After 35 years, we have seen how delay literally destroys people and causes them to lose their property.
So many people associate bankruptcy with total destruction of their credit. However, if you are behind on payments, have a foreclosure or repossession, this will negatively affect your credit.
The Dangers of Delaying
In most situations where you have assets, Chapter 13 will help you protect them since delays can be a disaster. Mr. Taieb recently had two potential clients consult him, but both came in after a sheriff sale occurred. Mr. Taieb refused to take their money when he could not save their property since a sheriff sale had already occurred.
Even if you file a Chapter 13 during the 10-day redemption period, it will only help you save time, but the chances of saving your home are minimal since the statute only gives you sixty days from the date of filing to refinance.
Since so few banks will refinance someone in foreclosure as it is, the chances of getting refinanced after a foreclosure is minimal, so you will have almost no chance of saving the property.
Too Little Too Late
Taieb law had one couple who had ignored all their mail and came to us after the sheriff sale.
We filed a Chapter 13 during the 10-day redemption period. However, it was too late to save the property since not one of the companies we contacted would do any type of refinance since the sheriff sale already had occurred. Also, this couple had substantial equity in their home; however, it was just too late.
Also if you delay when you are behind in your auto payments, the law makes it very hard for you to get a vehicle back after it has been repossessed.
Thus, even though bankruptcy affects your credit, if you have been late on mortgage or auto payments, your credit is already affected.
DON’T DELAY. CALL TAIEBLAW BEFORE IT IS TOO LATE!
If you have any questions concerning any type of bankruptcy filing, please contact TAIEBLAW at 856-235-4994 or visit our website at TAIEBLAW.COM.
Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 35 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.