Olympia Attorney Handling Mortgages And Foreclosures in Bankruptcy

Loan agreementOne of the primary concerns for individuals considering bankruptcy is whether or not they will be allowed to keep their family home. This fear is completely understandable. The loss of one’s residence can be disruptive and result in additional strain on families. Whether one’s home will be liquidated to pay creditors or protected from this fate will depend largely upon which type of bankruptcy the debtor pursues. Other factors, such as how much equity the resident has in the property may come into play. Ben Cushman is an Olympia attorney who represents Washington residents in the bankruptcy process. He helps clients protect their valuable assets while eliminating debilitating debt. Ben has been licensed to practice law since 1996 and he takes pride in the level of service our firm offers. Contact us today to schedule a consultation. Our office also serves Tacoma as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.

Washington attorney helping residents prevent foreclosure through Chapter 13 bankruptcy

In uncertain economic times, it is not uncommon for Olympia families to fall behind on mortgage payments. Individuals may face difficult financial choices about which bills to pay. Delinquencies on home loans often result in foreclosure actions by the mortgage holder. Chapter 13 bankruptcy may be an opportunity to catch up on delinquent payments and stop foreclosure proceedings. A Chapter 13 bankruptcy allows a debtor to restructure their monthly debt payments in the form of a payment plan. The plan, which will last for three to five years depending upon the debtor’s income, will include significantly reduced payments to creditors. At the conclusion of the case, the remaining balances of many debts will be discharged. If a Petition is filed before the bank initiates foreclosure proceedings, an automatic stay will prevent them from doing so. If the individual repays the past due mortgage payments as part of the repayment plan and stays current on payments that become due during the process, then the bank cannot foreclose. It is important to note that payments missed after the bankruptcy case is final may lead to new foreclosure rights for the lender.

Chapter 7 bankruptcy, on the other hand, may delay a foreclosure action, but individuals may be required to liquidate their home during the process. In a Chapter 7 proceeding, a debtor’s nonexempt property is liquidated and used to pay its creditors. For homeowners filing Chapter 7 protection, the residence will likely be liquidated as part of the process. It may be possible to exempt some portion of the equity in the home from the liquidation process, however, the difference between the sale price and exempted amount will be used to offset debts. The automatic stay may slow or prevent foreclosure actions and other collection attempts while the case is pending, possibly allowing people to remain in their home for enough time to either find a new residence or find a way to remain in their current residence. Our attorney can assist you in understanding what will happen to your family home in bankruptcy.

Ben Cushman is an Olympia lawyer who represents Washington residents in bankruptcy. He will use your initial consultation to gain an understanding of your situation to determine which type of bankruptcy is right for you. He will help protect as many of your assets as possible, including your home, from liquidation. We understand that financial hardship can be stressful. We will focus on your legal issues so that you may focus on rebuilding your financial future. Contact us today.

Washington lawyer protecting assets during bankruptcy

Ben is an attorney who understands how financial burdens can impact Washington families. Many of his clients are afraid of losing their property during bankruptcy. Ben is dedicated to giving each case personalized attention and respect. Ben is responsive to emails and phone calls, which helps ensure our clients know what to expect every step of the way. This is our promise to you whether you are in Olympia or elsewhere in Washington.

Our firm also serves the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, Chehalis, the King County cites of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.