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Dec 07
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The Best Opelika Foreclosure Defense Attorney

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You are not alone in your struggle with mortgage payments. In fact, Opelika foreclosure defense is a commonly sought out service.

Opelika foreclosure defense is a commonly sought after service. You are not alone in your struggle to stay on top of difficult payments and juggle all of the other expenses that come with life in the Auburn & Opelika area. In fact, foreclosure is actually quite common. 

Foreclosure begins when a borrower misses their mortgage payments. Lenders can look to repossess your home and sell it to recover their lost margin. Foreclosure works this way because with mortgage loans, your home itself is held as collateral should you, the borrower, default on payments. If you want to learn more about the best Opelika foreclosure defense attorney, contact David S. Clark today, and read here about the best tips for dealing with foreclosure. 

DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Need Bankruptcy Help? Call David S. Clark

Asking for Forbearance

Borrowers asking for forbearance during times of financial difficulty is a common occurrence. Oftentimes savings run low, income is not at the level expected, or some unforeseen crisis arises that causes a serious financial blow. Life happens, and when it does, the possibility of forbearance is in place. What forbearance does for borrowers, essentially, is allow them a limited amount of time to pay off debt, acquire more income, or increase their savings in the wake of a financial crisis.

This limited period where mortgage payments are paused gives borrowers some time to get back on their feet. Without the impending mortgage payment being around the corner, borrowers can focus on rebuilding their finances and preparing themselves to take on their future mortgage payments. While this period of forbearance is not unlimited, it can still go a long way in helping borrowers get themselves back into a better financial position.

Applying for a Repayment Plan

A mortgage repayment plan is another option for those suffering from a short-term financial crisis. A mortgage repayment plan takes the amount of money that is past-due on your mortgage and splits it up, spreading it over future payments until the debt has been paid off. This allows borrowers to look into the future without worrying about past unpaid debts.

Keep in mind that with mortgage repayment plans, future payments will be more expensive than they were previously, on account of the addition of the missed payments to the future months’ payments. This would not be an advisable option for those who are dealing with more sustained financial difficulty, as this can lead to more missed payments. Consider applying for a mortgage repayment plan only if your financial hardship is short-term.

 

Refinancing Your Loan

If you have yet to miss a mortgage payment, but are wary of the possibility of doing so in the near future, refinancing your loan can be an option to help you avoid foreclosure. What refinancing does for borrowers is allow them to agree to a more affordable payment plan for them. This could include an extended timeline with lower monthly payments, for example.

Refinancing your loan is unfortunately not an option if you have already missed a mortgage payment, or if the foreclosure process has already begun. However, there are still options to fight for your home after you have missed a payment or foreclosure has begun. 

 

David S. Clark, Opelika’s Foreclosure Defense Attorney

If you are dealing with financial hardships including foreclosure or the threat of foreclosure, contact David S. Clark today for help. With over 25 years of experience serving the Auburn & Opelika area, David is tested, professional, and prepared to help you reach the best possible outcome of your financial hardships. 

For help with foreclosure defense, bankruptcy law, Chapter 7 or Chapter 13 bankruptcy, schedule a free consultation today, and let us help you onto the road towards financial recovery.

DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Jun 23
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Alabama Chapter 7 Bankruptcy Requirements

By Bankruptcy Law, Chapter 7 Bankruptcy, Uncategorized No Comments

 David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies of Chapter 7 Bankruptcy. 

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a type of bankruptcy that allows any Auburn or Opelika Resident to discharge debt involved with medical bills, signature loans, credit cards, or any other unsecured debts. 

If you are an Auburn or Opelika resident struggling with a lot of debt or difficult financial times, Chapter 7 bankruptcy could provide the fresh start you need.  

Ultimately, chapter 7 bankruptcy will help you liquidate a portion of your assets in order to pay off creditors. While the process sounds simple, bankruptcy can be a complicated and stressful action that requires the knowledge of a professional Bankruptcy attorney. 

David S. Clark is an experienced bankruptcy attorney that understands the stress that comes with financial hardship. For more information on Chapter 7 bankruptcy and how you can navigate the weight of debt, contact David S. Clark today! 

DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Need Bankruptcy Help? Call David S. Clark

What Happens When I File for Chapter 7 bankruptcy?

One of the great benefits that bankruptcy provides is a court-ordered action known as the Automatic Stay which stops all forms of debt collection from creditors, immediately. 

