Facing a foreclosure is something that you never imagined
would happen. For most people, foreclosure is often the result of circumstances
beyond their control, such as a loss of a job or an unexpected illness. One
solution may be to sell the property before the date of the foreclosure sale. This
can be hard to do given the time constraints of a foreclosure. If you want to
keep your home and find a way to get caught up on your payments, there is
another solution.
You can stop home foreclosure and keep your home by filing a
Chapter 13 bankruptcy. King and King bankruptcy attorneys can advise you on
whether you should file for bankruptcy, and whether Chapter 13 or Chapter 7 bankruptcy
is right for you.
Foreclosures under Chapter 13 Bankruptcy let you pay late
payments over the length of a repayment plan, usually three to five years. The
benefit of filing for Chapter 13 bankruptcy is that you get to keep your home
and get current on the mortgage over time.
Chapter 13 bankruptcy can also eliminate the payments on
your second or third mortgage altogether. Your attorney can help you file so the
court may “strip off” the second and third mortgages and re-categorize them as
unsecured debt. Under Chapter 13, unsecured debt takes last priority and often
does not have to be paid back at all.
To find out more about how bankruptcy can help you stay in your home and get your financial life back on track, call King and King for a
free consultation at 404-524-6400 or visit us at www.kingandkingattorneys.com
