Because of the recent economic downturn, many people are faced with the prospect of losing the house and home they have had for years or even decades. Filing Chapter 7 or Chapter 13 can eliminate unsecured debts such as credit card debt or medical bills, freeing up income that can now be used for house payments. Filing Chapter 7 or Chapter 13 can stop a wage garnishment which might otherwise keep you from being able to make your house payments. Furthermore, if you are several months behind with your house payment and the lender has scheduled a foreclosure sale, filing Chapter 13 STOPS the foreclosure proceedings. Chapter 13 provides a repayment plan for home mortgages whereby past due house payments can be repaid over a 36- to 60-month Chapter 13 plan period. You do not have to lose your home because you could not come up with all of the past due mortgage payments all at one time.
It is important to realize that by filing bankruptcy, you can halt foreclosure proceedings immediately. If you are facing the prospect of foreclosure, take the time to fully understand your rights and options by calling us at 601-948-4878. We have helped thousands of individuals and families retain their homes by using the consumer bankruptcy laws. Again, our clients do not "lose everything." The vast majority "keep everything" including the family home!
Attorney Michael G. Pond has more than two decades of experience working on bankruptcy issues. When you reach out to us we will take the action necessary for you to keep your home. If overwhelming debt is causing you to fall behind on your home mortgage payments, you should call us now to schedule a FREE initial consultation at 601-948-4878.
The Jackson-based Pond Law Firm is a federally designated debt relief agency. Our lawyers help people file for relief under the Bankruptcy Code.