If you are facing foreclosure in Georgia, Bankruptcy is an option to prevent your home from being foreclosed upon. Filing for bankruptcy stops the foreclosure on your home by an “automatic stay” which will also stop most collection efforts against you. The taxing authority, a homeowners association, or your mortgage lender must cease their foreclosure actions immediately. Then you will have some time to decide what to do.
Filing a Chapter 13 Bankruptcy will stop foreclosure and can allow you to repay your past due payments over 3 to 5 years. Chapter 13 is a debt relief option that can not only stop foreclosure and allow you to save your home, but can also allow you to keep your other property while repaying your debts or in many cases reducing them drastically. Stopping foreclosure is a main reason people file for Chapter 13 bankruptcy. So, if you are eligible, Chapter 13 can stop foreclosure on your home.
If your lender is threatening foreclosure or has initiated foreclosure proceedings, contact King and King right away. You cannot save your home once the foreclosure sale is complete. Unless you've recently filed a previous bankruptcy case, Chapter 13 will most always stop the foreclosure. If you’re like most people in Georgia, your home is your biggest investment. So when you are facing a foreclosure and the prospect of losing your home, you risk losing your biggest investment. Don’t wait until the day before the foreclosure sale to do something or it may be too late.
At King and King we have been helping people throughout Georgia stop foreclosure with Chapter 13 Bankruptcy, and we may be able to help you. Call us today for a free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.