With the current economy, many are facing loss of income due to fewer hours, loss of business, or illness. This can sometimes lead to an inability to pay for the necessities of our lives such as homes and vehicles. If you have lost income or are facing mounting debt, the thought of foreclosure may be looming in your mind. You may be searching for relief and wondering, “Can bankruptcy stop foreclosure?”
At Hall & Navarro, we understand how the variable economy can leave families struggling under the burden of debt. Attorney Mike Hall has decades of experience advising clients how to respond when faced with foreclosure. In the video below, he explains what steps to take if you recieve a foreclosure notice in the mail.
“If someone receives a foreclosure notice, you’ve got to realize that you’ve got about four (4) weeks to respond. A foreclosure notice has to be advertised in the local newspaper for four weeks before a foreclosure. Normally, you would receive a notice before that four weeks commences, but that is not necessarily the case.”
With four weeks or less to act, it is critical to find an experienced attorney to work beside you. You need someone who can help you make the best choices in this difficult time.
What should I do if I receive a foreclosure notice?
“So, if you get a foreclosure notice in the mail, you’ve got to know that, more than likely, that foreclosure notice is running in the paper, or, if it’s not, it’s about to run. This gives you about four weeks to do something such as filing for bankruptcy or working out some sort of a loan modification with your lender to stop the foreclosure.”
The worst thing you can do is nothing. Although you may be tempted to pretend the problem does not exist, a foreclosure will not go away by ignoring the problem.
You have options, but only if you act quickly.
“But if you do nothing, you can rest assured that your property will be foreclosed upon, and after you are foreclosed upon,”
“There is no right of redemption. In other words, you have no right to buy back or to resend the foreclosure.”
If your bills are far enough behind that you are facing foreclosure, the likelihood of a windfall that will change your finances is small. Connect with a bankruptcy lawyer who can help you decide if you can renegotiate the terms of your mortgage or if your best choice is filing for bankruptcy.
Can Bankruptcy Stop Foreclosure?
The simple answer is, yes. Filing for bankruptcy under Chapter 13 can help you keep your home. You and your attorney must show the courts how you plan to make up the missing payments and continue moving forward in good faith.
There is no shame in seeking professional help to determine how to find relief from the stress of overwhelming debt. The court and your attorney will help you reorganize your debt, create a repayment plan that works for you, and keep your beloved home.
The attorneys at Hall & Navarro in understand the intricacies of bankruptcy law and foreclosures in the state of Georgia. With practices in Statesboro, Swainsboro, and Springfield, we can help you decide if filing for bankruptcy is the best choice for you. Our extensive experience in bankruptcy law allow us to work with you, and help you understand your choices and ascertain which is best for you.