Thinking about bankruptcy? The bankruptcy lawyers at King and King LLC in Atlanta, Georgia can help. Call 404-524-6400 for a free bankruptcy consultation.
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
The risk of foreclosure can bring a lot of anxiety, and you
could be contemplating bankruptcy as an option to help you get out from under
your debt. As a homeowner, if you fall three or more months behind on your mortgage payments, your mortgage company may begin the foreclosure process.
Once this happens, your mortgage company may stop accepting payments until you
pay the full past due amount, usually called the loan reinstatement amount. As
this amount can also include any interest, penalties, and legal fees, the
amount you owe can climb quickly and it may be too much to pay. If this is your
experience, bankruptcy may be the solution you are looking for.
What is the Automatic
Stay in Chapter 13 Bankruptcy?
Filing a Chapter 13 bankruptcy will grant you protection
from your creditors. This is called the Automatic Stay of bankruptcy. 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 relief, and ensure that the creditor calls and collection letters
stop immediately 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
Once your bankruptcy has been discharged, you’ll have the
chance to start fresh. At King & King, it’s true that we want to help you
move forward with your bankruptcy, but we also want to help you set yourself up
for future success. Here are three things we recommend you do once your
bankruptcy has been discharged.
Have an accurate credit
report
Two to three months after your bankruptcy has been
discharged, request a new credit report. Make sure that each and every creditor
who was discharged reported you with either a closed account or a balance of
$0.00. If you see that there are errors, then you’ll need to contact the credit
reporting agency in writing. When you do so, be sure to include evidence, like
your discharge order.
When the credit agency receives this correspondence, they
have 30 days to verify the information with the creditor in question. If the
creditor can’t verify that the balance they’re showing is accurate, then the
credit agency will remove the reporting. It’s also a good idea to contact the
creditor in writing as well.
Rebuild your credit
Many people are surprised to learn that once their
bankruptcy is discharged, they’re likely to get post-bankruptcy options from credit
card companies. The best way to use these cards to improve your credit is to
choose one card, use it for small purchases and repay it in full every month.
This can be an effective way to start rebuilding your credit.
If you’re in need of a car, consider getting vehicle
financing. Many financial companies will offer you credit even though you’ve
just been through a bankruptcy. However, they may charge higher interest rates.
To avoid this, you can add a cosigner. Rebuilding your credit can put you in a position
to buy a home in as early as two years after filing bankruptcy.
Create a budget
Most people who hire King & King file bankruptcy because
they’ve had something unforeseen come up, whether they lost their job, had
unexpected medical bills, a death in the family, or some other unforeseen
circumstance. Now that those issues are behind them, it’s time to get back on
track and live within their means. This means taking into account having
savings for emergencies, saving for retirement, and long term goals.
If you’re ready to declare bankruptcy, then we’re ready to
hear from you.
When you work with the right bankruptcy attorney, you can
trust that they’ll help you through the process from start to finish. That’s
exactly what you’ll get with the attorneys at King & King. When you have
your free initial consultation, we’ll be honest and upfront about your options
and will offer our advice on how you can best move forward. Call us at
404-524-6400 today for more information.
Filing for bankruptcy has the potential to eliminate many
kinds of debts. However, debts secured by a lien are not always included. Chapter 13 bankruptcy can be used to eliminate or reduce different types of liens.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is a reorganization bankruptcy. The
goal is to take the individual’s debts and restructure them into something more
fair and manageable given their income and assets. Naturally, this includes a way
to deal with liens.
Under Chapter 13, some liens can be reduced to the value of
the collateral to which it attaches. This ensures that worthless liens do not
get included in the reorganization plan.
To determine whether a lien can be stripped or crammed down,
it is necessary to establish the value of the collateral and order in which the
liens were placed. The first liens to be placed are the first to be paid. In
the case of a home loan, the value of the collateral matters because you can
only strip or cram down “wholly unsecured” liens, aka liens that are not
supported by any portion of the value of the property.
