Bankruptcy And Your Property

When it comes to bankruptcy and property, many people fear that the car they have been making payments on for years will be repossessed or that the house they call home will be foreclosed upon and taken. If you are facing or worried about either of these, the Law Offices of Justin D. Irish can help.

What You Need To Know About Foreclosure

The basics of a foreclosure proceeding are very similar in every state. California foreclosure means that the bank that holds the mortgage (this may also be a third-party lienholder) takes steps to take or "gain ownership" of your home. If you are in default on your mortgage payments then either the bank or the third party may threaten to take foreclosure action. If you have received letters from your lender do not ignore them. Immediately contact your lender's loss mitigation department. An attorney can help you do this and help to stop foreclosure.

You may want to contact a HUD certified counselor. There are many unsavory and predatory agencies that take advantage of people facing foreclosure. Working with an experienced bankruptcy attorney can ensure that you are not the victim of a scam. The Law Offices of Justin D. Irish offers clear and effective guidance regarding the foreclosure process.

A Foreclosure May Not Be Your Only Option

A qualified bankruptcy attorney can collaborate with you to craft a detailed plan to save your home. An attorney can create a plan to:

  • Get current on your mortgage payments
  • Seek and obtain a mortgage modification
  • Avoid a deficiency judgment
  • Explore bankruptcy options that will allow you to keep your home

Additionally, an experienced bankruptcy attorney can quickly assess you financial situation to ascertain whether Chapter 7 or Chapter 13 is in your best interest. Bankruptcy can actually protect certain property and shield you from creditor harassment.

You Have A Good Chance Of Keeping Your Home

Has your lender acted unethically? Illegal and unethical practices include:

  • Predatory lending behavior
  • Bait-and-switch practices
  • Loan or mortgage fraud
  • A lender that has lied or been deceitful

Justin D. Irish will assess whether a deed-in-lieu or mortgage modification should be instated or whether a special forbearance is an option for you. Justin will collaborate with you to assess your goals and then craft a plan to get you where you want to be.

The California Homestead Exemption

Homestead protection laws work to protect homeowners from homelessness. This law allows individuals to protect their property by declaring it a "homestead" and off limits to creditors. California property owners can declare at least $75,000 worth of their property as a "protected homestead" against creditors or in a bankruptcy proceeding.

Can I Keep My Car?

Bankruptcy does not necessarily mean you will lose your home or car. Depending on your financial situation, filing for bankruptcy may actually help protect you from foreclosure and repossession. In a Chapter 13 bankruptcy filing, for example, you can keep all of your property, both exempt and nonexempt.

Help Before A Repossession

Some contracts' terms state that if you have defaulted — even by one or two payments — the vehicle can be repossessed by the leasing agency. Attorney Justin D. Irish can help you craft a plan for a revised payment schedule and negotiate a new contract before your car is taken. If you have years of payments invested in a car, an experienced attorney can be a vital advocate in keeping it.

Whether you file for liquidation via Chapter 7 or repayment via Chapter 13, or need help to keep your home, we can help. We have handled hundreds of bankruptcy and foreclosure cases in Costa Mesa and Orange County, California, with success. We can help you, too. Call Justin D. Irish at 949-836-0543 to speak with a bankruptcy lawyer about your foreclosure or repossession. Or contact us online and we will get back to you promptly, usually within 24 hours.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.