Stop Foreclosure St Louis
August 15th, 2008
Stop Foreclosure St Louis
Maybe a honeymoon in Vegas will be the next step for Nicolas Cage after his two New Orleans home were sold in foreclosure in early November. Had he looked for protection from foreclosure, he may have found that an experienced St. Louis Missouri or Illinois bankruptcy attorney could have given him the information he needed to stop his unpaid back taxes from causing his homes to be sold at auction. His properties sold for $2.3 and $2.2 million, respectively, after $6 million in unpaid back taxes left him look at a foreclosure notice. So, the question is, could I have stopped Nicolas Cage's homes from being sold at auction?
If I were licensed in the state of Louisiana, the answer would be absolutely. A foreclosure can be stopped immediately with a chapter 13 bankruptcy; it can even stop one as a result of back taxes. Chapter 13 bankruptcy reorganizes your debt into one low monthly payment. It is a federal law that requires your creditors to take lower payments over a longer period of time. In Nicolas Cage's case, it would have allowed him to keep his home and pay back his taxes throughout the life of his bankruptcy. I'm sure that wouldn't have been a problem if he'd had another installment of National Treasure.
"So, James, are you saying that there are lawyers that specialize in foreclosure?" There absolutely are. They happen to be the same attorneys who specialize in bankruptcy. An order called an "automatic stay" is the tool that chapter 13 bankruptcy issues. In the case of a foreclosure, an automatic stay will stop your lender from moving forward with the sale of your home. And that isn't all that bankruptcy can do. It can also prevent your creditors from harassing you, stop them from garnishing your wages, and even prevent the repo man from taking your car.
If, as in Nicolas Cage's case, you've elected to let your home go to auction because of a foreclosure, there are still options. If your home is sold for less than you owe, the remaining debt is called a deficiency balance—and your creditors will do anything to collect it. A chapter 7 bankruptcy can eliminate that balance and help you find a permanent solution to credit card debt or any other debt you owe.
There is more than one way to put your life back together after a foreclosure. But, the most important thing to remember is not to wait once you have received a notice. Taking immediate action by calling your mortgage company or a bankruptcy attorney can keep you—and your family—off the streets and on your way to eliminating the burden of debt.
About the Author:
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." You can request a free copy by visiting his website at http://www.CastleLaw.net .
Article Source: ArticlesBase.com - Could Chapter 13 Bankruptcy Have Saved Nicolas Cage's Homes from Foreclosure?
STOP FORECLOSURE Saint Louis
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