Taking Steps To Stop Foreclosure
Many people who are deeply in debt refuse to consider bankruptcy because they are afraid of the “what ifs:”
- What if the bank forecloses on my home?
- What if my creditors repossess my vehicles and other property?
- What if I lose everything and have nothing to show for it?
At the Law Office of Chad M Sherwood, LLC, in Pleasantville, New Jersey, we dispel the “what ifs” and replace them with facts. In reality, bankruptcy is often the best way for people to retain their most important possessions, both in the short term and permanently. In our experience, bankruptcy filers are much more likely to come out ahead than people who waste years struggling to repay debts they can’t afford.
Our founding attorney, Chad Sherwood, helps our clients to avoid foreclosure and retain their possessions, while eliminating overburdening debts, through filing for bankruptcy. Chad Sherwood has assisted many indebted clients in Atlantic City and surrounding counties in southern New Jersey. He can help you, too.
Can Bankruptcy Really Improve My Finances?
Absolutely, yes! If you are reading this page, you are likely over your head in debt. You be at risk of losing your house and need help to stop foreclosure from happening.
By proactively eliminating debts you can’t pay and reorganizing payments on assets you want to keep (like on your home or car), you can remove the “debt cancer” that is destroying your financial health. With this cancer removed, you can concentrate on restoring your financial health.
Each type of bankruptcy eliminates debts in different ways. However, they share three important features.
- Bankruptcy buys time. If you file for bankruptcy, the bankruptcy court will grant an “automatic stay” that can prevent your creditors from pursuing repayment during your bankruptcy. If your home is being foreclosed upon, or your lender is threatening to repossess your car, a bankruptcy filing can stop the debt collectors long enough for you to plan your next move.
- Bankruptcy eliminates unsecured debts. Many homeowners have a combination of debts, including unsecured credit card debts and secured mortgages and car loans. By eliminating your unsecured debts through bankruptcy, you can use more of your income to pay your mortgage and car loan. Also, because second mortgages are considered unsecured debt, you may be able to eliminate your second mortgage through a process called “lien stripping.”
- Bankruptcy provides an “out” from secured obligations. If you are locked into an expensive car payment or lease payment, a bankruptcy filing can be your key to freedom. Once you file, you may walk away from these obligations without penalty. Further, you may also be able to reduce money owed on your vehicle down to the market rate through a process known as a “cram down.”
Free Consultation · Call Us Today
To learn more about your options for stopping foreclosure and repossession through bankruptcy, call 609-241-9377 or 866-261-2421 toll free. You can also complete a simple intake form. Our experienced Atlantic City debt relief lawyer offers a free initial consultation to each prospective client.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.