Let’s say you owe $100,000 on a mortgage on a home now worth
$90,000, plus an additional $10,000 from a home equity line of credit. There is
no collateral securing that additional $10,000 lien because the entire worth of
your home is bound up in that first mortgage. This is a perfect example of a
lien that could be stripped with Chapter 13.
Lien stripping is a confusing topic. Fortunately, King & King bankruptcy attorneys can help. Calling us at 404-524-6400 for a free
consultation is simply the easiest way to make sure you arrive at a correct
understanding of the options available to you in your bankruptcy.
Credit card debt can quickly become overwhelming.
Fortunately, you don’t have to live with credit card debt forever. King & King can help you eliminate your debts and put you on a path to a brighter financial
future. Here are a few strategies for
climbing out of credit card debt.
Make a Budget
If your credit card debt is growing but not yet
overwhelming, and you have a steady income that is adequate to your needs, you
may be able to get out of debt by creating a budget. Put a larger amount of
your income towards your credit card balance until the card is paid off. For
this strategy to work, put a hold on making any new purchases on your cards.
Consolidate Your
Cards
If you have good credit, you may be able to sign up for a
new card that offers 0% interest for an introductory period. Transferring your
existing balances to such a card can be an excellent strategy for cutting down
your credit card debt. If you can’t open a new card with a 0% interest rate,
consider consolidating as much of your debts as possible onto whichever card
has the lowest interest rate. This will enable you to reduce the rate at which
your debt will grow while you attempt to repay it.
Work Out a Debt
Settlement
If your credit card debt has already gone into collections,
you can consider working out a debt settlement with the collection agency. If
you can repay 50 percent of the balance within a year or two, the collection
agency may accept your offer.
File Chapter 7 Bankruptcy
Chapter 7 bankruptcy will completely wipe out your unsecured
debts including credit card debts and stop creditors from contacting you. You
can typically complete a Chapter 7 bankruptcy without liquefying your personal
assets. If you decide to pursue bankruptcy, be sure to hire a bankruptcy
attorney to help you.
If you’re tired of living with debt, if you feel like
there’s no way out but you need help, then today is the day to call King &
King at 404-524-6400 for a free consultation. We are experts in helping people
just like you find the best way to move forward from being overwhelmed with
debt.
If you have been sued over a past-due debt, you may feel
overwhelmed. Fighting a legal battle against a debt collector can be time
consuming and difficult, or simply impossible to win. The good news is there are legal steps you
can take that can stop the lawsuit. At King & King bankruptcy attorneys, we
help people who are facing lawsuits and other creditor actions. Our attorneys
are focused on making your debt relief goals a reality.
Does Bankruptcy Stop
Lawsuits?
Bankruptcy can stop the lawsuit. Whatever stage the
lawsuit is in — if you have just been served with papers, if it is already in
court, if you have only been threatened with a lawsuit — bankruptcy creates
what is known as an "automatic stay," a legal action that stops
lawsuits and other creditor actions.
The automatic stay is very powerful and will put an
immediate stop to:
If you have been sued for a debt, our bankruptcy lawyers are
here to help you explore your debt relief options. We handle Chapter 7 and
Chapter 13 bankruptcies for clients in Georgia. We understand the anxiety that
comes with having a lawsuit brought against you. We will put our skill and
experience to work for you to help you put an end to the lawsuit and achieve
your debt relief goals. Call King & King at 404-524-6400 or visit us at www.kingandkingattorneys.com for
a free consultation.
Are you burdened by an overwhelming amount of debt?
Bankruptcy is an excellent means of finding relief from debts that you cannot
afford to repay. Every year, thousands of people in the state of Georgia make
the decision for a fresh start using bankruptcy. King & King bankruptcy
attorneys are here to help. Our ultimate goal is to help you get out from under
your debt and rebuild your financial foundation.
Here are a few things to consider when filing for
bankruptcy.
