Did you receive a notice of an upcoming sheriff sale in Hamilton County, Indiana? Has this notice led you to Google your options? Do not wait. Contact Halcomb Singler, LLP. Contact another law firm. Just contact a lawyer who understands bankruptcy if you want to try to keep your home and do it RIGHT NOW. I know that it is tempting to do nothing, but the problem isn’t going to go away and there won’t be anything that Halcomb Singler or any other law firm can do in almost all situations to assist you after the sheriff sale.
The Hamilton County sheriff typically holds its sheriff sale 2 (sometimes 3) times a month on a Thursday morning. Do not be the person who contacts Halcomb Singler at 4:00 on the evening prior to the sheriff sale. It would be too late for me to help. Contact a bankruptcy attorney right away. Bankruptcy can assist those facing a sheriff sale in a few different ways, which will be discussed by this blog posting.
The first, and most important way that bankruptcy can help is by stopping a sheriff sale. The filing of a bankruptcy will delay a sheriff sale automatically due to the imposition of what is called the automatic stay in bankruptcy so long as you have not had 2 bankruptcy cases dismissed within the prior year.
Chapter 13 can also be an amazing tool for those who want to retain their residences. Although this is a quite basic description of Chapter 13 bankruptcy, Chapter 13 allows those who have the means to catch-up their house payments to begin making their monthly mortgage payment again and to pay the arrearage over up to 60 months. This is a great tool because once a person(s) falls about 3 months behind on their house payments it is typical for a mortgage company not to accept anything less than a reinstatement of the mortgage, which means all of the money a person is behind all at once. Most people who fall behind on their mortgage payments do so as a result of a short-term job loss that caused them to get behind. While they may not have sufficient funds to pay the total amount they are behind at once, they often can pay over a period of time. Chapter 13 bankruptcy allows time to get on your feet, stop the sheriff sale and to address any other debts you may have as well.
For some people, Chapter 7 bankruptcy can also be a good option. Filing a Chapter 7 bankruptcy prior to a sheriff sale will also stop the sale. However, the main difference between filing a Chapter 7 and Chapter 13 bankruptcy is that in a Chapter 7 situation, you must be able to get current very shortly on your mortgage if you wish to keep your house. Most often, those who file Chapter 7 bankruptcy have decided that they no longer wish to keep their home, but they need more time to find somewhere to move. Chapter 7 will allow a person to surrender a house without the lender being able to try to collect anything further from that person even if the house eventually sells for less than is owed at sheriff sale.
The most common mistake that people make when they receive a notice of a sheriff sale is that they do nothing. Unfortunately, I am not able to help every person who contacts my office last minute before a sheriff sale. I often have to be in Court or have other appointments in the last few days prior to a sheriff sale that prevent me from meeting with new clients and having the time necessary to prepare and file a bankruptcy petition. So, if you do get a sheriff sale notice, act right away. The notice typically give you about 30 days, which is enough time to prepare and file a bankruptcy petition. Halcomb Singler, LLP, offers free initial consultations with a bankruptcy attorney to those who have received notice of a sheriff sale. Call today for your appointment! (317) 5757-8222 x 0 or click here and we will respond. Please, please do not delay.