Pinkston and Pinkston, P.A.

How to Know When to Seek the Assistance of a Foreclosure Law Firm

Millions of individuals in the United States face foreclosure each year due to financial instability, loss of employment, or unexpected medical bills. If you’re struggling to keep up with your home mortgage, then consider these tips on when to seek the assistance of a foreclosure law firm.

What is Foreclosure?

Foreclosure refers to the process of a mortgage lender or third-party lien holder taking ownership of a property if the homeowner is unable to pay off the mortgage or a lien is in default. While each state has its own laws and regulations regarding foreclosure proceedings, the basic premise of the process remains the same. There are several types of foreclosure, but the two main types primarily used include: 

• Foreclosure by Judicial Sale: This involves the sale of a mortgaged property under court supervision, with the profits first going to pay off the mortgage, then towards the other lien holders, and finally the mortgage lender.

• Foreclosure by Power of Sale: This is the sale of property directly by the mortgage holder, rather than through the court system.

When to Seek Legal Assistance

It’s only natural to want to avoid minor problems, but they tend to turn into major financial disasters if ignored. Some of the signs that you may want to contact a foreclosure law firm include:

• Missing consecutive mortgage payments
• Decrease in home equity—this usually signals that you’ve taken out a second mortgage on your property or that the value is lower than it once was.
• Receiving a Notice of Default from your mortgage lender. This is the biggest sign that it’s time to contact a bankruptcy or foreclosure law firm.

If you’re looking for a top bankruptcy law firm specializing in foreclosure, then look no further than Pinkston and Pinkston, P.A. With years of experience, our legal representatives provide comprehensive foreclosure services and can aid in your bankruptcy appeal. Contact us at (888) 592-0158 to learn more.

An Overview of Bankruptcy Law and the Process of Filing for Bankruptcy

Enacted in 1978, the Federal Bankruptcy Code was created by Congress in order to give debtors a fresh start from overwhelming financial responsibilities. According to the United States Court System, the purpose of bankruptcy law is to give honest debtors the opportunity to improve their financial future by eliminating the pressure of existing debt. Consider this overview of bankruptcy law and the process of filing for bankruptcy:

Types of Bankruptcy

The two major types of personal bankruptcy  are Chapter 13 and Chapter 7 bankruptcy.

• Chapter 13: This method allows the debtor to pay off preexisting debts over time. The United States Bankruptcy Code gives a debtor a five-year period of time in which to pay off these debts.
• Chapter 7: With this type of bankruptcy, all eligible property of the debtor is liquidated and the resulting funds are distributed to creditors.

Steps in Filing for Bankruptcy

1.      The first step in filing for bankruptcy is to consult a bankruptcy lawyer for a pre-bankruptcy counseling session. This will not only help you organize and begin planning, but will also help you understand the bankruptcy process.

2.      Once you have spoken with a bankruptcy law firm, you will need to determine which chapter of bankruptcy best suits your financial needs. There are benefits to both Chapter 7 and Chapter 13 bankruptcy, so discuss your personal situation with your attorney.

3.      When you have chosen the appropriate type of bankruptcy, you can then create a legal strategy taking into account all of the property you wish to keep, what payment options are feasible, how best to protect your assets, and how to keep your home from foreclosing.

4.      Your bankruptcy lawyer will walk you through the filing process once your legal strategy has been determined, and will help ensure that you meet all of your scheduling deadlines and complete the proper claims paperwork.

The best way to file for bankruptcy is with a bankruptcy lawyer by your side. Let the attorneys at Pinkston and Pinkston, P.A. help you determine which chapter of bankruptcy is best-suited for your needs and walk you through the filing process. Contact our debt relief law firm at (888) 592-0158 for more information

Bankruptcy Myth of the Week

We have another great myth to bust for you this week!(question and answer from Bankrate.com)

Myth: Consumers can file for bankruptcy several times

You will not be able to file Chapter 7 bankruptcy if you have been through a Chapter 7 claim within eight years of this new filing. If you want to file for Chapter 13 bankruptcy, you will not receive a discharge within two years of a previous Chapter 13 discharge, and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.

The best way to file for bankruptcy is with a bankruptcy lawyer by your side. Let the attorneys at Pinkston and Pinkston, P.A. help you determine which chapter of bankruptcy is best-suited for your needs and walk you through the filing process. Contact our debt relief law firm at (888) 592-0158 for more information

The Basics of Filing Chapter 7 Bankruptcy

If you are overwhelmed by debt and find yourself struggling then it might be time to consider using a bankruptcy law firm to file for Chapter 7 bankruptcy. If you are eligible to file Chapter 7, then your nonexempt assets (such as your house) may be sold and your unsecured debts (such as credit cards, medical bills, and some personal loans) may be relieved, giving you a fresh start. Here’s what you will need to do in order to file for Chapter 7 bankruptcy:

Consider Alternatives to Bankruptcy

Choose a bankruptcy law firm that doesn’t pressure you into filing for bankruptcy before exploring bankruptcy alternatives. A negotiation strategy or debt counseling may be an easier option than filing for bankruptcy. Consult a law firm that specializes in debt relief to plan the best course of action for your debt repayment.

Confirm That You Qualify For Chapter 7

To find out whether you qualify, you must take the means test. This will gauge how your income and family size compares to other residents in the state you are filing in. If you do not qualify for Chapter 7, then you might qualify for Chapter 13, which is merely an adjustment of debts for someone with regular income.

Complete All The Necessary Paperwork

To proceed with filing, contact a bankruptcy law firm and seek credit counseling. This is a mandatory step in getting your case approved by the court. You will also need to file a variety of required forms, such as a schedule of assets and liabilities, your current income and expenses, and a list of the debts to be included in the bankruptcy. Your lawyer will file these documents with the court and you will find out within 3-6 months whether a discharge has been awarded.

If you are considering filing for bankruptcy contact Pinkston and Pinkston, P.A.. We specialize in Chapter 7 and Chapter 13 bankruptcy, as well as bankruptcy alternatives and pre-bankruptcy counseling. Call us at (888) 592-0158 for more information! 

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Bankruptcy Myth of the Week

We are back again to talk about another common myth about bankruptcy! (From Duncan Law PLLC)

Myth: I will lose my house if I file Chapter 7 bankruptcy.

It is rare that a person loses the house they live in after filing Chapter 7 bankruptcy. There are two factors to be considered before filing Chapter 7 bankruptcy. 1.) Are you current on your house payments? 2.) How much equity do you have in your home?

If you are current, or can become current, on your payments to your mortgage company, home equity loans, city and county tax collector and homeowners association dues, you should be able to file Chapter 7 bankruptcy and keep your home. It is also important that you stay current on your house payments after filing your bankruptcy. If you are behind on your house payments, you may need to consider filing a Chapter 13 bankruptcy.