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.
