Foreclosure
Immediately upon filing a bankruptcy, a federal law called the automatic stay stops the foreclosure from moving forward.
Chapter 13 bankruptcy allows you to pay off the arrearage (late unpaid payments) over the length of the Chapter 13 repayment plan, which will usually last three to five years. You'll need enough income to meet your current mortgage payment in addition to paying off the delinquency. Assuming you make all the required payments and comply with the bankruptcy rules for the duration of your plan, you'll avoid foreclosure, keep your home, and be free from debt upon completing your case.
If you don’t intend to keep your property, filing a Chapter 7 bankruptcy can be used to delay your foreclosure and prevent the mortgage holder from pursuing you for any amount remaining on the loan.
Save your home from foreclosure.
Call Kapnek Law Firm at 404-474-3445 today, schedule an appointment, or fill out the form below to have a member of our team contact you.