Salem and Haverhill Lawyers: Keeping Your House in Bankruptcy
Most people struggling with debt are concerned about the possibility of losing their homes. At the Law Offices of Kenneth E. Lindauer, we can explain options for avoiding foreclosure. We are committed to exploring all of your options to save your house.
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Understanding Your Legal Options for Saving Your House
There are a few things to keep in mind if you are considering bankruptcy as an option to keep your house:
- Automatic stay: When you file bankruptcy, an automatic stay immediately goes into effect that stops all collection actions against you. Although an automatic stay is temporary, you will have time to explore your debt relief options without suffering through creditor harassment.
- Chapter 13 bankruptcy : Are you behind on your mortgage? Do you have some equity in your home? Filing Chapter 13 bankruptcy would allow you to pay off unpaid overdue debt over time when a repayment plan is established, and decrease the risk of losing your home.
- Homestead protection : Both New Hampshire and Massachusetts have homestead protection. In Massachusetts, you can file a “Declaration of Estate of Homestead” to seek relief to protect a primary residence valued at up to $500,000 from attachment as part of a settlement to repay debt, including Chapter 7 bankruptcy.
Your specific legal options may vary. It is important to talk to an experienced bankruptcy attorney who can help you make an informed decision after looking at the unique circumstances of your case.
Contact Methuen Attorneys for Help Saving Your Home
Attorney Kenneth Lindauer is a “debt relief agent” as defined by the United States Bankruptcy Code. Under the law a “debt relief agent” is a person who provides bankruptcy assistance to consumers.