Home Foreclosure in Olympia

If something unexpected happens in your life and you fall behind on your monthly bills, you could easily miss some of your monthly mortgage payments. If this becomes a pattern, the lender could try to foreclose on your home. If this has happened to you, filing for bankruptcy could provide an opportunity to save your home from foreclosure. Washington State's Homestead Exemption will also protect up to $125,000 of your home equity when you file.

Financial setbacks affect everyone, and can cause you to fall behind on your mortgage. You could be laid off from work, suffer an injury or illness, or even be affected by a country-wide recession. None of this matters to lenders, because they have zero tolerance for missed payments.

Preventing foreclosure on your home may be possible with help from one of our Olympia bankruptcy attorneys. To find out whether you qualify, contact one of our bankruptcy attorneys in Washington for a free consultation, and take steps to protect your home from foreclosure.

• Chapter 7 and Chapter 13 bankruptcy both stop foreclosure, but one may be more suitable for your financial situation
• Filing Chapter 7 may free up enough of your money to get caught up with mortgage payments
• Chapter 13 bankruptcy consolidates all debt and mortgage arrears into an affordable monthly payment plan
• Contact one of our Olympia home foreclosure relief lawyers today

Most Olympia homeowners who can't keep up with their mortgage payments are hard working people who suffered a financial setback through no fault of their own. Bankruptcy laws were created for those people just like these, and it's purpose is to provide them with a fresh start financially. When filing for bankruptcy makes it possible to save a home from foreclosure, it benefits the homeowner, their family, and the overall economy of our nation. If stopping home foreclosure on your home is important to you, contract our Thurston County law office and get more details about bankruptcy.

Filing for Chapter 7 or Chapter 13 bankruptcy in Washington State stops foreclosure on your home immediately. If your annual take home pay is below the median Washington household level for a family of your size, filing for Chapter 7 bankruptcy could be your best choice. If you earn above this level, Chapter 13 may be your only option, but it may also be the best way to save a home from foreclosure. A means test may help your Olympia home foreclosure relief lawyer determine which variety of bankruptcy you qualify for.

Chapter 7 bankruptcy typically doesn't offer a long-term solution to home foreclosure, but it could free up time and money to explore ways of getting caught up on your mortgage payments.

Chapter 13 bankruptcy is also known as the "home saver plan." Obviously, this is a more effective way to stop home foreclosure for most people. Filing Chapter 13 bankruptcy makes it possible to consolidate debt into a monthly payment plan, making it possible to get caught up on arrears over a period of time. Your payment plan will last three to five years, depending on your financial situation. As long as you keep making payments you can keep your home. Unsecured debt may be partially or entirely discharged by the court when your payment plan is completed.

Filing for bankruptcy in Thurston County stops all debt collection, including wage garnishment, immediately. This simple action may free up enough money to help you get caught up on payments and save your Olympia home from foreclosure.

Our bankruptcy attorneys in Washington State offer a free consultation, so you can find out more about how saving your home from an experienced legal professional. Contact one of our lawyers in Olympia today and find out if filing for bankruptcy will help you overcome debt problems.