Top Strategies on How to Stop Collections

For many people, protecting the home is one of the main reasons to file for Chapter 13 bankruptcy. Keeping the home is the biggest factor for many people who are trying to determine if bankruptcy is the right option.

Since you will likely be going through such an experience for the first time, it will be easy to get overwhelmed with the information that is out there. That is why we have come up with these handy tips to help you circumnavigate one of the most trying times in your life on how to stop collections.

In many cases, reaching out to a debt lawyer from the law office of Scott R. Schneider specializing in foreclosure can give you peace of mind when it comes to whether or not you should file. 

1. Educate Yourself about Bankruptcy

Even if you will be working with a bankruptcy attorney, it is still important to educate yourself on the whole process. You do not have to go into the finer details. Your attorney will be a good source of knowledge and insights into the whole matter.

For Chapter 13 bankruptcy, you should be focusing on repayment plans and what will be required from your end. Chapter 13 bankruptcy will require that you catch up with the repayments while still making the ongoing payments.

2. Keep Records

Be sure to keep records of all your purchases and transactions, as you can never know when they will be needed. The paper trail could protect you repayments are documented. For better protection, it is recommended that you pay by personal check.

If you have avoided putting your financial records in order, now is probably the best time to do so. You should be reviewing and filling the necessary monthly mortgage information needed for review.

3. Be Wary Of Changes in Payment Plans

You should be on the lookout for month-to-month mortgage payment plans. There could be changes to annual tax rates that you are not aware of if they are not built into the mortgage package. The home insurance will also need to be updated as lenders can use it to ask the court to lift the automatic stay on your property.

4. Seek Help from a Debt Lawyer

Filing for bankruptcy can be a highly complex undertaking. Even if it is possible to do it on your own, you will be taking a great risk, and there is a possibility that you could end up losing your home. An experienced bankruptcy attorney will make sure that you are not losing your home to foreclosure.

Your home is a significant asset, and you will want to protect it at all costs. That is why it makes sense to hire an attorney, as it will be a small price to pay compared to losing your biggest investment.

When searching for a bankruptcy attorney, you will want to make sure that they have the necessary credentials and experience for the job. Ask for references and what they can do to ensure that you are not losing your house.

5. Meet With an Attorney

Hiring a bankruptcy attorney should be a priority if you are facing foreclosure. You have worked hard for your home, and there is no reason why everything should be undone just because of a rough patch in life. Educate yourself so that you are aware of what to expect right from the onset.

It can be easy to feel overwhelmed when you are going through a financially difficult time. But do not worry, there is hope! The Law Offices of Scott R. Schneider at +1-516-262-6493  provides bankruptcy services and is here to help your family find financial freedom again.

The  Law Offices of Scott R. Schneider Serves the New York communities of Hicksville, Jericho, New Cassel, Bethpage, Levittown, Plainview, Westbury, East Meadow, Syosset, North Wantagh, North Bellmore, South Farmingdale, North Merrick, North Massapequa, Uniondale, Wantagh.