Hiring an attorney
Filing bankruptcy is much more complicated than it appears
on the surface. It is important to have an attorney representing you. Your attorney can help you determine which
debts you can discharge. Your attorney will help you protect your assets, and
will help you do so within the law. Your attorney will make sure you list all
assets and that every asset that can be is protected. Your attorney will help
you ensure that your bankruptcy is a fresh start. Hiring a good attorney to
represent, protect, and advise you is your first investment in a new financial
future. Call King & King for a free consultation today 404-524-6400
Types of Bankruptcy
There are several types of bankruptcy that can be filed. Anyone
hoping to file bankruptcy under Chapter 7 in Georgia must first pass a means
test. This test deducts your living expenses from your income to determine how
much disposable income you have (if any). If your disposable income is below
the median for a household of your size, then you may be able to protect your
property and have your credit cards, medical bills, and other debts discharged
through Chapter 7 bankruptcy. The means
test is complicated. It is very important to have an attorney’s help so you can
get the best relief bankruptcy has to offer.
People who have some disposable income but are still unable
to repay their debts may be eligible for Chapter 13 bankruptcy. In Chapter 13,
you will be able to set up a repayment plan with your creditors and continue
making affordable payments over the next three to five years. In many cases,
unsecured creditors are not paid at all. Once your repayment period is up, your
remaining debt is discharged. Your attorney will help you decide which chapter
will get you the best possible debt relief.
Life After Bankruptcy
The good news for people who go through the bankruptcy
process is that there is life after bankruptcy. It is a common bankruptcy myth
that you cannot get credit after bankruptcy. In fact, this is far from the
truth. While it might take a year or two, bankruptcy can help you restore your
credit. Many people report huge jumps in their credit score a year or two after
finishing with bankruptcy.
If you are facing overwhelming debt and are interested in a
fresh start, our bankruptcy lawyers are here to help. Contact us today online
to schedule a free debt relief consultation with an experienced attorney or
call us at 404-524-6400
If you’ve found yourself facing a lawsuit, your wages are being garnished, your car is about to be repossessed, or even worse you receive
a foreclosure notice, it’s not too late. When you contact King & King, we
can take fast action to put a halt to those procedures.
We offer legal assistance that you can trust to get you out
of debt and secure a clean slate. An emergency bankruptcy filing is done very
quickly. Perhaps your home is in foreclosure and the sale is days away, or the
repo man is circling the block. Certain forms must be filled out and filed
quickly in order to create an “automatic stay.”
An “automatic stay” means that your creditors are informed
immediately of the filing, at which time they must cease their attempts to
collect their money or property. This is
a great reason to hire a qualified bankruptcy attorney. King & King has the
efficiency and experience needed to take quick action on your behalf.
Your attorney will work personally with you to determine the
best solution for your case. An emergency filing can stop your home from being
foreclosed upon, or prevent your car from being repossessed. We will listen to
you and guide you through the best option for handling your debt.
Call us today at 404-524-6400 for your free bankruptcy
evaluation or visit us online at www.kingandkingattorneys.com
for more information.
At King & King, we understand that life happens and you
may have found yourself in the position of being unable to keep up with your
financial obligations. Whatever got you to the point where you are now, our
attorneys are committed to helping you come up with a solution keep your home.
Bankruptcy protection can be an effective foreclosure defense, one that we have
used to help many of our clients avoid losing their homes to foreclosure.
In a Chapter 13 bankruptcy, a repayment plan is created that
gives you a way to catch up on past due mortgage payments and unpaid debt
without fear that any other legal actions will be pursued. Another benefit of
filing for Chapter 13 is that a second mortgage could be "stripped," and
you will never have to pay it back. Ask
your King & King attorney about “Lien Stripping” if you have a second
mortgage.
If you qualify for a Chapter 7 bankruptcy, we can help you
keep your home and wipe out credit card debt, medical
bills, and personal loans. If you’re ready to get started, call us today
so that one of our experienced bankruptcy lawyers can review your current
mortgage situation and advise you as to whether filing for bankruptcy may be
right for you. Call King & King at 404-524-6400 or visit us at www.kingandkingattorneys.com for
more info.
