Virginia Bankruptcy Attorneys | Virginia Chapter 13 Bankruptcy Lawyers
Sadly, in today's economy, many people have been laid off or are experiencing financial difficulties that have caused them to fall behind on their home mortgage payments. If you fail to make your payments, your mortgage company may initiate foreclosure proceedings against you to take possession of your home and sell it to collect the money owed on your home. Unfortunately, Virginia's foreclosure laws favor the banks, not homeowners.
During a foreclosure, your bank will advertise your home for sale on a specific date, and an auction will be held to sell your home to the highest bidder. Virginia laws do not allow for a post-foreclosure redemption period, so once your home is sold, you will lose it forever. Our Virginia bankruptcy attorneys can help ensure that you don't lose your home.
A foreclosure can have serious consequences on your credit record, and you may still be held liable for taxes on the home after the foreclosure. If you are facing a foreclosure, it is imperative that you seek immediate legal advice. If the experienced Virginia bankruptcy attorneys at Charles B. Roberts & Associates, P.C. are contacted prior to the day of the foreclosure sale, we may be able to stop the foreclosure and prevent you from losing your home.
By filing a Chapter 13 petition in bankruptcy, it may be possible for you to continue to make your mortgage payments and catch up on your missed payments, allowing you to keep your house. If you are late on a single payment, however, your lender can file to have the bankruptcy lifted, and may foreclose on your home then.
Unlike a Chapter 7 bankruptcy in which you must liquidate all of your assets in exchange for the release of all of your debts, a Chapter 13 filing allows you to “reorganize” your finances and keep some of your assets. In a Chapter 13 bankruptcy, you will typically pay a percentage of your debt over a three year period in exchange for a discharge of all of your unsecured debt, including your mortgage arrearages.
By doing this, it is possible to keep your home while making manageable payments through a repayment plan. If you are facing foreclosure, you must act now to take advantage of the bankruptcy laws. If the property has already been sold, a bankruptcy will not help you get your home back.
The experienced Virginia bankruptcy attorneys at Charles B. Roberts & Associates, P.C. can help you with the complex process of filing a Chapter 13 bankruptcy to prevent foreclosure on your home. Call 703-491-7070 or 1-888-407-4529 (toll free) today to discuss your case with our Virginia bankruptcy attorneys.
We handle cases in Arlington, Fredericksburg, Woodbridge, and throughout Northern Virginia.