Stop Foreclosure in Georgia
File for Bankruptcy with an Atlanta Lawyer
Are you currently facing foreclosure and worried about losing your home? There are many different myths out there about foreclosure and bankruptcy, however the truth of the matter is that the foreclosure process stops once a bankruptcy case is properly filed. A competent lawyer can assist you to ensure that every step is taken care of properly in your bankruptcy filing to ensure that no mistakes are made.
If you are seeking advice or representation in a bankruptcy case and how to prevent a foreclosure, our team at Khoshnood Law Firm, P.C. can help. Our Atlanta bankruptcy attorneys are highly experienced at the process involved in stopping foreclosure. We understand that no one can predict a dire financial situation which leads to being threatened with foreclosure.
There are many different reasons why you may be facing foreclosure, including:
- Sudden illness or injury
- The loss of a job
- Major change in income
- Divorce or separation
Chapter 7 & Stopping Foreclosures
Filing for Chapter 7 bankruptcy stops the foreclosure process, but it is not designed to protect your property for the long term. This is because Chapter 7 bankruptcy is designed to liquidate your assets. Once a Chapter 7 case has been filed, the foreclosure process will have to stop so that the trustee can determine if your property can be liquidated for the benefit of your creditors. If the trustee determines that the property does not have enough equity to warrant liquidation, then your mortgage company will be free to foreclose. The mortgage company may not want to foreclose and may be willing to work with you, but there is still an inherent risk of loss of property in a Chapter 7.
Chapter 13 Bankruptcy to Stop Foreclosure
Chapter 13 bankruptcy is designed to protect your home for the long term. In a Chapter 13 bankruptcy, as a homeowner, you do not have to worry about how the mortgage payments that have been missed are going to be repaid. In fact, the mortgage company will be paid, through the bankruptcy trustee, the missed mortgage payments and the homeowner is still responsible for future mortgage payments. This aspect of the Chapter 13 plan is very similar to a loan modification. Our Atlanta bankruptcy lawyers can help you decide how to proceed.
For a free consultation to discuss your options, contact us now at (404) 978-4411.