If your debt is out of control and you have no way to pay it
off, bankruptcy can be a positive solution. King & King can help you
discharge or eliminate your debts and obtain a clean financial slate.
If you have taken advantage of bankruptcy in the past, but
you have found yourself in the position of needing debt relief again, you may
be wondering if you are eligible to file for bankruptcy again. The answer is
yes. The type of bankruptcy you filed before will have an impact on both the
type of bankruptcy protection you may be eligible to seek and how long you need
to wait before you can file again.
Generally, the rules for filing a second bankruptcy are as
follows:
If you filed Chapter 7, you will have to wait 8 years before
filing Chapter 7 again.
If you filed Chapter 7, you may file another Chapter 13, but
you may not be eligible for a discharge until 4 years have passed.
Every situation is different and speaking to a qualified
bankruptcy attorney should be your next step. Our attorneys will be able to
review your current situation and advise you of the bankruptcy options
available to you. Call King & King bankruptcy attorneys today for a free
initial consultation. 404-524-6400 or visit us online at www.kingandkingattorneys.com for
more information.
Considering filing for bankruptcy? Most people are unsure of
the process and unsure of the outcome. The surprising fact is that most people
are able to quickly rebound to get their credit and life back on track.
The process that takes places after filing for bankruptcy
depends on whether you file Chapter 7 or Chapter 13 bankruptcy. We treat every
case as a unique case because each case is unique. We can help you get the facts
about what your situation is when you speak with one of the lawyers at King
& King. Your initial consultation is provided free of charge.
Here are a few things bankruptcy can do for you.
Most people can improve their credit after
filing bankruptcy.
After your debts are discharged through
bankruptcy, you can find it much easier to start saving money and planning for
the future.
To fully understand Georgia bankruptcy laws, and how they
can impact your debt and improve your life, speak to the attorneys at King
& King today by calling 404-524-6400 or visit us online at
www.kingandkingattorneys.com
Chapter 7 bankruptcy and Chapter 13 bankruptcy are the most
commonly filed types of bankruptcy in Georgia. Whether you can file a Chapter 7
or Chapter 13 bankruptcy depends on your income, assets, debts, and your
financial goals. Your attorney will assist you in determining which type of
bankruptcy will work best for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is designed to wipe out your unsecured debts, credit cards, and medical bills for example. You would qualify for
Chapter 7 bankruptcy if you are unable to pay your debts on time and your income
is below the set threshold.
When you file for a Chapter 7 bankruptcy, a trustee is
appointed to your case. The Chapter 7 trustee’s job is to sell your nonexempt
property to pay back your creditors. If you don’t have any nonexempt assets
(most cases are like this), your creditors receive nothing. King & King can
help you protect your assets and keep everything you own in most Chapter 7
cases.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is designed for debtors with regular income who
can pay back some of their debts through a repayment plan. If your income is
too high to qualify for Chapter 7 bankruptcy, a Chapter 13 case can provide you
substantial relief. Chapter 13 bankruptcy also offers many benefits that
Chapter 7 bankruptcy does not, such as the ability to catch up on missed
mortgage payments.
Another benefit of Chapter 13 bankruptcy is you get to keep
your property. In Chapter 13 you pay back a portion of your debts through a
repayment plan. The amount you pay back depends on your income, expenses, and
types of debt. Typically, Chapter 13 bankruptcy is for debtors who can afford
to make monthly payments to get caught up on missed mortgage or car payments.
King and King has over 30 years of experience, and we are
here to assist you in determining if filing for Chapter 7 bankruptcy or Chapter
13 bankruptcy is best for you. Please call us for a free initial consultation at
404-524-6400 or visit us online at www.kingandkingattorneys.com.
Bankruptcy is designed to remove the burden of debt and to
give you a fresh start. In your initial consultation with King & King, we
will discuss your financial problems and develop a solution just for you.
