Wednesday, October 31, 2012

Saving Your Home From Foreclosure

Saving Your Home From Foreclosure

Home foreclosure can be one of the most frightening financial challenges to face. Losing your home cannot only leave you without a place to live, but can also destroy all the hard work you’ve put into your home. Owning a home is an important investment, and putting money towards a mortgage instead of rent can mean a more secure future. However, if the payments become too much and you begin to fall behind, then the bank can threaten to foreclose on your home.

How Foreclosure Works
Foreclosure means that the bank will take possession of your house and sell it. If you are faced with the prospect of foreclosure or if you have already received a foreclosure statement from your lending company, one option you have is to file for bankruptcy. This may be something that not only saves your home, but also gives you a clean slate to create a more stable future.

Chapter 13 Bankruptcy and Foreclosure
Many people file for Chapter 13 bankruptcy specifically to stop foreclosure.
In most cases, an automatic stay is entered as soon as a Chapter 13 bankruptcy petition is filed. The automatic stay will temporarily stop foreclosure, along with all other collection action, regardless of the stage of the foreclosure proceedings.
With the automatic stay in place, the debtor and their attorney have the breathing room to work out a Chapter 13 repayment plan.

Professional Help is Available
Taking the leap and filing for bankruptcy can be scary but, in the end, it can release you from a world of stress and financial pressure. You don’t have to lose your home or succumb to foreclosure. There are options available and King and King bankruptcy attorneys can help. Contact at our AtlantaBankruptcy Office today at 404-524-6400 for a free initial consultation.