When individuals fall behind in paying their mortgages, they may receive a notice of foreclosure notifying them they have to pay or face repossession of their property. This burden can be very difficult for families to carry, especially in the current economic climate. In addition, notices of foreclosure typically must be addressed within 30 days.
As such, individuals facing this type of financial difficulty should understand what course of action is available so that they can retain ownership of their homes.
One such course of action is to file bankruptcy. Bankruptcy law within the United States says that lenders and collection agencies have to stop collection attempts when someone files for bankruptcy. There can be no more phone calls regarding the unpaid amounts and no more threats to seize the property.
- Chapter 13 is the usual kind of bankruptcy-related to foreclosure on the property such as a home. Chapter 13 outlines a repayment plan which spreads out the debt over 3 to 5 years. When the period of time is over, the individual has his debts discharged.
- In Chapter 7, all debts are discharged because the person does not have the ability to pay them. Your bankruptcy lawyer at the Cornwell Law Firm will advise you and your family as to what kind of bankruptcy is appropriate to your situation.
Be sure to get protection under the law as soon as you have received a notice of foreclosure. A competent, experienced and compassionate attorney will help you decide what is the best way to handle your financial dilemma. Time is truly of the essence. So, act quickly so you do not lose your residence.
The Cornwell Law Firm is eager to act on your behalf. Call their offices today, and set up a complimentary consultation on bankruptcy. The Cornwell Law Firm has a solid track record of helping many individuals navigate bankruptcy.
Trust our skill and our expertise, and obtain the representation and advice necessary to resolve this very difficult situation. Fill out the online case evaluation form, or call the Cornwell Law Firm as soon as possible to set up an appointment. We would be honored to help you and your loved ones.
Innovative Foreclosure Defense Strategies
The occurrence of foreclosures became increasingly rapid, during the period of the real estate crash. The state and the U.S. legislatures responded with the creation of laws, specifically designed to stop the increasing cases of foreclosures, not only in Georgia but across the entire country. Although these legislative measures have somewhat reduced the seizures of homes by lenders and allowed homeowners to have options to utilize in their defense, the crisis is still existent.
Bankruptcy attorney Keith Cornwell challenges mortgage terms which may be detrimental to vulnerable homeowners, by employing efficient and innovative strategies. These strategies help to prevent negative consequences, which can arise from dealing with unethical lenders. There are some instances where the record keeping practices of the bank, works to their disadvantage, as the original mortgage when presented is actual proof of the accurate amount owed. Once the analysis of your particular case has been completed, then a plan of action is designed and any necessary steps are then put into effect to save your home.
Avoid Foreclosure by Filing for Chapter 13 Bankruptcy
Filing for Chapter 13 is an effective means to prevent foreclosures of real estate in Georgia, as according to the U.S. Bankruptcy Code, banks are not able to foreclose on any property that is owned by a Chapter 13 petitioner. Homeowners are given the opportunity to make regular mortgage payments and clear off any existing arrears.
If Attorney Keith Cornwell assesses that filing for bankruptcy is a viable option for you, he will commence the proceedings which will allow you to be granted a reprieve. The plan for repayment will consist of a proposal with reasonable terms, that will facilitate taking care of your delinquent payments.