How We Can Help

North Carolina Bankruptcy Lawyer

STOP Foreclosure

We all experience financial difficulties from time to time, and foreclosure can happen to anyone.

THE GOOD NEWS IS: WE CAN HELP!
Foreclosure is something that can happen to anybody. In today's economy, there are a record number of people receiving a Notice of Default and losing their homes to foreclosure. Many situations can affect a person's ability to make timely mortgage payments, including: Temporary Job Loss, Rising Interest Rates, Medical Problems, Recent Divorce, and Non-Paying Tenants.

The reality is that any of these issues can cause a person to fall behind on their mortgage payments. While this may seem stressful and overwhelming, there is assistance available. Felden and Felden, P.A. has helped many homeowners avoid the devastating effects of foreclosure. Our skilled legal team can stop the foreclosure process, and help you save your home!

With a Chapter 13 Bankruptcy, we can:

 

STOP Vehicle Repossession

Bankruptcy and Your Car

If you have pledged your vehicle as security for a debt, or if you are currently leasing or financing a car, you have several choices for these secured loans after you file for bankruptcy relief.

You can sign a Reaffirmation Agreement.

A reaffirmation agreement is a voluntary contract signed between you and your auto lender. By signing a reaffirmation agreement, you agree to pay the balance owed on your car loan in a timely fashion, every month, despite your bankruptcy filing. When you make timely payments, the lender may not repossess your car.

NOTE: Reaffirmed debts are not discharged in bankruptcy.

If you do not make your payments, the auto lender is able to Motion the Court to lift the Automatic Stay, repossess your car, and they may also sue you for the deficiency balance.

You can redeem your vehicle.

On rare occasions, in bankruptcy, you are allowed to purchase, or "redeem", your car from your creditor by making a one-time payment equal to the car's fair market value. You must pay your lender the replacement retail cost of the car, and the remainder of the loan debt will be discharged in your bankruptcy.

You may surrender your vehicle.

If you can't afford the monthly payments on your auto lease or your auto loan, you are able to surrender the car directly to the lender. The debt will be eliminated as part of your bankruptcy filing. You can also surrender the car if you decide that the car is worth less than the loan on it.

"Cram Down"

If you have owned your car for over 910 days, we may be able to reduce the payoff on your car, as well as the monthly payment for the vehicle, to its current market value.

 

STOP Creditor Harassment

The Automatic Stay of the Bankruptcy is a powerful tool for protecting both your property and your family. Once of the most immediate effects of bankruptcy protection is the automatic stay provision, which generally prevents creditors from either contacting you or collecting debts from you.

Under the automatic stay, creditors are not allowed to call you or send you collection letters. They also must stop any legal action against you.

 

STOP Wage Garnishment

If you file for bankruptcy relief, your automatic stay will stop all lawsuits and wage garnishments, effective the second that you file your petition.

 

STOP Utility Shut-Offs

If your lights, heat or gas have been turned off by the utility company, the automatic stay will require the utility company to reconnect the utilities in your home. NOTE: Sometimes the utility company will require a small deposit after you file for bankruptcy. If you cannot pay the deposit, they may be able to turn off your lights and heat again even after your bankruptcy is filed.

 

STOP Tax Levies

The automatic stay of your bankruptcy filing can protect you from some IRS tax levies or property seizures for a debt you owe. Remember, the IRS always has authority to audit you. The IRS can also require you to file tax returns or assess a tax liability and require payment of the assessment, despite your bankruptcy filing.