Ways to Avoid Selling Your Home to Prevent Foreclosure in California

Every loan comes at a certain rate of interest and the borrower is required to pay an equated monthly installment (EMI) every month for a specified number of months as per the agreement until the loan amount along with the interest on it is paid back. And if at all it happens that you are unable to do the same, there arises a need of selling your house or mortgaged property and filing for a bankruptcy for the foreclosure of the loan. 

While the EMIs remain constant over a period of time, the same cannot be said about one’s source of income. The income of a borrower can dwindle due to a loss of job, medical emergency and a number of other issues. What can be one’s possible course of action if one fails to pay EMI to clear one’s overall debt? Normally, borrowers file for bankruptcy in Los Angeles with the help of a bankruptcy law firm to prevent the encroachment of their assets, including their home and vehicle. This is best way out to avoid selling your home and to solve the hard equation.

What does a bankruptcy lawyer do to benefit their client and to save them from selling their house? Read on to find out more about it. 

The role of a bankruptcy lawyer is very crucial in improving their client’s financial situation.
The laws of bankruptcy can go beyond the scope of understanding of a layman. Plus, the changes to the existing laws that come into effect from time to time can make things more complicated for non-professionals. This, coupled with other legal functions, makes it necessary on the part of a borrower to hire a Bankruptcy Lawyer in Woodland Hills to not only file for bankruptcy but to also see it through.

Here is a list of some important functions of a bankruptcy attorney by virtue of which they improve their client’s financial situation. 

A bankruptcy attorney protects the property of their client
Among other things, one of the primary functions of a Foreclosure attorney in Los Angeles is to protect the property of their clients from seizure. While a creditor tries to take as much share of the property as they can, it is up to the experience of an attorney to prevent them from doing so. Thus, an experienced bankruptcy helps in staving off the unexpected losses as far as possible to improve the financial losses of their client. They do so by dealing with repossessions. 

Bankruptcy lawyers handle tax refunds and due money
How well a Foreclosure lawyer in Los Angeles will be able to handle your foreclosure will depend on the appropriateness of dealing with one’s tax refunds and the outstanding amount of money which one owes to a debtor. A bankruptcy lawyer lends a helping hand to their client by offering legal consultations on the same. 

Bankruptcy attorneys help manage credit cards and loans linked to them
A Foreclosure lawyer in Los Angeles evaluates the various aspects of credit for an individual and based on it, they offer consultations to their clients. That is to say, they guide their clients in accordance with the legal provisions on what they should do and what possible course of actions they can take to keep their credit report healthy.
Bankruptcy attorneys assist in the payment of debts and family situations arising out of it
A Chapter 7 Bankruptcy lawyer in Woodland Hills looks for a quick exemption of loan in order to prevent any unexpected losses.
A Chapter 13 Bankruptcy lawyer in Encino helps in the reorganization of assets so one can consolidate one’s payments over a period of 3-5 years and at the same time, repay a certain part of one’s outstanding debt amount. 

Bankruptcy cases are risky in that they can be dismissed at any point in time if they fail to meet even a single requirement resulting into selling of the house. Keeping this in mind, coupled with the aforementioned points, it becomes important to hire an experienced Bankruptcy lawyer in San Fernando Valley, Los Angeles, Encino or Woodland Hills so one can keep one’s losses down to a minimal extent after filing for bankruptcy. They can also save you from the foreclosures of the loan amount by selling your mortgaged property.

Nader & Berneman, Attorneys at Law
Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367
Service Areas- Encino, Woodland Hills & San Fernando Valley
Web- https://www.naderlawfirm.com/
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