Esq. & MBA
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Bankruptcy and Can I Keep My Home
Will I Lose My House in Bankruptcy?
Easy. You will not lose your home by filing bankruptcy. In Arizona, a family can file bankruptcy and protect their home and it’s equity up to $150,000. Most homes have limited or small amounts of equity and a homeowner merely needs to remain current on their mortgage payments to keep their home. If a home has significant equity, we often advise clients to get a residential appraisal prior to filing a case. That said, we have filed many thousands of cases and never had a debtor lose their home from having filed bankruptcy.
In the rarest of instances, a home could have equity that creates concern. An attorney will carefully review scenarios where a homeowner has significant equity created through fraudulent transfers or preferential pay downs, or recently purchased a home with liens improperly perfected. When these rare scenarios exist, a homeowner is advised not to file bankruptcy.
Bankruptcy Can Actually Save Your Home
If you are behind on mortgage payments and in default, and even if there is a pending trustee sale, a bankruptcy can temporarily halt a foreclosure or even provide a homeowner the opportunity to bring the mortgage payments current through a repayment plan. The moment you file for bankruptcy, the judge issues an automatic stay which puts a stop to all foreclosure activities. In addition, in a Chapter 13, you can legally eliminate second mortgages through a process known as “lien-stripping.”
Mr. Foley handled my chapter 7. After my first meeting with him I instantly felt better about the whole thing. I was stressed about my finances and felt guilty for even considering a bankruptcy. I felt like a total failure. Mr. Foley was able to help me see that it was the right business decision and was also able to help me by pointing me to resources for a redemption loan on my vehicle. If you are considering a bankruptcy attorney, I would recommend you consult with Mr. Foley.
July 18, 2017
Your Excellent Choice
Matt and his team rock !!!!!!!!
They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had.
I would highly recommend Matt and his team to anyone who needs a bankruptcy…… Thank you so much
July 13, 2017
Very helpful even though not client (yet)
Matthew represented us at a Trustee meeting when our Phoenix attorney could not be present. He was knowledgeable and helpful. In addition, when my existing attorney became “disengaged”, we contacted Matt and he spent a lot of time helping us understand some issues we were having. He was supportive, helpful, and gave excellent advice even though we were not his clients. I highly recommend him and he will be my first call for any future legal issues.
May 23, 2017
Caught in a Bind
I was in a real bind and not knowing the law, I contacted the best reviewed bankruptcy lawyer in town. After the consultation I left feeling better about my situation with a much better understanding of the law. The man knows his stuff and is very knowledgeable. I hired him and he did an amazing job. I literally did nothing but answer questions in an honest manor. The staff is a collection of incredible people, who are kind and very nice and understanding towards your situation. Thank you so so much for everything and would recommend the heck out of this gentlemen. Awesome experience.
March 6, 2017
Matt and his team rock!!! They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had. I would highly recommend Matt and his team to anyone who needs a bankruptcy or debt settlement attorney.
October 21, 2016