January 09, 2013
/24-7PressRelease/ -- Foreclosure predictions in New York
With foreclosure filings falling in July of 2012 for the 22nd month in a row, the housing market appears to have taken a turn for the better. RealtyTrac found that in July, the filings were down 10 percent from the same month last year. Although this information is encouraging, some experts remain skeptical based on a deeper dive into the numbers.
The earliest stage of foreclosure has actually risen six percent on a year-over-year basis. July saw the third straight month for this increase. This latest wave of foreclosures has come after the banks received new guidelines for handling the foreclosure process. These banks are now gaining confidence and processing filings they had previously delayed.
Chapter 13 bankruptcy option
If someone is under the threat of foreclosure, he or she needs to act quickly and legally to have a chance to save a home from foreclosure. A Chapter 13 bankruptcy filing can meet that need. Filing for a Chapter 13 bankruptcy allows people to reorganize their finances and negotiate payment plans.
Unlike Chapter 7 bankruptcy, unsecured debts are not wiped out immediately. Rather, repayment plans are set in place based on what the person is able to currently afford. Secured creditors are paid first, and then unsecured creditors are paid in an order set by federal law. If a debtor completes all payments under the payment plans, any unsecured debts left over may be discharged. With this setup, more families may be able to avoid the foreclosure process.
Although bankruptcy has historically carried a negative stigma, this is no longer automatically the case. In difficult financial times, bankruptcy might be the only real option some people have. For many, it is the fresh start they need -- and deserve.
Assistance in bankruptcy law
Filing for a Chapter 13 bankruptcy can be challenging, especially to someone who unfamiliar with the topic. When this is the case, obtaining the help of an experienced New York bankruptcy attorney is wise. These attorneys know the federal and state laws that will apply and have experience handling similar cases.
It is important to find attorneys that will take the time to sit down with their client and listen to everything that they have to say. Armed with all the facts, attorneys are best able to achieve the most positive outcome.
No person has to face the foreclosure process alone. Everyone has options, and a bankruptcy attorney will be able to discuss them all and help choose the best course of action. Having that initial meeting with a bankruptcy attorney can make all the difference and lead a person towards a better financial future.
Article provided by Chamberlain D'Amanda
Visit us at http://www.cdogbankruptcylaw.com/
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