Foreclosures and Repos: How to Stop Them by Filing bankruptcy by GordonBoutwell

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Foreclosure is a legal process in which a secured lender retakes ownership and control of a piece of real property from the borrower. Repossession is a similar process involving personal property like a vehicle or computer or other secured collateral.

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									                This is an excerpt from the




    CONSUMER’S GUIDE TO
       BANKRUPTCY

                 IN THE FULL GUIDE YOU WOULD GET:

        A basic understanding of the 2 main types of consumer bankruptcy,
        valuable insights into evaluating bankruptcy as a debt reduction tool,
          and practical guidance for finding a quality bankruptcy attorney.

                                 Topics covered:

-   An overview of the bankruptcy process.
-   Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.”
-   Chapter 7 bankruptcy: what it is, how it works, and when it is preferred.
-   Chapter 13 bankruptcy: what it is, how it works, and when it is preferred.
-   How bankruptcy can save a home from foreclosure or a car from repossession.
-   5 good reasons to file bankruptcy.
-   5 good reasons not to file bankruptcy.
-   3 alternatives to filing for bankruptcy.
-   5 questions to ask when interviewing a prospective bankruptcy attorney.




          Want a free copy of this guide?
       Just send an email to bkguide@llgtn.com and look for it in your inbox!
                          FORECLOSURE AND REPOSSESSION



                                               Did	
  you	
  know	
  that	
  you	
  can	
  save	
  your	
  home	
  from	
  
Foreclosure	
  is	
  a	
                       foreclosure	
  or	
  your	
  car	
  from	
  repossession	
  by	
  filing	
  
legal	
  process	
  in	
  which	
              Chapter	
  13	
  bankruptcy?	
  	
  	
  
a	
  secured	
  lender	
                       	
  
retakes	
  ownership	
                         It’s	
  true.	
  	
  	
  
and	
  control	
  of	
  a	
  piece	
  
                                               	
  
of	
  real	
  property	
  from	
  
the	
  borrower.	
                             In	
  a	
  Chapter	
  13	
  you	
  can	
  put	
  together	
  a	
  plan	
  to	
  keep	
  
                                               your	
  home,	
  your	
  car,	
  and	
  other	
  collateral	
  that	
  a	
  
                                               creditor	
  is	
  threatening	
  to	
  take	
  back.	
  	
  	
  
                                               	
  

AVOIDING                                       AVOIDING FORECLOSURE
REPOSSESSION                                   	
  
	
                                             Countless	
  people	
  have	
  used	
  Chapter	
  13	
  for	
  just	
  this	
  
If	
  your	
  are	
  behind	
  on	
            purpose.	
  	
  When	
  your	
  mortgage	
  company	
  will	
  not	
  work	
  
your	
  car	
  payments,	
  and	
              with	
  you	
  as	
  you	
  try	
  to	
  catch	
  up	
  your	
  payments,	
  or	
  
the	
  lender	
  is	
  threatening	
           when	
  your	
  attempts	
  to	
  modify	
  your	
  mortgage	
  fail,	
  
to	
  repossess	
  it,	
  you	
  can	
         filing	
  a	
  3	
  may	
  be	
  your	
  best	
  option	
  to	
  retain	
  the	
  home	
  
file	
  Chapter	
  13	
  and	
                 and	
  work	
  out	
  a	
  repayment	
  plan	
  for	
  what	
  you	
  owe	
  on	
  it.	
  	
  	
  	
  	
  
propose	
  to	
  repay	
  the	
                             	
  
loan,	
  late	
  fees,	
  etc.	
               Even	
  if	
  your	
  mortgage	
  company	
  has	
  begun	
  the	
  
through	
  your	
  plan.	
  	
  Once	
         foreclosure	
  process,	
  you	
  may	
  still	
  have	
  time	
  to	
  file	
  for	
  
the	
  case	
  is	
  filed,	
  the	
           Chapter	
  13.	
  	
  In	
  most	
  circumstances,	
  the	
  filing	
  of	
  a	
  
automatic	
  stay	
  goes	
  into	
            bankruptcy	
  will	
  invoke	
  the	
  automatic	
  stay,	
  stopping	
  
effect,	
  and	
  the	
  creditor	
            the	
  foreclosure	
  from	
  happening.	
  	
  So	
  long	
  as	
  you	
  
cannot	
  come	
  pick	
  up	
  your	
         comply	
  with	
  your	
  plan	
  and	
  meet	
  all	
  your	
  obligations	
  
vehicle.	
  	
  	
  	
  	
  	
  	
  	
  	
     during	
  your	
  Chapter	
  13,	
  the	
  mortgage	
  company	
  should	
  
           	
                                  not	
  be	
  able	
  to	
  touch	
  your	
  home.	
  
