Gig Harbor Bankruptcy Attorneys
At Morton McGoldrick, we are prepared to provide immediate assistance to our clients who are in need of a Gig Harbor bankruptcy attorney.
Morton McGoldrick is committed to assisting its clients with representation in filing bankruptcy to reorganize their financial affairs or to discharge certain obligations. We also represent the interests of our clients who find themselves creditors, whether secured or unsecured, of those who have filed bankruptcy.
Our attorneys are experienced in working with the US Trustees office, creditor’s committees and have successfully represented businesses and individuals in the bankruptcy forum.
The following are some examples of the bankruptcy services we provide:
- Chapters 7 Liquidation Bankruptcy
- Chapter 11 Reorganization Bankruptcy
- Chapter 13 Wage Earners Bankruptcy
- Relief from Stay
- Representation of Creditors’ Committees
- Section 363 Sales
- Post-Petition Financing
- Plan Confirmation
- Discharge Litigation
- Preference Litigation
- Fraud Litigation
- Adversary Proceedings
- Claims Allowance and Objection
- Tax Issues in Bankruptcy
Alternatives to Bankruptcy
Bankruptcy is not always the best solution for everyone and other approaches may result in a better outcome for our clients. The bankruptcy attorneys at Morton McGoldrick have expertise negotiating other possible resolutions for its Gig Harbor clients.
Some of the other options are as follows:
Loan Modification and Foreclosure Mediation
If you have found yourself with a mortgage that you cannot afford, you are not alone. Due to changes in the economy, changes in your circumstances, non-traditional lending practices, or fluctuations in the market in your area, you may find yourself with mortgage payments that are beyond your means.
This doesn’t necessarily mean that you have to foreclose on your home and absorb the negative credit implications that come from a foreclosure, however. The attorneys at Morton McGoldrick can help Gig Harbor clients modify your loan so that you can stay in your home or surrender your home with as few credit implications as possible.
In the event that a foreclosure is inevitable, we can guide you through the process and help you have all the information so you can make the best choice for your financial future.
What Is Loan Modification?
Many lenders are willing to work with homeowners on certain aspects of their loan details in order to prevent foreclosure. The attorneys at Morton McGoldrick have successfully modified loans for the benefit of its Gig Harbor clients and their lenders to avoid the financial loss that is often associated with a foreclosure or short sale process.
If you have a non-traditional mortgage loan, the attorneys at Morton McGoldrick may be able to negotiate with your lender to reduce your interest rate or payments. Such a negotiation, by an experienced Gig Harbor attorney can allow you to satisfy the financial terms of your loan, keep your home and reduce your monthly or overall payments.
What Is a Short Sale?
In some cases, with the approval of your lender, you may be able to sell your home for less than it is worth in order to avoid foreclosure. While short sales still affect your overall credit rating, it may not be as drastic as a foreclosure and you can often recover your credit rating more quickly. Your lender may be willing to take a small loss in order to avoid the costly and lengthy foreclosure process.
What Is a Deed in Lieu of Foreclosure?
In some cases, your lender may allow you to completely surrender your home rather than foreclosing. This allows you to protect your credit, although you may experience income tax consequences which will vary depending on your individual case, the value of your home, and the amount owed to your lender or lenders.
In the early 2000s, non-traditional loans and sub-standard loan options made it possible for buyers to purchase homes well beyond their means. With certain loan types, the payments that were once affordable have terms that increase the payments over time, making it impossible for some people to afford their mortgage payments.
Because of this common practice by lenders and banks, in 2011 a law was adopted to allow homeowners to meet with their lender and a neutral third-party mediator to discuss financial obligations, options, and modifications to your existing loan. By making changes to your loan agreement, you may still be able to keep your home under new terms.
Committed to Our Clients
We are not simply attorneys — we are problem solvers. And we remain committed to improving our processes and expanding our services to meet the legal demands of the communities we serve. Our practice areas are wide-ranging, so, if you are in need of legal assistance regarding family law, construction law, divorce law, or another type of litigation, contact us.