Watch this video about falling behind on mortgage payments in Georgia. Then call Hall & Navarro for a legal consultation.
Question:
Should I file for bankruptcy if I’m falling behind on my mortgage payments?
Answer:
Several incoming bankruptcy clients are concerned about being behind on their mortgage payments. Clients often find that filing a Chapter 13 bankruptcy is an ideal way to catch up.
Chapter 13 bankruptcies last between three to five years. If, for instance, you are two or three months behind on your mortgage and are being threatened with foreclosure, a Chapter 13 gives you a period of time–up to five years–to catch up on those payments. The total of your delinquent payments, divided by either 36 or 48 or 60 months (depending on the length and term of your plan), equals the amount of the delinquency that you would pay inside the bankruptcy.
In any sort of bankruptcy, whether it’s a Chapter 7 or 13, filers still have to stay current with payments. Monthly payments begin the month after you file. If you have any further questions about this, just please give our office a call.
Are you or a loved one in the process of filing for bankruptcy in Statesboro, Springfield, or Swainsboro and have questions about falling behind on mortgage payments in Georgia? Contact the experienced Georgia bankruptcy attorneys at Hall & Navarro today for a consultation and case evaluation. We can help get your life back on track.