Many of the clients we speak with have been struggling for
months or years to make minimum monthly credit card payments. The average
credit card interest rate is over 20%. Paying the minimum payment, it can take
you 10 years or more to pay off your debt. Filing bankruptcy in Georgia can wipe the slate clean
so you can move forward.
Chapter 7 bankruptcy can wipe out all of your credit card
debt and unsecured loans, including medical bills. A Chapter 13 bankruptcy will
allow you to make payments based upon your monthly budget, and usually you only
pay back just a small fraction of your debt. As soon as your bankruptcy is
filed the threats of lawsuits and garnishment will stop immediately.
Filing for bankruptcy allows you to take control of your
finances. Call 404-524-6400 and speak with an attorney at King & King for a
free bankruptcy evaluation. We can help, call today.
The bankruptcy attorneys of
King & King have the expertise and knowledge to help you keep your property
and get out of debt. Our attorneys are dedicated to giving their full focus and
attention to your case. Each case is tailor-made for every client.
As your bankruptcy lawyer, we will explain your rights and options so together
we can make decisions that are best for your financial needs. Prior to
accepting your case, we will provide an in-depth consultation that is
completely free of charge. Once we have an understanding of your situation, we
will put you on a path to a financially stable life with lasting debt
relief.
When you need a bankruptcy lawyer you can depend on, King & King can help.
We have assisted thousands of clients in Georgia to resolve their
financial troubles, and will help you understand the process of bankruptcy
and its related laws and requirements.
The best way to approach your debt depends on your specific circumstances and
needs. Our bankruptcy attorneys have the skills, knowledge, and real
experience needed to guide you toward your goals. We will help you make
the right choices, and explain exactly what happens next and how it will affect
you and your family. At King & King, we are on your side and will
treat you with the respect and consideration you deserve. Give us a call
today at 404-524-6400 or visit us at www.kingandkingattorneys.com
The largest benefit of filing bankruptcy is you can gain control of your financial and legal situations.
By filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy, you can find financial relief and discharge many of your debts. When you work with your team of bankruptcy lawyers at King & King, you will be guided throughout the bankruptcy process with the understanding of your unique circumstances. We will help you solve your immediate financial burden and provide you with long-term solutions to make sure you stay debt free. Here are a few of the benefits of filing bankruptcy:
Discharging Debt
When you file for bankruptcy, medical bills, credit cards, cell phone bills, some mortgages and auto loans will be discharged. Most debts are completely wiped out. Filing for bankruptcy can make a significant impact on reducing your monthly bills.
Stopping Creditor Harassment
Being constantly bombarded with the reminder that you are behind by harassing creditors and collectors will stop. When you file for bankruptcy, all calls from creditors will immediately stop and all collection attempts will be placed on hold. If a creditor tries to reach you, you can inform them that you have filed for bankruptcy and direct them to contact your attorney.
Rebuild Your Credit
Instead of using your income to pay debts, filing for bankruptcy will discharge your unsecured debts and provide you with enough money to get back on your feet. With more disposable income, you can begin to rebuild your credit and work toward a financially stable future.
If you would like more information, call our office for a free consultation at 404-524-6400. We are one of Georgia’s largest consumer bankruptcy firms and would be happy to assist you. Take the first steps to get you back on your financial feet. We have helped thousands of people just like you. Get a fresh start today.
Foreclosure can begin quickly after missing just a few
payments toward your mortgage. The bank that owns your loan can initiate the
repossession process and begin foreclosing on your home before you have time to
make up the missed payments. In a foreclosure, the lender will sell your home
in an auction and the purchase price will be used to repay the debt on your
loan. If you have been given a foreclosure notice, you need to immediately
speak with a lawyer. King & King can help.
At King & King bankruptcy attorneys, our team can put a
stop to the foreclosure process by quickly helping you to file for bankruptcy.
