Tempe Bankruptcy Attorneys Find the Rising Foreclosure Market an Issue They Can Help With
Tempe bankruptcy attorneys are far from what normally comes to mind when one thinks of the city of Tempe. Sun Devil stadium, Arizona State University, and plush landscaped neighborhoods are what come to mind for most folks, but the truth is in the numbers don’t lie. The foreclosure market has definitely affected both Tempe, and neighboring towns as exclusive as Scottsdale. Even other area towns outside of Tempe like Fountain Hills, Apache Junction, Sun Lakes, and Superstition Mountain are negatively affected by the current housing decline.
For homeowners facing these stressful and trying times considering what might have previously been seen as “drastic measures” is suddenly, now a not-so-drastic reality. No one wants to be considered a candidate for Chapter 7 bankruptcy, but the fact remains that drastic times call for drastic measures if one wishes to protect the most precious investment, their home. Tempe bankruptcy lawyers and other Arizona bankruptcy lawyers urge homeowners not to give up. After achieving homeownership and making years of payments, to consider walking away from your largest investment or succumbing to the immense financial stress and taking no action is the worst move Tempe consumers can make.
Tempe bankruptcy attorneys urge homeowners not to turn a blind eye, but instead to seek professional help. While it may mentally seem bankruptcy is not an option they want to consider, the truth is that after filing bankruptcy, even if one losses their home which is not normally the case if they seek assistance early enough. Few know that there are a number of government programs recently developed to help borrowers in just that set of circumstances. The FHA has programs that allow for such circumstances and in most cases, consumers can re-enter the mortgage process and once again attain homeownership within two to three years. That’s true for borrowers that have had either a short sale or a foreclosure on their previous home. This is why Arizona bankruptcy lawyers ardently urge consumers riddled with debt or behind on their obligations to seek the many options available through the financial relief afforded by either chapter 7 or chapter 13 bankruptcy filings.
As difficult as it can be, if consumers can put their emotions or preconceived notions about bankruptcy aside, they are then open to the real financial relief available to them. Tempe bankruptcy attorneys are very familiar with dealing with banks, on mortgages, second mortgages, lines of credit, and even car payments to find ways to resolve the worst of situations. They work to resolve issues and come up with the best solutions for both the struggling consumer as well as the banks themselves. In Chapter 13 bankruptcy, increased interest charges, penalties, and late fees are most often completely eliminated and just the actual balances are restructured through the efforts of the bankruptcy lawyers to recalculate payments and a payment schedule that the consumer can afford. For those in the worst of financial crisis chapter 7 bankruptcy is generally sought by Arizona bankruptcy lawyers. Under chapter 7 bankruptcy most all debt is completely eliminated and the individual can financially start over with a clean slate.
Arizona bankruptcy lawyers urge consumers to consider these factors. Tempe bankruptcy attorneys agree that when they first meet with consumers in financial hardship they have a healthy fear and feel as though they have done something wrong. When the truth is that in these continued years of national financial crisis, it’s often through no fault of their own that they are candidates for bankruptcy in the first place.
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