Thanksgiving Thoughts From Bankruptcy Attorney in Indiana

November 17, 2012 12:13 am Published by

This is a week for being thankful, and I don’t mean for the turkey meal we enjoyed yesterday.  This season I’ve been taking time to look back at the years I’ve spent providing Indiana bankruptcy help, going back and reading my own Bankruptcy in Indiana articles over the years. This marks the 6th Thanksgiving season since I began sharing my thoughts in these articles, hoping to encourage people who’ve fallen on hard times and who need Indiana debt help to seek out that help, and to do it early in the game.

One year ago, I was writing about how filing personal bankruptcy in Indiana can help stop foreclosure.  As my colleagues the Bloomington, Anderson, Indianapolis, and Columbus bankruptcy lawyers were all reminding our clients, while foreclosure and bankruptcy are two separate legal processes, they are both related to debt.  At the Zuckerberg bankruptcy law offices, knowing that we are able to help save homes, we started by busting the myth that bankruptcy can’t help with mortgage debt.

No, bankruptcy cannot directly discharge first mortgage arrears. So what kind of Indiana bankruptcy help is possible when the problem is a looming foreclosure?
 

  • First, we analyze the situation, have skilled appraisals run, and handle correspondence with mortgage lenders. (As you may imagine, when you’re represented by an experienced legal professional, that makes a world of difference in the way lenders treat your situation.)
  • When other debts are discharged through filing individual bankruptcy in Indiana,that can free up dollars to go towards mortgage payments.
  • Under Chapter 13 bankruptcy law, missed mortgage payments can be part of the debt repayment plan
  • Second mortgages can often be discharged through the Chapter 13 bankruptcy, freeing up money to keep up with the primary mortgage.

A year ago, in the fall, I wrote about mortgage loans being secured debts, meaning that the first mortgage loan cannot be directly discharged in the process of filing personal bankruptcy in Indiana.  However, I explained, “if you have a home you want to keep, one that has NO equity left, and your second mortgage is stripped, that frees up cash to keep up the payments on the first mortgage, and can help stop foreclosure on your home!

No, even for a longtime debt consolidation lawyer like me, bankruptcy is not a cheerful holiday season topic. But I think readers can understand why, in this sixth Thanksgiving season since I began writing these Bankruptcy in Indiana articles, I’m feeling so very thankful that I and my colleagues in the five Zuckerberg bankruptcy law offices have real help and hope to offer!

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This post was written by Mark Zuckerberg

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