Bankruptcy and Home Foreclosure in Georgia
After falling behind on mortgage payments for too long – usually 90 days – a person may receive a notice of foreclosure informing them that their house will be repossessed unless they repay the defaulted amount. In today’s economy, it is very difficult for families to catch up on mortgage payments. There is also very little time to answer a notice of foreclosure, typically 30 days, which is why it is important to know what options you have to prevent the loss of your home.
If you are facing foreclosure and cannot afford to repay the default, you have options. One choice you have is to file for bankruptcy if you are eligible> according to the means test. United States law dictates in the law, 11 USC 11 USC §362, that creditors and lenders must stop any attempts to collect once an individual has filed for bankruptcy. This means that they cannot hassle you regarding your debts or threaten to take away your property.
The most common type of bankruptcy pursued due to foreclosure is Chapter 13, which lays out a repayment plan over three to five years, after which the rest of the individual’s debts are discharged. This option lets you file for bankruptcy and keep your house. The other option is Chapter 7, which discharges all of the person’s debts due to an inability to afford repayment. Talk with a knowledgeable Marietta foreclosure defense lawyer immediately to further discuss which type of bankruptcy may be most beneficial for you and your family.
Have you received a notice of foreclosure in the mail? Don’t wait another moment to review your situation with an attorney to determine what action you should take. You may not have much time before you lose your home, so call Cherney Law Firm LLC today to schedule a free consultation with a Marietta bankruptcy attorney. I have personally represented over 2,000 bankruptcy clients, which means that you can trust my level of skill and experience. Get the counsel and representation you need today from a bankruptcy attorney in Marietta by completing the free online case evaluation form or by giving my office a call for a free consultation.