Foreclosures

Did You Default On Your Mortgage? Bankruptcy Can Help.

Are you behind on mortgage payments? Is the bank threatening foreclosure? Filing for bankruptcy stops all creditor actions and gives you the opportunity to keep your house, if that is what you choose to do.

At the law firm of Andersen, Ellis & Shephard (formerly David Andersen & Associates, P.C.), we have attorneys who are board-certified in consumer bankruptcy law. We understand consumer bankruptcy and how it can help people obtain financial relief without losing everything to creditors.

One of the first questions we ask our bankruptcy clients is “do you want to keep your house?” This will help determine whether they should file a Chapter 7 or Chapter 13 bankruptcy. It also aids our decision-making during the bankruptcy process.

 

At the law offices of Andersen, Ellis & Shephard, we have represented thousands of individuals in consumer bankruptcy filings.

616.784.1700

 

Stop Foreclosure in Michigan. Save Your House.

Chapter 13 bankruptcy is often the most appropriate option for debtors who are behind on house payments but want to keep their house and can afford the future mortgage payments. Once the bankruptcy is filed, the debtor works with an attorney to consolidate his or her debt and develop a repayment plan that allows him or her to pay back missed payments and continue making current payments on his or her home. The plan will provide for the maintenance of the house payments, plus give the lender a little extra until the debtor is caught up and the house is brought current.

Another option under a Chapter 13 is called a lien stripping or second mortgage strip. If your first mortgage is worth more than the value of your home, the second mortgage becomes like unsecured debt with nothing to attach to. As an unsecured debt, your second mortgage can be discharged through Chapter 13 bankruptcy, similar to a credit card debt, medical debt and other unsecured debts. When the plan is completed, the second mortgage is eliminated from your home.

Let Go Of Your House. Cancel The Debt.

Chapter 13 may not be appropriate for debtors who are out of work or too far behind on bills that they cannot afford to make monthly payments. Chapter 7 bankruptcy may be more appropriate for these individuals. Most cases involve a discharge of unsecured debt and the surrendering of the home is also an option. Debtors get a fresh start without the obligation of paying a mortgage they cannot afford.

We will review your scheduled Michigan foreclosure and complete a thorough budget analysis before deciding what chapter of bankruptcy is best for you. In either Chapter 7 or Chapter 13, most people have the option of either keeping the home or letting it go. Once we determine the best option, we will guide you through the process so you can accomplish your debt relief goals.

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

The attorneys at Andersen, Ellis & Shephard are experienced in using the bankruptcy code to work through foreclosure issues in Michigan and finding the best option for you. We have offices in Grand Rapids, Lansing, Kalamazoo, Muskegon and Big Rapids to serve you. Call us at 616-784-1700 to discuss your case in a free consultation.