Stop Home Foreclosure in Georgia!Its Not Too Late
Bankruptcy can be hugely distressing. But if you are facing 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 it 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 to allow the foreclosure to go ahead.
In some instances, other options may be preferable to bankruptcy, but it really does depend on personal circumstances. Here are a few things to consider:
- If you opt for a short sale, will your lender 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 the bank.
- A short sale will basically 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 even 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.
Bankruptcy is a powerful tool that can be used to save your home, and often it is the only tool you will have at your disposal.
The bankruptcy attorneys at the Law Offices of Stanley J. Kakol are experts in bankruptcy and foreclosure in Georgia. Let us take care of the situation so that you stay at home where you belong!
The Right Type of Bankruptcy to Stop Home Foreclosures
While there are two types of bankruptcy in Georgia, Chapter 7 and Chapter 13, a Chapter 13 bankruptcy is key to saving your home, even though both types put an automatic stay in place as soon as we file for bankruptcy on your behalf. 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 will want to sell the house in order to raise funds to pay creditors.
Because your situation is unique, the attorneys at Kakol Bankruptcy will review your situation including your assets, debts, and financial obligations and determine the best way forward.
If you want us to stop your home foreclosure, act now so that we can help keep you and your family in your home.