Some Washington residents who are facing extreme financial problems can seek relief through filing for bankruptcy. Often a foreclosure can be halted and the family home saved. However, even when that is no longer a realistic possibility, filing for consumer bankruptcy can eliminate the possibility of creditors pursuing collection efforts after a property is lost to foreclosure.
At our law firm, we realize that simply being over-extended financially is a stressor that can add to one's daily burdens and cause negative repercussions both at work and at home. We encourage our clients to explore all of the options available to them to get out of debt. We can help them sort out the possibilities.
We realize that there is no one-size-fits-all approach to getting out of debt. Sometimes creditors can be repaid under terms of a Chapter 13 bankruptcy plan, while others may fare better erasing their dischargeable debts entirely with a Chapter 7 bankruptcy filing.
Some filings can completely eliminate second or subsequent mortgages taken out against a property that is now underwater with debt. When foreclosure appears imminent, sometimes lenders may allow loan modifications or short sales. Other times, consumers need to cut their losses and allow the lender to foreclose on the property.
If you are struggling to meet your financial obligations and are wondering if bankruptcy can offer you some debt relief and allow a fresh start, we can help you assess and evaluate the best course of action for your individual circumstances. Call us today and schedule a free confidential consultation with one of our Seattle attorneys.