The following is an actual letter a client gave me before we put his life back together with a chapter 13 bankruptcy filing. It is a testament to the stress he and his wife were under. He did not realize just how a chapter 13 or chapter 7 would make his life so much easier. He is paying his mortgage on time today, is curing his arrears and is no longer threatened by phone calls and lawsuits. Most importantly, he has peace of mind and does not have take his child out of preschool.
“To whom it may concern: I am writing this letter to explain my need for a loan modification. The last 8 months have been very stressful for my wife and I. Not only financially but mentally as well. Back in August, my mother in law was diagnosed with a serious illness. We had no health insurance and low funds. Our time was consumed with giving her care. On top of that, I was injured at work and put on restricted duty for several months with very little overtime. I have received an Intent to Foreclose letter. The sheriff then came knocking with mortgage foreclosure complaint. In addition to our mortgage, we owe nearly $2,000.00 to our electric company; my car payment is past due as well as the propane bill.
“In an attempt to save money, we reduced our phone and cable bill. We are considering taking our youngest out of his pre-K class. We have been trying to sell an old truck and other equipmnt to make up some of the money I owe. I am also taking money out of my 401(k). Even if I am successful doing this, I don’t think I will have the money to stop the foreclosure. My wife is trying to find a second job and with my OT coming back, things seem to be moving in a positive direction. But I am afraid any unwanted circumstance could put us under again.
“I was given the suggestion to file for bankruptcy but I do not want to go that route because my credit is very poor and I don’t want to make it any worse. In conclusion, I would like to say that my wife and I have worked very hard in not only buying our house but also turning it into a wonderful home for our family. I have never taken advantage of any government program but know I could have. My wife and I are hard working people who just need a break.”
Does your life sound anything like this? This is a good person and his only error was the belief that filing a chapter 13 would be a bad thing. It is not. A bankruptcy will actually heal your credit more quickly, get you reorganized, keep your property and get your life back. If you live in Montgomery, Bucks, Philadelphia, Chester, Berks, Lehigh and Northampton County, you should have a consult with us to explore your options, discover the facts and process which will lead you to decide the correct path for you. You have options and choices. Call today. 215-822-2782