The Relationship Between Bankruptcy And Foreclosure

If you are facing foreclosure on your home you are probably overwhelmed and upset. The idea of losing your home can be emotionally trying and you may feel lost. The Law Offices Of William Pegg, PC offers guidance for clients who have homes facing foreclosure. He will take the time to thoroughly examine your financial situation, and help you determine what your options are. He provides honest feedback tailored to fit your individual needs.

What Can I Do About My Foreclosure?

There are different options for resolving mortgage issues. Mr. Pegg understands that every client is unique, and therefore every strategy is tailored to fit your needs. He uses his 45 plus years of experience to provide honest advice based on your individual circumstances.

He will help you understand the benefits and consequences of options regarding your foreclosure, including:

  • Filing for Chapter 13 bankruptcy
  • Filing for Chapter 7 bankruptcy
  • Selling your home
  • Agreeing to a forbearance
  • The possibility of refinancing or modifying your loan

How Will Chapter 7 Bankruptcy Affect Your Foreclosure?

In some instances it may be in your best interest to leave your home. You can file for Chapter 7 bankruptcy protection to eliminate the balance you owe to the mortgage company. You will not be able to keep your home, but you can slow down the foreclosure process and find some debt relief.

How Will Chapter 13 Affect Your Foreclosure?

If you want to keep your home, you may choose to file for Chapter 13 bankruptcy protection. When you file for Chapter 13 bankruptcy, you reinstate the mortgage and continue to make payments. You will be able to remain living in your home. In New Jersey, you must file your Chapter 13 bankruptcy action prior to the sheriff's sale.

Helping You Make The Right Decisions For Your Home And Future

If your home is facing a foreclosure, don't wait - contact Morristown lawyer William Pegg today. Call 973-219-6796 to set up a free consultation. Located in Morristown, he serves homeowners in need throughout the Newark metro.

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