Stop Home Foreclosure in Georgia!Its Not Too Late
Bankruptcy can be hugely distressing for anybody. But if you are facing a home foreclosure, it might be the only way to save the place where you live and where your kids play.
If you sense that your lender is about to start the foreclosure process, the best person to turn to is an experienced Georgia bankruptcy attorney. Filing bankruptcy will put an immediate stop to the foreclosure process, even if it is done the day before the sale. Not only will bankruptcy enable you to put a plan together that will save your home, but it will also stop your creditors from harassing you while your attorney negotiates with them.
Bankruptcy and Other Options
When a home foreclosure is looming, many people ask if they really need to file bankruptcy because they are afraid it will impact their creditworthiness. Instead, they are prompted to opt for a short sale, a deed in lieu, or even forced to allow the foreclosure to go ahead.
In some instances, other options may be preferable to bankruptcy, but it depends on personal circumstances. Here are a few things I’d like you to consider:
- Find out if you opt for a short sale, whether your lender will give you enough time to sell your home. If you are behind on repayments and facing bankruptcy, the idea of having the house on the market for six months, and then possibly selling for less than you owe, isn’t going to appeal to any bank.
- A short sale will potentially leave you homeless, facing a large tax bill, and you’ll still have a lousy credit score because of the payments you’ve missed.
- You also need to take the deficiency judgment into account. If you do sell your home for less than you owe the bank, you will likely be expected to pay the difference. You will also have to pay income tax on that amount, and this could be considerable.
- Unless you can find a way to pay the bank what you owe, whatever route you decide to follow, the question is where will you live if you lose your home.
- Whether you are 60, 90, or 120 days late on mortgage payments, your credit score will have been adversely affected. Odds are you have missed other payments too. Bankruptcy can stop foreclosure and eliminate, or at very least significantly reduce, your debt. This will put you on the road to credit repair with a very worthwhile asset intact.
Believe me, bankruptcy is a very powerful tool that can be used to save your home, and often it is the only tool my clients have at their disposal.
The SJK Law Firm has a team of bankruptcy attorneys who are experts in bankruptcy and foreclosure in Georgia. They will take care of the situation so that you can stay at home where you belong!
The Right Type of Bankruptcy to Stop Home Foreclosures
There are two types of bankruptcy in Georgia, Chapter 7 and Chapter 13, and both types put an automatic stay in place as soon as a specialized bankruptcy attorney files for bankruptcy on your behalf. But, provided you have an income, a Chapter 13 bankruptcy is key to saving your home. With this type of bankruptcy, wage earners pay their debts off over a three to five year period of time and keep their homes.
Generally, anyone who files for a Chapter 7 bankruptcy will be able to keep their home as long as they are up-to-date with mortgage payments. But if there is sufficient equity in the house for the trustee to pay creditors, the trustee is likely to want to sell the house to raise funds to pay creditors.
Because your situation is unique, the attorneys at The SJK Law Firm will review your situation including your assets, debts, and financial obligations, and determine the best way forward.
If you want SJK to stop your home foreclosure, act now so that you and your family can remain in your home.