As a homeowner in Georgia, if you fall behind on your mortgage payments your mortgage company can begin the foreclosure process. Once this happens, your mortgage company may stop accepting payments until you pay the loan reinstatement amount. This amount can also include any interest, penalties, and legal fees you owe. This amount can quickly become be too much to pay. If you need help, bankruptcy may be the solution you are looking for.
What is the Automatic Stay in Chapter 13 Bankruptcy?
Filing a Chapter 13 bankruptcy triggers an automatic stay. This
protection is powerful enough to stop creditor action, including a foreclosure.
Once your attorney files your Chapter 13 case, you will set up a payment plan
which allows you to pay back your past due mortgage payments over a
three-to-five-year period. You will not have to pay the full loan reinstatement
amount at one time.
If your home is at risk of foreclosure, call the bankruptcy
lawyers at King & King for a free consultation. We can help you file for
bankruptcy, and ensure that the creditor calls and collection letters stop so
you can get the peace of mind you need and deserve. Call us today at
404-524-6400 or visit us at www.kingandkingattorneys.com
