successful negotiations with your lender.
Fourth, you may explore the possibility of a short sale. A short sale is essentially an agreement between the home owner and their lender to sell the house for less than what is owed on the house. The lender loses money, but they know that they may lose even more in a foreclosure sale. However, such negotiations can be difficult. Despite the name, short sales are anything but a quick process, which can scare away many buyers. Such a process can be very difficult, and Wadhwani & Shanfeld, A Professional Law Corporation may be able to help.
Finally, there may be a possibility to work out what is deemed a deed in lieu of foreclosure. When a home owner knows that they cannot make the payments on their house, and the lender knows that they will need to foreclose, sometimes it is possible to negotiate a deal in which the owner turns over the deed to the house to the lender so they don’t need to foreclosure. This is a quicker and easier way for the lender to get the house back, and it keeps a foreclosure from hurting the home owner’s credit. However, these can be delicate negotiations, and not all lenders will be cooperative.
As you can see, there are many alternatives to filing for bankruptcy. However, all of them require delicate and complicated negotiations with lenders and creditors. No matter what option you seek, it is important that you consult with a Long Beach bankruptcy lawyer. They can not only explore alternatives to bankruptcy, but can tell you how the options in bankruptcy compare. Furthermore, attorneys who know bankruptcy law know how loans will fare within bankruptcy, can use this unique knowledge to negotiate with lenders in a way that no one else can. Therefore, before seeking out alternatives to bankruptcy on your own, contact a bankruptcy lawyer Long Beach, such as those at Wadhwani & Shanfeld, A Professional Law Corporation.