Mortgage write-off under the bankruptcy procedure

«Changing stereotypes that big loans are the end!»

Shakhovets Anastasia

Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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Mortgage write-off under the bankruptcy procedure

A mortgage is a common financial instrument that allows people to purchase a home without having to pay the entire amount at once. Instead, the borrower receives a loan from the bank, which he is obliged to repay within a certain period of time, usually 10-30 years.

In what cases may it be necessary to write off the mortgage?

A mortgage is a significant financial obligation that can become an overwhelming burden in difficult life situations. Bankruptcy mortgage discharge can be a way out of this situation for you.

Here are a few times when you might need a mortgage write-off:

  • Difficult financial situation:
  1. You lost your job, got sick, or other circumstances led to a significant decrease in your income, which makes it impossible to service the mortgage on time.
  2. You have other significant debts that make your overall financial situation unbearable.
  • The threat of losing your home: the bank has already started the foreclosure process, and you risk losing your roof over your head.
  • You have been defrauded by a bank or creditor.
  • You have been the victim of a natural disaster or other emergency that has resulted in the loss of your property or income.

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What is bankruptcy and how can it help?

Bankruptcy is a legal procedure that allows individuals and legal entities to write off their debts if they are unable to pay them. Bankruptcy mortgage discharge can be a way out of a difficult financial situation for you. This will allow you to:

  1. Get rid of the debt burden: The court can decide to write off your mortgage debt, freeing you from having to pay it.
  2. Keep your home: In many cases, it is possible to keep your mortgaged home after bankruptcy, provided certain conditions are met, such as restructuring payments.
  3. Start a new life: By becoming debt free, you can improve your credit history and start building a new financial life without burdensome debt obligations.

Bankruptcy procedure for mortgage discharge

The bankruptcy procedure is complex and requires legal support. Specialists of our law firm “Prykhodko and partners” have many years of experience in successfully conducting bankruptcy cases and writing off mortgage loans. We will help you:

  • Collect the necessary documents. We will compile a list of necessary documents and help you collect them.
  • Prepare an application for bankruptcy. We will prepare a legally competent bankruptcy application and represent your interests in court.
  • Develop a debt restructuring plan. If possible, we can help you develop a debt restructuring plan that will allow you to keep your home and pay off your mortgage.
  • Protect your interests in court. We will represent your interests at all stages of the bankruptcy procedure and protect your rights.

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Why is it better not to start bankruptcy proceedings without the support of a lawyer?

Bankruptcy is a complex legal process that can have significant consequences for your life. Handling bankruptcy on your own can be risky and exhausting, and it can increase the likelihood that your best interests will be harmed.

Here are some reasons why you should consult an attorney before starting bankruptcy:

  1. Knowledge of the law. Bankruptcy attorneys have a thorough knowledge of bankruptcy law and can help you understand your rights and responsibilities.
  2. Experience. Bankruptcy attorneys are experienced in handling bankruptcy cases and can help you avoid common mistakes.
  3. Protection of your interests. A specialist will represent your interests in court and protect your rights from creditors and other parties.
  4. Saving time and effort. The bankruptcy process can be very exhausting. A lawyer can do a lot of the work for you, allowing you to focus on your life and work.
  5. Increasing the chances of success. Research shows that people who represent themselves in bankruptcy court have a significantly lower chance of success than those who hire an attorney.

Even if you think you can handle your bankruptcy case on your own, it is important to consult an attorney. He can help you understand your options and make the best decision for your situation.

Additionally, a professional can help you determine if bankruptcy is really the best option for you. Sometimes there are other effective ways to solve financial problems. Especially since bankruptcy has a very negative effect on credit history.

It will solve the problem with problematic credit once and for all

Don’t jeopardize your financial interests and future. Contact a bankruptcy attorney now if you feel that your mortgage has become too much of a burden for you.

Do you need expert advice or do you want to know the cost of writing off a mortgage under the bankruptcy procedure? Fill out the form below.

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Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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