One of the options available to you if you are considering stopping foreclosure is to file for bankruptcy protection. Filing bankruptcy stops foreclosure. The two primary forms of bankruptcy are chapter 7 bankruptcy and chapter 13 bankruptcy. If you decide that filing bankruptcy is the right option for you, with either form of these bankruptcy options, the bankruptcy court will discharge all or a great portion of the debts you owe, allowing you to start a new chapter in your financial life.
When filing chapter 7 bankruptcy in Scottsdale, you have the choice to retain your home while maintaining your mortgage payment. With your debts being legally dissolved in the chapter 7 bankruptcy, making your mortgage payments may be an easier task to conquer. If you are filing Chapter 13 bankruptcy, your home is given asset protection under the bankruptcy rules. Many times, you will also be able to adjust (usually lower) your mortgage so that your payments become much more realistic to make. Either way, you are able to stop the foreclosure and save your home through filing for bankruptcy in Scottsdale, Arizona.
Contact your Scottsdale foreclosure attorneys at My AZ Lawyers, PLLC today. Find out what options are available to you regarding bankruptcy and the foreclosure process in Arizona.