One of the most common forms of stopping foreclosure is filing Chapter 7
bankruptcy. As soon as you file for Chapter 7, you will have an automatic stay
placed onto your assets and all creditor collection attempts stop. This stay
will also put a stop to the foreclosure sale, even if your home is already in
the middle of the foreclosure process. Waiting too long to file for bankruptcy
can hinder your defense against foreclosure, it’s important that you act immediately
after you receive a foreclosure notice from your bank.
You Can Keep Your
Home.
Your home may be on the line, so the bankruptcy lawyer you
choose matters. At King & King, our team is committed to ensuring that you
receive a positive outcome for your case and we will immediately begin to work
with you to protect your home. We have helped thousands of clients avoid home foreclosure, we can help you too. If you are facing foreclosure, call King
& King and schedule a free case evaluation today! 404-524-6400 www.kingandkingattorneys.com
When you are being harassed by debt collectors, it feels like it may never end. Your voicemail is full from collection agencies that have been calling you day and night. They may even call your place of employment. At King & King, we can end abusive debt collection and help put you on the path of financial independence.
Knowing your rights is the first step to end the harassment. A debt collector is not allowed to do the following:
Debt collectors are not allowed to call before the hours of 8 am or after 9 pm.
It is illegal to say that they are law enforcement, or to say that they are a lawyer, if they are not.
They are not allowed to call repeatedly during a small time period, or to let the phone ring for an extended amount of time.
Debt collectors cannot call you at work if you have requested that they do not.
They are not allowed to threaten to arrest you or threaten you with physical harm of any kind.
It is against the law to threaten to garnish your wages or place a lien on your property unless they are actually within legal means to do so.
They may not use abusive language or swear words while communicating.
Debt collectors are not able to report false information on a consumer’s credit report, or threaten to do so.
Putting a stop to the calls It can be a frustrating experience to deal with debt collectors. One of the ways to end creditor harassment and collection activities is to file for bankruptcy. Once you have filed, the collection agencies must cease all collection activities. Contact the Georgia bankruptcy attorneys at King & King for a free consultation to learn more about your rights and to discuss your legal options. 404-524-6400
The answer is yes! Medical debt is one of the most common
reasons people file for bankruptcy. Medical debt is almost always 100%
dischargeable in bankruptcy.
Unfortunately, even people with health insurance find
themselves with high medical bills. The judges in bankruptcy court are well
aware of the difficulties this presents. In addition, when someone has high
medical bills, it often means they also have had to take time off from work
leading to more financial stress.
We can help. Even if you are current on installment payments
or an insurance claim is pending, you may consider filing for bankruptcy to get
the complete debt relief that is available to you. Medical debt collection
stops as soon as you file your case. The bankruptcy attorneys at King and King
will help you take these steps to become free of your medical debt. We offer a
free case evaluation to answer your most pressing questions.
King and King has over 30 years of experience, and we are
here to assist you in determining if filing for bankruptcy is the best solution
for removing your medical debts. Please call us with your questions for a free
initial consultation 404-524-6400 or visit is online at
www.kingandkingattorneys.com.
If wage garnishment has started, you need help! Your
paycheck is at risk until the moment we file your bankruptcy petition. Filing
for either Chapter 7 or Chapter 13 bankruptcy will stop garnishment actions against
you. Filing for bankruptcy will also discharge the underlying debts that led to
the garnishment.
In Georgia, a creditor can garnish as much as 25% of your
wages. Such a large amount can mean financial disaster, of course. If you have
more than one creditor you are in trouble with, then a garnishment makes it
likely you will default on all of them. It could even mean your house goes into
foreclosure or you lose a car, if you cannot pay your bills. Then you may face
being garnished on what remains of the car loan after it is auctioned.
Bankruptcy will stop your garnishment immediately. King and King may also be able to recover up to 90 days of wages that were garnished
prior to filing.
Having your wages garnished can cause a huge strain on your
finances and livelihood. Call our Georgia bankruptcy lawyers today for a free
consultation. King and King can provide the bankruptcy relief and protection
you need to get a fresh start. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for
more information.
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
