Bankruptcy is still an option!
The lawyers at Montero Law Group, LLC have over twenty-five years of combined experience in the field of bankruptcy. The firm specializes as “debtors’ attorneys,” helping consumers file Chapter 7s and Chapter 13s to reduce their debts, reorganize their lives and gain the “fresh start” they desire and deserve. With our knowledge of the foreclosure and loan modification processes, our attorneys have the ability to assist our clients tailor a personalized bankruptcy strategy that leaves them in the best possible position. Our firm offers free half-hour initial consultations, which are used to analyze your personal and financial circumstances, outline your available options and provide you with a strategy to resolve your issues, all without incurring an obligation to our firm.
Please see our firm’s presentation for some basic information related to the differences between Chapter 7 and Chapter 13: Bankruptcy Overview
Avoiding a Second Mortgage
In today’s economy, it is quite possible that your home has lost so much equity that you now owe more on your mortgage than your house is worth. If this is the case, filing a Chapter 13 bankruptcy may offer the possibility to reduce or eliminate a second mortgage or home equity line of credit. This is possible due to the unique relief offered under Chapter 13 of the Bankruptcy Code. If your primary residence is worth less than you owe on your first mortgage, you may be able to file a motion with the court to have the debt determined “unsecured” and discharged upon completion of a 3- to 5- year “repayment” plan. If you own an investment property, in addition to completely eliminating an underwater second mortgage, you may be able to reduce a second mortgage to the fair market value of your home. As such, Chapter 13 bankruptcy may offer one of the largest financial benefits available to debtors, and provide a path for to reestablish your family’s future.
In addition to representing debtors who seek to file for bankruptcy relief, our firm also handles representation in adversarial or contested matters. An “adversary proceeding” is the generic term applied to lawsuits filed within the context of a pending bankruptcy and subject to federal jurisdiction through the Bankruptcy Court. Either a debtor or creditor can initiate an adversary proceeding, but formal legal representation is always recommended. Our attorneys’ extensive experience in bankruptcy litigation, knowledge of federal procedures and substantive law, and comfort in the courtroom allow us to offer our clients high-quality legal protection without the big firm rates. Whether you are a debtor whose bankruptcy attorney doesn’t offer litigation services or a creditor looking for counsel able to navigate the hurdles of bankruptcy law, our firm is may be able to assist you.