Many people who are considering bankruptcy fear that they will lose the things that they hold most dear when they file. One of the biggest of these worries is whether you can keep your home, especially if the home is in danger of foreclosure.
Bankruptcy can stop foreclosure, and it is possible for you to keep your home.
The Automatic Stay
One of the benefits of filing for bankruptcy is the automatic stay. In both Chapter 7 and Chapter 13 bankruptcy filings, the automatic stay is a court-ordered injunction that begins as soon as the bankruptcy case has been filed. The automatic stay stops all collection actions by creditors against the debtor. Foreclosure proceedings are included in that group of collection actions that are stopped.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy proceedings allow you to repay past-due mortgage payments a little bit at a time over several years rather than forcing a lump sum up front. If you can remain current on the monthly plan and mortgage payments, you should be able to keep your home.
Contact King & King For a Free Consultation Today
An experienced Georgia bankruptcy lawyer can help you determine the best way to stop a foreclosure, help you utilize the best exemptions to protect your property, and can help address any concerns you have about the bankruptcy process.
Call King & King today at 404-524-6400 to schedule a free consultation to discuss how bankruptcy may help you.