Christopher P. Walker has been helping residences of Orange and surounding areas file for bankruptcy for 17 years. He is experienced in all aspects of Bankruptcy law and can explain the process and the alternatives to bankruptcy in a free half-hour consultation.
Let us help you stop wage garnishment and foreclosure.
Help determine which chapter is best for you
Chapter 7 - Bankruptcy
- Are you spending almost all of your income just to pay normal living expenses (housing, food, clothing, transportation, child care, etc.)?
- Are creditors calling and demanding money that you need to feed yourself or your family?
- Is there no money left to pay credit card debt, medical bills or judgements?
- Are wages needed for living expenses being garnished by a creditor?
If you answered yes to one or more of these questions then most likely a Chapter 7 - Bankruptcy can help your financial situation.
Chapter 13 - Bankruptcy
- Are you behind on your home loan, need to stop foreclosure and save your home?
- Do you owe taxes or student loans that do not meet the requirements for discharge?
- Do you want to protect a friend or relative who co-signed for you?
- Do you need to bring current child or spousal support payments?
- Do you have judgments that were incurred by reason of drunk driving or fraud?
- Do you need to protect non-exempt assets?
- Have you filed a Chapter 7 within the past 8 years?
If you answered yes to one or more of these questions then it's quite possible that a Chapter 13 - Bankruptcy is the correct solution in your case.
Save Your Home
Once we file a Chapter 13 Bankruptcy Petition on your behalf an automatic stay goes into effect and the lender is forced to stop a foreclosure sale on your home!
Filing for bankruptcy under Chapter 13 helps financially distressed debtors save their homes.
A chapter 13 Bankruptcy is a valuable tool to combat the mortgage crisis by allowing bankruptcy judges to "strip-down" mortgage debt in Chapter 13 when the mortgage principle exceeds the current market value of the house. The subprime mortgage crisis has caused and continues to cause many homeowners to lose their homes?often because they cannot afford their monthly payments once the initially low interest rate expires. Housing pundits estimate that between 2 and 3.3 million foreclosures will occur between 2007 and 2009, including 1 out of every five subprime mortgages made since 2005.3 Foreclosures are very costly to both borrowers and lenders--borrowers must bear the cost of relocating and lenders lose a high fraction of the value of the house by the time it is resold.
Foreclosure is extremely costly to both borrowers and lenders, and it would be in their joint interest to deal with the mortgage crisis by renegotiating many mortgages voluntarily. But very few renegotiations have in fact occurred. This is because most mortgages have been repackaged into mortgage-backed securities, where ownership is divided among multiple security-holders who have divergent interests. As a result, they are unlikely to agree on any changes in the loan terms.5 In addition, while all mortgages have a servicer who acts on the owners' behalf, most mortgage servicing contracts compensate servicers for the costs of foreclosing, but not for the costs of renegotiating.6 Another problem is that many homes in default have second mortgages, and the second mortgage holder can prevent the first mortgage from being refinanced unless the second mortgage is paid off.
Filing under Chapter 13 stops lenders from foreclosing and gives debtors extra time to repay mortgage arrears. Debtors can similarly use Chapter 13 to prevent repossession of their cars.
Contact Christopher Walker today at 714.639.1990 to arrange an appointment.