Yet, before you file for bankruptcy it is important to know that bankruptcy does not mean the end of your finances forever. Rebuilding your finances is hard, but having the support of an experienced bankruptcy attorney could provide the help you need to do it. 

When you decide to file for bankruptcy, you will need to sign a petition and file it with your local bankruptcy court. This petition includes a detailed list of your creditors, the nature and amount of their claims, your income, and assets, as well as a layout of all of your expenses. 

After you file for bankruptcy, an appointed trustee will go over your creditors and their claims, the source, frequency, and amount of your income, all of your property, and a detailed list of all of your expenses in order to remove any suspicion of fraud.

How Do I Qualify For Chapter 7 Bankruptcy?

Qualifications for Chapter 7 Bankruptcy begin with the submission of your average income, along with any assets or unexpired leases that you have. Your bankruptcy attorney will then go over any property that you have to help you liquidate your assets. 

In the midst of bankruptcy, there may be necessary assets that are unable to be liquidated. This means any liquidation of those assets will cease and creditors will need to be reaffirmed that you owe the amount of any necessary assets. If the amount you are trying to reaffirm is large enough, or if you are trying to reaffirm multiple unsecured debts, Chapter 7 bankruptcy may be disapproved. 

What can a Bankruptcy Attorney do for Me?

David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies, complications, and stress that bankruptcy presents. If you need help navigating Chapter 7 bankruptcy, contact David S. Clark today!

DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Feb 28
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How Bankruptcy Can Help Stop A Repossession

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Filing bankruptcy can help car owners keep their vehicle.

If you have missed several car payments, then you may be worried that the loan company is going to repossess your vehicle.

When faced with this threat, many attempt to hide their cars, avoid calls from loan companies, and keep their vehicles locked in a garage somewhere until they can come up with the money needed.

However, many loan companies have the capability to track vehicles through GPS trackers that are installed on cars that have an outstanding payment connected to them. Some also have the capability to prevent you from starting your car through employing devices called starter interrupters.

These technologies can make avoiding a repossession seem like a losing battle for many.

Instead of living in a state of fear that the loan companies will repossess and impound your car at any moment, many debtors can file for bankruptcy and receive legal protection from loan companies so that your vehicle, and other property, cannot be repossessed, at least until the case is settled.

DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Need Bankruptcy Help? Call David S. Clark

Bankruptcy Issues a Stay Order on Repossessions

Often debtors complain about loan companies and the repossessors acting on their behalf for being mean, overly-aggressive, and demanding in their attempts to repossess a vehicle.

Though there is no excuse for the immoral behaviors that some repossession and loan companies use in attempts to repossess a vehicle, the unfortunate reality is that because these loan companies have a legal claim to the vehicle when loan payments are not made, they are permitted to make these attempts at possessing the vehicle.

As soon as an individual opens a bankruptcy case, however, an automatic stay is ordered on the vehicle. This means that creditors and their partners, legally cannot touch your vehicle at least until the bankruptcy case is settled.

Stay Orders and Repossessions

As soon as the court issues a stay order, the creditor has no rights to demand you hand over the keys to your car.

No matter how much they hounded you to have the car before you filed for bankruptcy, once the case is open the law is on your side.

Simply put, stay orders protect car owners from repossession.

Bankruptcy Temporarily Protects From Repossession

Though stay orders issued from bankruptcy case filings will keep a creditor from taking your car for a time, this is not necessarily a permanent fixture. These stay orders are put in place so that debtors can have time to work through restructuring their debt through bankruptcy without having to constantly fight off repo agents.

Because the purpose of stay orders is not to permanently keep creditors from repossessing your car, there is still a chance that at the end of your bankruptcy case, you may be required to give up your car in order to meet the requirements of the bankruptcy settlement.

Bankruptcy, though, gives you a chance to keep your car and legally protects you from any potential bullying or intimidation from loan companies.

David S. Clark, An Auburn & Opelika Bankruptcy Attorney

David S. Clark and his team have been helping Auburn and Opelika, AL residents avoid repossession through bankruptcy for years and have the experience necessary to advocate your case before a bankruptcy court and in the face of intimidating loan companies.

If you are facing repossession in Auburn or Opelika and are considering filing for Chapter 7 or Chapter 13 bankruptcy, contact David S. Clark today.

DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

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