If you are struggling with debt, your assets, including your home and your car, could be at risk of being repossessed and foreclosed upon. In this type of situation, you essentially have two options. You can walk away from that asset or you can pursue every option to save it. As you deliberate over what to do, it is important to discuss your legal options with a knowledgeable asset protection lawyer.
Phoenix Property Protection Attorney
At The Roll Law Office, PLLC in Phoenix and Tempe, we have considerable bankruptcy experience and can help you explore your rights and responsibilities regarding repossession. We will provide you with the personal support you need as we seek appropriate solutions to your financial problems.
Are you ready to deal with your debt head on? Call 602-652-2403, toll free 866-603-1533 or send us an e-mail to schedule a free initial bankruptcy consultation with one of our bankruptcy lawyers.
Is Your Asset Worth Saving?
The answer to this question is crucial, since it will form the basis of what your next step will be. For many consumers facing repossession or foreclosure, it is best to walk away from a piece of property they cannot afford. A perfect example of this is a homeowner who purchased a house for $300,000 that is now worth $150,000 due to the recent downturn in housing prices. While you could work out a payment plan to keep the home, it may not be the best financial decision for you.
Whether you choose to let the asset go or to save it, it is important to do so within the structure of bankruptcy. Otherwise, you could be held liable for a deficiency balance after the asset, such as a vehicle, is sold at auction. Chapter 7 and Chapter 13 bankruptcy can protect you from this.
Contact a Tempe Property Foreclosure Lawyer
To learn more about your bankruptcy options, contact us today for a free initial consultation with one of our bankruptcy attorneys.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
