Like many that are struggling in the current economic client, you may have gotten into debt or are having trouble keeping up with your bills. If you have fallen behind on your mortgage payments, your home may be at risk of foreclosure or could already be up for sale. And while all seems lost, know that there is a solution that can help. When you file bankruptcy to stop foreclosure with the assistance of an Atlanta bankruptcy attorney, you can prevent the sale of your house and establish a repayment plan to retain ownership of your property.
The Atlanta bankruptcy attorneys at CMC Law will advocate for your best interests so you can feel safe and secure in your future.
File for Bankruptcy to Initiate an Automatic Stay
To stop foreclosure on your home, you must file for bankruptcy with help of an Atlanta bankruptcy attorney. After meeting with your attorney, they will file a petition for bankruptcy with the courts to enact what is known as an automatic stay. Once this automatic stay is initiated, all collection actions on your home must cease until your case is complete. If your property is in the process of being sold, your Atlanta bankruptcy attorney will notify the mortgage company of your filing to stop foreclosure. Once this happens, the company must cancel the sale of your house.
Establish a Repayment Plan
When you file for Chapter 13 bankruptcy to stop foreclosure, your Atlanta bankruptcy attorney will help you create a repayment plan so you can keep ownership of your home. This plan will consolidate your mortgage payments, as well as any other past due bills, into a single monthly payment that you will give to the trustee assigned to your case. This trustee will then disperse this payment to your mortgage company and creditors until your debt is settled in full. The repayment plan set forth by your Atlanta bankruptcy attorney gives you a three to five year timeline to complete this process.
It is important to note that once your repayment plan has been established, you will be expected to make the consolidated monthly payments to your bankruptcy trustee while also keeping up with your regular monthly expenses including your mortgage payment, utilities, food insurance and more. As a result, to file Chapter 13 bankruptcy to stop foreclosure on your property, you must meet the necessary income requirements to qualify. Schedule a consultation with one of our Atlanta bankruptcy attorneys to determine if this is the right course of action for you.
Stop Foreclosure on Your Home With the Help of Atlanta Bankruptcy Attorneys at CMC Law
At CMC Law, it is our mission to serve and advocate for those who cannot always stand up for themselves. That is why our Atlanta bankruptcy attorneys will use their comprehensive knowledge of the law and unparalleled professionalism to stop foreclosure on your home. When you work with us, you will experience a renewed sense of optimism and the promise of a better tomorrow.
Contact us today to schedule a consultation.
At CMC Law, our Atlanta bankruptcy attorneys have the skills needed to win your case.