In	
  some	
  situations,	
  you	
                          	
  
may	
  be	
  able	
  to	
  regain	
            13	
  deals	
  with	
  your	
  mortgage	
  in	
  2	
  important	
  ways:	
  
possession	
  of	
  a	
  vehicle	
             1. It	
  makes	
  the	
  continuing	
  mortgage	
  payment	
  due	
  
that	
  has	
  been	
  recently	
                    on	
  the	
  house;	
  and	
  
repossessed	
  by	
  filing	
                  2. It	
  pays	
  all	
  the	
  arrearages	
  due	
  to	
  the	
  mortgage	
  
Chapter	
  13.	
                                     company	
  so	
  that	
  you	
  become	
  current	
  by	
  the	
  time	
  
                                                     you	
  complete	
  your	
  case.	
  
                                               	
  
                                               ABOUT THE AUTHOR



	
                                                     GORDON BOUTWELL is	
   a	
   bankruptcy	
   and	
   consumer	
  
	
                                               protection	
   attorney	
   in	
   Franklin,	
   Tennessee.	
   	
   He	
   has	
  
                                                 practiced	
   law	
   since	
   2006,	
   with	
   most	
   of	
   that	
   time	
  
                                                 dedicated	
   to	
   bankruptcy,	
   personal	
   finance,	
   and	
  
                                                 consumer	
  advocacy.	
  	
  	
  
                                                 	
  
                                                 Over	
  the	
  years	
  he	
  has	
  helped	
  hundreds	
  of	
  individuals,	
  
                                                 couples,	
  and	
  families	
  with	
  their	
  financial	
  problems.	
  	
  He	
  
                                                 believes	
   in	
   treating	
   other	
   people	
   the	
   way	
   he	
   would	
  
                                                 want	
   to	
   be	
   treated	
   in	
   the	
   same	
   situation.	
   	
   He	
   takes	
  the	
  
                                                 time	
  to	
  get	
  to	
  know	
  his	
  clients,	
  and	
  he	
  educates	
  them	
  
                                                 on	
  their	
  options	
  for	
  getting	
  out	
  of	
  debt,	
  helping	
  them	
  to	
  
                                                 understand	
  and	
  evaluate	
  them.	
  	
  	
  	
  	
  
                                                 	
  
                                                 He	
   believes	
   bankruptcy	
   is	
   a	
   worthwhile	
   tool	
   to	
   help	
  
                                                 some	
   (but	
   not	
   all)	
   people	
   get	
   out	
   of	
   debt,	
   and,	
   when	
  
                                                 combined	
  with	
  financial	
  education	
  and	
  counseling,	
  can	
  
                                                 be	
  a	
  springboard	
  to	
  financial	
  independence.	
  	
  	
  
                                                 	
  
                                                 In	
   March	
   2011,	
   Gordon	
   and	
   R.	
   Keith	
   Gordon	
   formed	
  
Gordon	
  H.	
  Boutwell,	
  Atty	
              the	
   Lodestone	
   Legal	
   Group	
   in	
   Franklin	
   Tennessee,	
  
Lodestone	
  Legal	
  Group	
                    with	
   the	
   purpose	
   of	
   assisting	
   business	
   and	
   private	
  
198	
  E.	
  Main	
  St.,	
  Ste.	
  4	
         clients	
  by	
  exploring	
  legal	
  options,	
  navigating	
  the	
  legal	
  
Franklin,	
  TN	
  37064	
  
                                                 pitfalls,	
   and	
   providing	
   measurable	
   results	
   through	
  
615-­‐807-­‐1064	
  
                                                 custom	
  solutions	
  and	
  a	
  commitment	
  to	
  the	
  lost	
  art	
  of	
  
bkguide@llgtn.com	
  
www.llgtn.com	
                                  personal	
  care	
  and	
  client	
  service.	
  
	
                                               	
  
	
                                               Lodestone	
   Legal	
   Group	
   practices	
   in	
   the	
   areas	
   of	
  
	
                                               bankruptcy,	
  debt	
  negotiation	
  and	
  settlement,	
  financial	
  
                                                 counseling,	
   residential	
   and	
   commercial	
   real	
   estate,	
  
                                                 estate	
   planning	
   (wills	
   and	
  trusts),	
   and	
  small	
   business	
  
                                                 and	
  corporate	
  law.	
  	
  	
  
                                                 	
  
                                                 	
  
                                                 	
  
   3                                             	
  	
  	
  	
  	
  	
  
                     Got a question about your situation or something you read in this guide?
                             Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,
                                             or visit the website at www.llgtn.com.

								
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