When foreclosure threats are being made by a mortgage holder, it behooves a person to seek help as soon as they can. Often, homeowners feel overwhelmed and even helpless when they learn their home is in danger of being lost. Thankfully, there is legal help for people who are struggling with the debts they owe. A meeting with the Attorneys in Casa Grande AZ can allow a person to learn whether or not they are a good candidate for bankruptcy.
Chapter 13 bankruptcy is a type that can allow a person to settle all of the debts they owe and avoid foreclosure and other types of collection activity. There are three main requirements for a person to be approved for chapter 13:
* A filer must have plenty of income coming in on a regular basis. The court will need a person to submit proof they will be able to take care of their financial obligations to pay down their debts. If the judge feels a person will not have the financial means to meet their responsibilities, they will not approve the person for chapter 13.
* A person must owe less than $1,149,525 in secured debt and $383,175 in unsecured. This amount is changed according to inflation rates.The Attorneys in Casa Grande AZ can help a person gather information on all of the debts they owe so they can be sure they fall within these limits for approval.
* A person will also need to submit proof to the court they are current on their taxes. They must provide proof of the last four years of filing to ensure they have met the tax requirements of filing for chapter 13.
Chapter 13 can stop all collection activity, including foreclosure and repossession. It is important a person acts quickly so they can start the bankruptcy process before the foreclosure process begins so they can save their home.
If you are facing the loss of your home through foreclosure, there is legal help available. For more information, Visit the Site of Asheton B Call at . He and his staff will provide you with the legal services you need so you can overcome your debt.