One of the number one reasons a family can run into financial trouble is their home mortgage payments. Getting behind in mortgage payments is a slippery slope. Unfortunately, for some families it is a slope they are not able to get back up. Not without the help of bankruptcy or an attorney.I am bankruptcy attorney Rashad Blossom. I genuinely believe in helping families get back on their fight by providing my seasoned legal guidance. For many years, I worked at big law firms. However, I decided that I wanted better access in helping people who really needed it. That is why I opened Blossom Law PLLC. A major part of my legal practice is bankruptcy law counsel. Particularly, bankruptcy and mortgages. If you and your family are facing foreclose or losing your home, it is imperative that you seek my legal counsel as soon as possible.


What Chapter 7 And Chapter 13 Bankruptcy Can Do For Mortgage Issues

There are two major types of bankruptcy: Chapter 7 and Chapter 13. You may have heard of these filings before. They each have different qualifications, eligibility and potential outcomes when it comes to getting financial relief.

Let’s start with what is similar. Both Chapter 7 and Chapter 13 bankruptcy would put what is called an “automatic stay” on home foreclosure and other financial proceedings. What this means is that the moment you file for bankruptcy, all creditors, lenders, debt collectors and other parties must stop any further action. This includes trying to contact you. While this stay is not permanent, it can provide temporary relief to get your finances in order.

A Chapter 7 bankruptcy filing can discharge almost all debt. However, there are certain exceptions to this and this includes nonexempt debt. What this means if a part of your home mortgage is nonexempt debt, that means the lender could still foreclose on your property. Every situation is different so it is very important to consult with a skilled bankruptcy lawyer.

A Chapter 13 bankruptcy filing does not discharge all debt. Instead, it gives a person the opportunity to organize their debt into a three to five year repayment plan. In addition, for most people this means they can keep their home. Again, every situation is unique and you should take this as general information. For actual legal advice, talk to a bankruptcy attorney in Charlotte.


Schedule Your Free Initial Consultation

I encourage you to reach out to me online as soon as possible to discuss your bankruptcy and mortgage options in a free initial consultation. From offices in Charlotte, I represent individuals and families in communities throughout Mecklenburg County and surrounding counties. Call 704-BLOSSOM (704-256-7766) today.

Blossom Law PLLC is a debt relief agency. The firm helps people file for bankruptcy relief under the U.S. Bankruptcy Code.