Facing Foreclosure? Contact a Rockville, MD Chapter 13 Bankruptcy Lawyer

Homeownership has been described as the American Dream. People often spend years saving money for a down payment. However, if they aren’t careful, they could find themselves facing foreclosure a few years later. There are a few reasons why people fall behind on their mortgage payments and put themselves at risk of losing their homes. The most common causes are too little income and too many expenses. Fortunately, there are options for people who fall behind that won’t result in them losing their home.

Income

A stable source of income is necessary to purchase and maintain a home. When that source of income drops or disappears, either due to job loss, divorce or death of a spouse, it can be challenging to continue making payments. People today tend to purchase larger homes than they can comfortably afford on their current salary. Therefore, losing a significant portion of their monthly income could be devastating. As long as they still have income, a Rockville, MD chapter 13 bankruptcy lawyer may be able to help.

Expenses

The cost of owning a home goes far beyond the monthly mortgage payment. When things go wrong in a house, it’s up to the homeowner to get them fixed. A thorough inspection prior to purchasing a house could reveal any current problems with things like the HVAC system, windows and the roof that will eventually need to be replaced. When things break down unexpectedly, homeowners could find themselves in a tight financial position. Fortunately, a Rockville, MD chapter 13 bankruptcy lawyer may offer solutions to this kind of problem.

Filing bankruptcy does not mean a person was reckless with their money. It merely means they need to restructure their debts so they can afford to pay them. Chapter 13 bankruptcy does not result in immediate discharge of debts. As a Rockville, MD chapter 13 bankruptcy lawyer might explain to a client, filing this type of bankruptcy could allow them to keep their property while repaying as much as they can over a three-to-five year period. website offers general information about bankruptcy and may help a person decide whether seeking this type of debt relief is the right option for them.


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Author: Myrtice Lovett

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