San Diego, CA -- (SBWIRE) -- 07/09/2012 -- Consumers who are financially distressed and on the verge of losing their home may find help at the Bankruptcy Law Center in California. The firm helps consumers save their home by filing a Chapter 13 Bankruptcy Petition on their behalf. A family can be considered financially distressed if they cannot make their mortgage payments and have too much credit card debt.

According to attorneys at the Bankruptcy Law Center, a Chapter 13 Bankruptcy is a valuable tool which can be used to help consumers combat the mortgage crisis. Chapter 13 gives judges broad powers and allows them to ‘strip-down’ mortgage debt for consumers when the mortgage principle exceeds the current market value of their property. In other words, if the home‘s mortgage at the time of filing is more than the home is worth it will be exempt.

Chapter 13 bankruptcy is form-fitted to stop foreclosure. Filing under Chapter 13 automatically stops lenders from foreclosing on a property and provides consumers with extra time to get caught up on their mortgage payments. Consumers can also use Chapter 13 to prevent repossession of their cars if they file on time.

“When my wife became disabled we almost lost our home. She made more money than I did and we were living in a home that costs more than I could pay for on my salary. We filed for Chapter 7 and we were not only able to keep our home out attorney helped us lower our payments so I could afford the payments on my salary.” – Timothy Axelrod

To many consumers, the issue of filing for Chapter 13 Bankruptcy is scary and intimidating and many of them would rather not learn about it unless they absolutely have to. The folks at the Bankruptcy Law Center are there to help consumers overcome their fear and help them get back on track financially and emotionally.

About The San Diego Bankruptcy Law Center
The San Diego Bankruptcy Law Center works with clients who face many problems: crushing credit card debt with high interest rates up to 34%, unemployment or substantial decrease in income, overwhelming medical bills, home foreclosures, adjusting interest rates on their homes, and struggling or failed small businesses.