Over the last several years, it has been unfortunate that many people, often gainfully employed here in Albuquerque, Cedar Crest, Sandia Park, Kirkland Air Force Base and Bernalillo County have opened their mailbox and pulled out a foreclosure notice. Much like receiving an audit letter from the IRS or a court summons, there are not many pieces of correspondence which are more traumatic to read.
The fear that comes with such a notification is understandable. It has the potential to make some people freeze up. They start to figure out if they can scrounge up the money they need to bring their home mortgage account up-to-date. But the first thing they should do is consider all their options. One of these should include filing Chapter 13 bankruptcy. Unlike other bankruptcies, such as Chapter 7, Chapter 13 bankruptcy can provide those with a stable income a way to stop the foreclosure process.
In Chapter 13 bankruptcy, the debtor, through their counsel, can apply first for an automatic stay of relief from the foreclosure action. This stay of relief may apply as well to other collection activities such as lawsuits by creditors. Then, working with a trustee, the debtor can agree to a payment plan of debts. Finally, at the end of the bankruptcy the previous debts can be discharged.
The attorneys at the Law Office of George “Dave” Giddens in Albuquerque have significant experience handling bankruptcy matters, including Chapter 13 cases, and help debtors get back on their feet. Call the Law Office of George “Dave” Giddens at 505-633-6298 to discuss with our attorneys the best plan to help you get past your foreclosure nightmare or visit the website at www.giddenslaw.com for more information.