When mortgage payments have accumulated to the point that the possibility of foreclosure looms, bankruptcy may be an option that can help you avoid such a calamity. It is crucial to seek advice soon from an experienced bankruptcy attorney who is familiar with Connecticut bankruptcy laws and knows the local procedures that are required, as well as the judges and trustees in your district, to help you make the right decisions when your treasured home hangs in the balance. Connecticut bankruptcy lawyer William E. Carter has lived in the community for almost 50 years and operates his practice with unwavering character, always putting his clients first. He works tirelessly for his clients throughout the entire process to help them file a seamless bankruptcy that leads to a financial fresh start. Call for a free, personal consultation to answer your questions and decide how to progress.
If you have fallen behind on your mortgage payments, even by a month or two, an attorney can explain the possibilities you still have for saving your home. Attorney Carter can assess your situation and he will tell you what options you have. However, if you do not have a means of making the payments and are already months behind, bankruptcy may likely be the best course of action. Filing for bankruptcy puts an immediate end to all collection activities—even preventing a foreclosure sale if your lender has scheduled one for your home—by means of a court-issued “automatic stay.”
In a free consultation, William Carter can provide an in-depth explanation of the differences between the various forms of bankruptcy and advise which would be best for you. Many people file Chapter 13 bankruptcy to save their homes. This type of bankruptcy typically allows you to retain your assets, such as your home, and make incremental payments on your debt.
Chapter 7 bankruptcy has several advantages, as well. It allows you to cancel much of your debt, freeing up disposable money. You can then use this income towards your mortgage payment so that you can save your home.
Bankruptcy contrasts with foreclosure in many ways as well, including how each affects your credit score. For instance, often it is far easier to rebuild credit after a bankruptcy than a foreclosure, as a foreclosure both harms your credit score and does not discharge your existing debt. In a bankruptcy, you get a clean slate on which to build good credit faster.
Bankruptcy involves many issues that a knowledgeable attorney can explain more thoroughly. Connecticut bankruptcy attorney William E. Carter has a proven record of offering trustworthy counsel in foreclosures; he has even received recognition from the Connecticut Fair Housing Center for work he does in foreclosure prevention and defense. The Law Firm of William E. Carter, LLC, serves clients facing foreclosure throughout Connecticut, including in Hartford County, Tolland County, Middlesex County, and New Haven County. Contact him to schedule a free consultation today.