When hard-working Virginians suffer unexpected financial setbacks, it’s imperative to have a determined attorney in your corner. Whether your economic shortfall is the result of illness, a company relocating or other situations not under your control, it would be heartbreaking to lose your home due to foreclosure. If you face because an uncompromising bank that tries to foreclose, contact the Agarwal Law Firm and to see if filing a bankruptcy is the correct option.
Benefits of Working with a Bankruptcy Attorney
The laws regarding home foreclosures are quite complicated in Virginia. Trying to fight a team of bank lawyers from taking away your home puts the average person at a strategic disadvantage. However, it’s understandable why everyday people consider going at it alone. If a bank is threatening foreclosure, you are already struggling with money.
At the Agarwal Law Firm, our bankruptcy attorney works with people in your situation every day, and we will work with you to determine if a bankruptcy is the best option. The bankruptcy will stop the foreclosure process and allow you time to regroup. We will work with you to file a Chapter 13 Plan that will allow for mortgage back payments to be paid over a period of years. During this process you may also apply for a loan modification. Many times, once you are in the bankruptcy process you will have better access to the procedure required for loan modification.
Chapter 7 and 13 Bankruptcy in Richmond, VA
If you are a homeowner experiencing a financial setback, it’s essential to get out in front of any potential foreclosure proceeding. Lenders are skilled at furthering their interests. That’s why it’s critical that you balance the scales with determined, affordable legal representation of your own. Contact the Agarwal Law Firm in Richmond, VA to see if filing for Chapter 7 or Chapter 13 bankruptcy is an option for you. Schedule a consultation today.
Frequently Asked Questions
Can foreclosure be stopped or reversed?
Filing a bankruptcy will stop the foreclosure process as even if it is filed on the eve of foreclosure. It is imperative that you start the process of filing as early as possible to ensure that you are able to file bankruptcy before the actual foreclosure. Once the foreclosure has occurred the bankruptcy will not be able to reverse the process.
Do I have to go to court for a foreclosure?
Not every foreclosure case requires a court appearance. In many instances, the parties can renegotiate loan terms and agree upon repayment timetables without a homeowner going in front of a judge. In more rigorous proceedings, it may be in the homeowner’s best interest to appear for the purposes of setting dates or combating a foreclosure attempt.
How do foreclosures affect your credit score?
A foreclosure can reportedly drop your credit score anywhere from 85 to 160 points. It can negatively impact your credit for upwards of seven years.