Leventhal Law Group, P.C.
Warner Center Towers
21550 Oxnard Street, 3rd Floor
Woodland Hills, CA 91367
Leventhal Law Group, P.C., in Woodland Hills, California, serves clients in the San Fernando Valley area. Communities include Northridge, Van Nuys, North Hollywood, Encino, Santa Clarita, Valencia, Palmdale, Lancaster, Mission Hills, Thousand Oaks, Simi Valley, Calabasas, Canoga Park, Chatsworth, Porter Ranch, Reseda, Tarzana, Malibu and counties that include Los Angeles County and Ventura County.
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Woodland Hills Home Foreclosure and Bankruptcy Attorney
Can Bankruptcy Stop Home Foreclosure?
In bad economic times, foreclosure is often in the news. When it happens to someone else, it's sad. When it happens to you, it is terrifying. At the Leventhal Law Group, P.C. in Woodland Hills, California, I help people who are facing foreclosure. In particular, I work with clients to file for bankruptcy protection under Chapter 7 or Chapter 13. Whether someone can keep a home after foreclosure proceedings have begun depends on many factors. I talk with clients about their options to avoid foreclosure and together we develop a plan that best fits their circumstances.
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Issues in Foreclosure
I help clients consider the pros and cons of home foreclosure. One might not think there are any positives to foreclosure, but think about these issues:
- Surrendering the house in foreclosure may allow you to discharge any second mortgage debt under Chapter 7 bankruptcy.
- Filing Chapter 7 personal bankruptcy after a foreclosure may allow you to avoid taxes on capital gains realized from the sale of your house.
- If your mortgage is more than the house is worth, surrendering it to the bank and filing Chapter 7 bankruptcy may allow you to discharge the remaining mortgage debt, even though the bank does not receive the full amount of the mortgage in a foreclosure sale.
- Filing either Chapter 7 or Chapter 13 bankruptcy can stop foreclosure proceedings if you've received a notice of default. The mortgage lender must request an exception (relief) to the automatic stay in order to continue with foreclosure. This can give you more time to find out whether you can receive debt relief through bankruptcy.
- Foreclosure may be more negative than bankruptcy, at least in terms of your credit rating. If you have a steady source of income, developing a Chapter 13 repayment plan may help you rebuild your credit more quickly. And you can keep your house .
Contact a Los Angeles, California, Stop Foreclosure Lawyer
Contact the law firm of Jonathan Leventhal. Call my Los Angeles-
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.