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 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. We have helped thousands of individuals and families retain their homes by using the consumer bankruptcy laws. Our clients do not lose everything. The vast majority keep everything, including their home.
Attorney Michael G. Pond has more than 25 years of experience working on bankruptcy issues. When you reach out to us, we will take action to try to help you keep your home. If overwhelming debt is causing you to fall behind on your home mortgage payments, you should call 601-948-4878 or email us now to schedule a free initial consultation.
Jackson-based Pond Law Firm is a federally designated debt relief agency. Our lawyer helps people file for relief under the Bankruptcy Code.