Learn How to Stop Repossession with a Bankruptcy Attorney in O’FallonComments Off on Learn How to Stop Repossession with a Bankruptcy Attorney in O’Fallon
A vehicle repossession or home foreclosure can be an overwhelming experience. Being unable to keep up with financial obligations can leave you feeling that you have nowhere to turn. However, there are some steps that you can undertake to keep this unfortunate situation from happening. Before you do anything else, you must stop repossession with a bankruptcy attorney in O’Fallon. This type of legal representation can advise you on what to do and how to do it depending upon your particular situation. It may be that you should consider filing bankruptcy, or there may be other choices available to you.
A bankruptcy attorney may recommend that you:
- Pay the mortgage arrears either in full or via a determined payment plan.
- File Chapter 13 or Chapter 7 bankruptcy. Choosing between the two options depends on your income, debts, assets, and financial goals. Both have their own sets of pros and cons that a bankruptcy lawyer can explain to you in detail.
- Pay as much as possible of the mortgage every month. Depending on your situation, this may be a smart move as you try to navigate the bankruptcy.
- Sell your home quickly and buy another one that is not as expensive to try and alleviate some of the financial debt.
- Sell your house to another individual and rent it from them , allowing you to keep a place to live while also reducing your monthly spend.
- Pay the mortgage amount in arrears by refinancing with a mortgage that is interest-only.
- Pay off your mortgage debt and sell the property through a dependable real estate agent.
The suggestions for a vehicle with delinquent payments are usually similar to that of a mortgage, but you should never assume and always rely on experienced legal counsel.
Consult the legal team at Teague & Associates, LLC for guidance about the best way stop repossession with a bankruptcy attorney in O’Fallon. Call (314)899-4499 to schedule a personal consultation to go over your case. Our understanding and expertise can keep your property from being taken away from you.