Mortgage Loan Modification or Bankruptcy?

No-Luck Chuck Jr. gave his father the wrong advice on the best way to deal with his debt obligations, instead of going to a bankruptcy attorney. This month No-Luck Chuck Jr. must find the best way to deal with his own debt obligations.

A few months back, No-Luck Chuck Jr. got a DUI, for not seeking legal representation and for believing that the truth would absolve him of all guilt. No-Luck Chuck Jr. ended up with a suspended license (without the right to drive anywhere), fines, court costs, probation time and had to attend DUI classes.

Soon after the DUI, No-Luck Chuck Jr. got into a traffic accident. Immediately after the accident, his arm, leg, and head only hurt a little, so he decided not to go to the hospital or call the police to report the accident, and of course he did not seek legal representation.

The next day when Jr. woke up his right arm hurt a lot, his leg was swollen, and he felt his head spinning. His father picked him up and they went to the hospital. Due to his personal injury Jr., had to ask for a month off from his job. His employer allowed him to take the month off, but without pay. No-Luck Chuck Jr. is three months behind on his mortgage payments.

Jr’s father told his son that he saw attorney Luis Navarro on TV and heard about options to defend a foreclosure or to file a bankruptcy. No-Luck Chuck Sr. said to him: "Jr., the lawyers from NAVARRO Attorneys at Law are experts in bankruptcy and foreclosures, give them a call." What will No-Luck Chuck Jr. decide?

Some examples of how you can protect your assets

Some examples of how you can protect your assets after you have exhausted all possibilities, which is called "Debt Relief" as indicated by the lawyer: Luis F. Navarro.

Is there any way I can lower my property debt to the current market value?

Yes, depending on the type of property you own. Be it personal property or real estate, this includes what is houses or cars.

For example: If you bought a house and still have an outstanding balance with the lender it is possible that in certain cases the amount of the loan will be reduced to the current market value.

If I am in the process of foreclosure, how can I stop the process with the Debt Relief plan?

If your home is currently in foreclosure, a Chapter 13 will stop the foreclosure before the sale and allow you to catch up on your mortgage payments.

You will still be required to make all future payments on the mortgage directly to the mortgage company, but they cannot foreclose to collect any payment on the outstanding mortgage.

Bankruptcy laws are designed to protect you.

People living in the United States fall into debt for a number of reasons. Recession has brought job loss to many who are still unable to find work. Also, an unexpected illness can skyrocket people's medical bills while they discover that their insurance coverage is insufficient.

Bankruptcy allows you to discharge certain debts or repay them over time. It also may protect your home, your car and other assets, and it gets creditors immediately off your back.

Bankruptcy filing will not solve all your financial problems overnight but can make you feel so much better, and you can sleep at night without the constant stress of money problems. Please click here for loan modification information.

Call the offices of NAVARRO Attorneys at Law today at: 1-800-692-9802, or click here to request a complimentary consultation. We have offices in Miami, Naples & Tampa,to better serve you.

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