As you would probably guess, home foreclosures have been rising since the economic downturn in 2008. Between the years of 2007 and 2009, an estimated 3 million homes were in foreclosure.  Since that time that number has gone up to over 9 million homes. The real estate collapse along with the associated economic obstacles continues to leave millions of homeowners in an at-risk condition.

Many Californians have sought out Chapt. 13 bankruptcy filings to prevent any looming foreclosure sales. With Chapter 13 bankruptcy, the initial purpose was to provide opportunity for individuals who were nearing disaster in their finances to be able to put all their debts into one combined amount, to eventually be re-structured and repaid on a monthly basis, in a 3-5 year term.

Generally, this type of filing requires for a homeowner to be more than just behind on their mortgage in order for a bankruptcy court to rule in their favor.  With income sufficient to make mortgage payments, and a lack of substantial debt, your are most likely not a good candidate for a Chapter 13 filing.  However, each situation is different, and there can be other conditions that may be a factor.

When the condition of your finances becomes overwhelming due to emergency bills, medical expenses, house or auto repairs, it is crucial that you communicate with your lender, who may be willing to work with you by deferring some payments, or some other flexible payment plan. And most importantly, this is the ideal time where the expert help of an experienced bankruptcy law firm in the Inland Empire can make all the difference in the world in the outcome of your homeowner status.

If you are in the Riverside area, or surrounding areas of San Bernardino County, Coachella Valley, or the High Desert, and dealing with overwhelming debt, and headed towards financial ruin that is being made worse by your mounting mortgage bills, it’s time to let The Travis Law Firm give you some guidance and hope.  Call us today at (951) 274-9501 for a FREE CONSULTATION with an experienced attorney.