Yes. A bankruptcy attorney can help you keep your house while you’re trying to get your finances back in order. Below are some of the options available to you.
One way an Atlanta bankruptcy attorney can help you keep your house is with a loan modification. Loan modifications can permanently change the terms of your mortgage loan to make payments more affordable.
A loan modification can help you:
- Refinance the loan
- Lower your interest rate
- Extend the term of your loan
- Skip payments and add them to the total amount
- Roll past-due payments into the total loan amount
Keeping your home through Chapter 7 bankruptcy is possible when you don’t have much equity in the property. You can determine the equity by subtracting the amount you own on the property from its value. View our post on keeping your home with Chapter 7 bankruptcy for a more detailed look at how Chapter 7 works.
Chapter 13 bankruptcy works to minimize your other bills so that you can focus on paying your mortgage. This helps you to keep your home and car while you try to reduce your debt.
To qualify for Chapter 13 bankruptcy, you must earn enough income to make the required payments. Your payment amount will be determined by your current financial standing and the skillful negotiation of your bankruptcy lawyer.
Your attorney will help you create a repayment plan that includes some, all, or none of your unsecured debts such as medical bills and credit card debt. Some will also help you determine your disposable income by subtracting living necessities and household essentials. The disposable income they come up with will be used to make monthly payments to pay off your debts. After 3-5 years, your Chapter 13 payment plan will end and most of your unsecured debts will be paid or discharged.
During the course of your plan, your home cannot be foreclosed on as long as you continue to make your payments.
Speak with the bankruptcy attorneys at the Ballard Law Group today to receive a free debt analysis. We can help you get out of debt and bring back your financial security.