It’s all too easy to fall behind on your bills in the event of a job loss or medical emergency. If your property is in danger of being foreclosed, or you’re facing eviction from your place of residence time is not on your side. Take immediate steps to protect your rights. Contact the law offices of Rancho Cucamonga Terrence Fantauzzi bankruptcy attorney without delay.
Foreclosure in California
The prospect of losing one’s home is enough to fill any person’s mind with dread. The equity in your family home may be one of your most valuable assets.
Federal law creates the procedures by which a lender can foreclose on a home. Lenders and homeowner’s associations can begin foreclosure proceedings by recording a notice of default after three missed payments. When a bank or other lender issues a notice of foreclosure, it is essential to act quickly to protect your future.
If you have received notice that a bank or lender intends to begin foreclosure proceedings, it is essential that you act quickly. This letter is the first step in the legal process that could cause you to lose your home along with all accumulated equity.
Working On Behalf Of Homeowners To Reorganize Loans
Most banks and lenders have no desire to take possession of the property, even if they send notices of their intention to foreclose. In many instances, they are open to negotiations. This could present you with a great opportunity to negotiate new loan terms.
Reorganizing the terms of a loan can be beneficial to all parties. Refinancing the loan can result in lower payments that stretch over an increased period of time. If current loan rates are low, the monthly payments can be significantly more affordable.
Filing Bankruptcy To Avoid Foreclosure
Filing a bankruptcy petition in a local court will result in the creation of an automatic stay. This stay puts an immediate hold on any current foreclosure case and prohibits a lender from filing a new request in the future.
Eviction and Unlawful Detainers in California
In California, a landlord must file and win a court case in order to evict a tenant. The landlord cannot evict a tenant without an eviction judgment or judgment of possession.
The first step in the eviction process begins with the landlord giving the tenant a written Notice of Termination demanding that they address a particular problem (such as a failure to pay rent) or vacate the premises. It includes a deadline for complying with the landlord’s demands.
If the tenant fails to comply with the Notice by the deadline, the landlord can file an eviction case, also known as an unlawful detainer, with the court. The landlord is required to have a copy of the court records delivered (served) to the tenant. The tenant has five business days in which to respond.
Filing Bankruptcy to Avoid Eviction
Filing for bankruptcy puts an automatic “stay” on the eviction process. A stay is a court order telling debtors and collectors that they must halt any collection activity while the stay is in effect. This includes evicting you from your residence. A landlord cannot proceed with an eviction case while the court has placed a stay on the proceedings.
Bankruptcy doesn’t provide permanent protection against eviction. It can, however, provide you with the time you need to negotiate an agreement to remain in your residence and erase some of your debt, giving you more money for rent.
Keep in mind that a landlord can file a motion with the court to lift the automatic stay even after you’ve filed for bankruptcy. If they are successful, their eviction case can resume.
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy: Which is Best for You?
Both Chapter 7 and 13 bankruptcy protects individuals from foreclosure, detainers, and eviction. It may be just the tool you need to get back on your feet. But which one is right for your situation?
Under Chapter 7 bankruptcy, you don’t have to pay back debts and are allowed to keep most of your personal property, including a car.
Chapter 13 allows you to set up a payment plan with your bank or landlord to pay off your outstanding bills. This option will allow you to stay in your current place of residence.
Time is Not on Your Side in the Eviction Process – Contact an Eviction Attorney Without Delay
If you are in danger of losing your home because you are unable to pay your rent or mortgage, bankruptcy may provide a solution. However, you only have a limited time in which to act. Once the court has made its decision, bankruptcy will no longer remain an option.
The Law Offices of Rancho Cucamonga bankruptcy attorney Terrence Fantauzzi is here to provide solutions to your debt-related problems. We are dedicated to helping individuals obtain debt relief under the rules of the US Bankruptcy Code.
Terrence Fantauzzi has helped many individuals cope with the problems caused by too much debt. There are usually many legal options available to people in your situation, including bankruptcy. Contact us through our website or call us at (909) 552-1238 to schedule an initial consultation to discuss your case.