Understanding Foreclosure Bankruptcy
Foreclosure bankruptcy deals primarily with filing a bankruptcy in order to either stop a foreclosure or to repay the mortgage company during a Chapter 13 bankruptcy case over time.
If you are faced with a foreclosure proceeding you may wish to consider filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. These are the two best bankruptcy options to avoid foreclosure if you are faced with having to file a foreclosure bankruptcy.
Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop a pending foreclosure. However, in order to determine which option is best for you, you should consult with an experienced foreclosure bankruptcy attorney. An attorney can analyze your particular circumstances to help you determine whether it is in your best interest to file a Chapter 7 or Chapter 13 bankruptcy claim.
Types of Foreclosure Bankruptcy
If you are behind on your mortgage and are facing a foreclosure, filing Chapter 7 bankruptcy will stop the process. However, in this case, it is up to the mortgage company to determine whether you may or may not stay in the residence. Foreclosure attorneys in Georgia may assist you in deciding if this is your best option. Many times Chapter 7 bankruptcy is utilized as a means to give a client more time before they must vacate the property.
Similarly, Chapter 13 bankruptcy attorneys can work with you to determine if this type of bankruptcy is the right solution for you to stop your foreclosure. If you file a Chapter 13 bankruptcy, the law requires you to continue with your regularly-scheduled mortgage payments each month after the bankruptcy case is filed.
At the present time, the bankruptcy judge does not have the power to reduce the amount owed for each of your monthly mortgage payments. Therefore, if you file for bankruptcy and wish to retain the property, you must be capable of fulfilling your regular monthly mortgage payments. In addition, filing for Chapter 13 bankruptcy would allow you to repay any missed mortgage payments over time in the Chapter 13 bankruptcy case.
Bankruptcy law can be complicated, so it is advisable that you seek the opinion of an experienced attorney in Kennesaw or Acworth to help you decide which option best suits your needs. Foreclosure attorneys generally will offer free Chapter 7 and Chapter 13 bankruptcy consultations. Contact Roger Ghai and his team of bankruptcy attorneys in Kennesaw and Acworth today for more information.