Before an individual resorts to filing for bankruptcy from the pressures of too much debt, he or she usually experiences many stressful repercussions as a result of losing financial stability, including harassing phone calls from debt collectors or liens, but perhaps the most troubling is foreclosure on the person's own home.
Such lawyers are often able to stop the process and allow their client alternative solutions to their overwhelming debt problems and bad credit score. Filing for bankruptcy can give people struggling with financial woes a fresh start, although such an action is likely to stay on a person's credit report for ten years. A bankruptcy lawyer can advise the debtor throughout the legal proceedings and keep him or her informed of the federal and state laws that pertain to their individual case.
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Foreclosure of a home occurs when the mortgage payments default and the original lender of the house loan attempts to repossess the property. There may also be other property-related debts influencing this process, including contractor's bills left unpaid, property taxes that are overdue, or standard dues that should have been paid to the neighborhood's homeowner's association.
There are two basic types of foreclosure and both are allowed in most states. Judicial foreclosure occurs when the court is involved in the process. Lenders will often see their borrowers in the courtroom to settle the dispute unless there is a specific clause in the deed to the property regarding the power of sale. The other type is by power of sale, and the selling of the property is allowed to take place without the intervention of the federal court system.
If the foreclosure process is not halted by legal representation or direct payment toward the debts, the lender may sell the property (sometimes through public home auctions), and finish paying off any existing balances linked to the home. Filing for bankruptcy is one way to temporarily freeze the process and allow the debtor the opportunity to possibly reclaim the home.
If the debtor chooses to do so, a bankruptcy lawyer will handle the appropriate legal proceedings and issue a Chapter 7 or a Chapter 13 bankruptcy which will place an automatic stay on the pending foreclosure, as well as end harassment from debt collectors and creditors. Unless the lender obtains the court's permission to proceed, thereby lifting the automatic stay, the status of the property remains at a halt until the borrower and lender come to a satisfactory arrangement.
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