Orange County Foreclosure Attorney
Santa Ana Foreclosure Lawyer Michael D. Franco

Orange County Foreclosure Attorney

Orange County foreclosure attorney, Michael D. Franco, can help you stop the foreclosure process. If bankruptcy makes sense for you, Attorney Franco can stop a foreclosure action the minute your case is filed: sometimes within 48 hours of receiving your call for help.

Bankruptcy can stop home foreclosure long enough to give you the time you need – time to tap into your equity with a short sale or more time to get caught up. If you have regular income, a reorganization bankruptcy can buy you from 3 to 5 years of time or get caught up on back mortgage payments using a ‘catch-up Chapter 13 repayment plan.’ The minute your bankruptcy case is filed in Federal Bankruptcy Court, a 4-minute walk from Michael’s office, you will get an “automatic stay”. An ‘automatic stay’ is an automatic injunction that halts actions by creditors, including mortgage lenders (with some exceptions), to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, the stay begins the moment the bankruptcy petition is filed.

Foreclosure and Bankruptcy

When a person files bankruptcy it is as if you have placed your home in a huge vault. Your home is protected by the full force of Federal Law. Filing bankruptcy does not spare you of all responsibility, and I want that to be crystal clear. The best plan of action is to give me a call right now. If I am not in court or with a client, we can talk immediately. If I am not available right now, I will usually have time to call you back within an hour or two. I will want to know if you have a good understanding of the differences between the two most common “chapters” of bankruptcy (Chapter 7 and Chapter 13) and what each might be able to do for you in your current and unique situation.

If you are a good candidate to take advantage of the bankruptcy laws to stop the foreclosure on your home, we can often expedite your case and file in as little as 48-hours. The moment we file, the ‘automatic stay” provides you immediate protection.

Orange County Foreclosure Defense Lawyer

Orange County foreclosure attorney, Michael D. Franco, is a Certified Legal Specialist in Bankruptcy Law by the California Board of Legal Specialization. Michael has more than 23-years of experience with Chapter 7, Chapter 11 and Chapter 13 bankruptcy. Orange County foreclosure defense lawyer Franco has appeared thousands of times before Bankruptcy trustees and judges. This vast experience gives Michael a perspective that few California bankruptcy attorneys can match — let alone a ‘general practice’ lawyer who might do a bankruptcy case or two each year mixed in with personal injury, divorce, and contract law cases. Michael’s extensive bankruptcy experience gives him comprehensive insights into what trustees and bankruptcy judges usually look for in reviewing the individual facts of a particular bankruptcy case.

Chapter 7 vs. Chapter 13

Either a Chapter 7 or Chapter 13 bankruptcy filing will immediately stop the foreclosure of your home. Moreover, all other creditors will also be stopped from taking further action against you.

Chapter 7 is often called “straight bankruptcy,” “liquidation bankruptcy,” or “wipe-out bankruptcy.” Chapter 7 is the type most common bankruptcy that people think about when “bankruptcy” comes to mind. The bankruptcy court appoints a trustee to oversee your case. The trustee’s job is to sell off your assets and distribute what money was generated and then distribute those monies to creditors who filed legitimate claims. The trustee doesn’t sell all your property, as the bankruptcy process is designed such that you can keep enough “exempt” property to get a “fresh start”.

Chapter 13 is often called the “home-saver,” “reorganization,” “catch-up,” or “work-out bankruptcy.” Chapter 13 Bankruptcy is the second most common type of bankruptcy for individuals. Chapter 13 bankruptcy was designed so individuals –and homeowners– are in a court-protected position where they are able to reorganize their debts over a long period of time. The time period is typically from 36 to 60 months. That length of time enables most individuals and homeowners to slowly and methodically “catch-up” on overdue bills. Three to five years gives you ‘breathing room’ to catch-up on multiple months of mortgage payments, auto loan payments and eventually repay all debt.

Michael D. Franco is a Certified Legal Specialist in Bankruptcy Law by the California Board of Legal Specialization. Michael has more than 23-years of experience with Chapter 7, Chapter 11 and Chapter 13 bankruptcy.