What Does Bankruptcy Do?

Bankruptcy is another avenue that you, as homeowners, can pursue to stop foreclosure and save your home.  In the short term, filing bankruptcy can stop debt collectors from trying to collect outstanding debt.
In the long term, it can eliminate debt or provide a restructuring of debt. Depending on the bankruptcy you choose to file, it have different impacts.

There are two different types of debt included in a bankruptcy:

  • “Secured debt” means an asset is backing up the debt. This is usually a home loan or car loan.
  • “Unsecured debt” means that money is borrowed without putting anything up in return. This is usually a credit card or personal loan.

What is the loan modification Process?

Ready for Us to Help You?

Get a complimentary in-depth consultation. We highly recommend you consult with professionals who understand the process to help you through your difficult situation.

Ryan Doll

License #01838259
Foreclosure Prevention Expert,
Short Sale Expert,
Property Investments

Call Us Now!
833-338-3422

or

Any information presented on this website is for informational and educational purposes only and not to be construed as legal or tax advice.
Please consult your attorney or CPA for advice.

Matthew-Wu1-5x7-225x300

Matthew Hien Wu

License #01881143
Bilingual in Vietnamese, English
Multi-Family, Investments
MBA from UCLA

Excellent references upon request!

833-338-3422
info@SoCalRealtyPros.com
American Realty Services BRE 00521121

Copyright © 2019 SoCal Realty Pros — Stout WordPress theme by GoDaddy