foreclosure

Stop foreclosure in Metro Atlanta by filing bankruptcy

It has been said that you can stop foreclosure by filing for bankruptcy, but is that true? In most situations the answer is yes. When you file for bankruptcy you can suspend foreclosure proceedings, stop any harassment from the creditors and began to reorganize your finances while catching up with missed payments on your mortgage. At Clark & Washington, our Atlanta bankruptcy attorneys have extensive experience in helping Georgians save their homes through bankruptcy.

What should I expect during a home foreclosure?

Individuals who use borrowed money as collateral for a loan may be at risk for foreclosure if they cannot pay back the money they owe.

Georgia is a non-judicial foreclosure state which means that once you fail to make payments on a loan on time, or default, the lender can start foreclosure proceedings without filing a lawsuit first. The Georgia law also requires that a creditor must give a debtor at least 30 days before they can sale the debtor’s property.

After the lender has completed necessary filings with the county, they can hold a foreclosure sale at the local county courthouse. A lender may also sue a borrower when a sale of the property does not cover the amount that is owed.

How can bankruptcy help someone facing home foreclosure?

Bankruptcy can play a key role in stopping the foreclosure process. Once the attorney has filed for an automatic stay, the creditors are no longer able to collect on debt or enforce liens. The automatic stay applies to both Chapter 13 and Chapter 7 filings and goes into effect as soon as bankruptcy is filed.

The amount that you are behind on your mortgage payments is included for payments through the Chapter 13 plan, which gives you a fresh start with the mortgage lender, and enables you to save your home from foreclosure.

Sometimes your attorney can wipe out a second mortgage or equity line by including the debt in your Chapter 13 payment plan. Although this is a complicated legal maneuver, it is one that greatly helps many debtors going through bankruptcy. For that reason, you need the experience that we provide at Clark & Washington.

What are my options if I am facing foreclosure in Atlanta, Georgia?

If you are at risk of losing your property, you may feel that there is nowhere to turn for help. However, there are options available to you. The options include:

  • Curing the default by arranging a case payment before the sale of the property
  • Preparing for a short sale of the property. A short sale of property occurs when the property is sold for less than the remaining amount of the mortgage.
  • Voluntarily granting the property to the lender, sometimes called a deed in lieu of foreclosure
  • Contacting an experienced Atlanta bankruptcy attorneyto see if an injunction is possible

Contact our office for a free initial consultation about relief from foreclosure or eviction

The thought of losing your home or apartment is undoubtedly frightening, but you have options to avoid eviction or foreclosure. Clark & Washington, Attorneys at Law provides debt relief consultations at any of our 12 metro area locations. Call us at 770-488-9302 or schedule online for your free initial consultation.