Chapter 13 Bankruptcy May Help You Save Your Home
One of the hardest things about financial difficulty can be falling behind on your mortgage payments. Mortgage lenders are rarely forgiving about unforeseen circumstances like prolonged illness or a lost job. They expect to be paid, on time, every month. If you fail to make a payment, or several payments, you may face foreclosure.
At Lefkovitz & Lefkovitz, we know how terrifying it can be to get that foreclosure notice in the mail. Our attorneys will sit down with you to find the root of your financial problems and help you get back on track by filing for Chapter 13 bankruptcy, just as we have done for thousands of others in the Nashville area and all over Tennessee. We can save your home and help you get rid of the debts that may be weighing you down.
What Does Filing Chapter 13 Do For Me?
Chapter 13 is commonly referred to as the “wage earners” bankruptcy, because you pay part or all of your debts off over a three- or five-year period. The idea is that you have enough to pay some part of your debt, but not enough to pay it all and certainly not all at once.
Instead of letting your mortgage lender and other creditors continue to demand full payment immediately, you can file bankruptcy, which puts an automatic stay in place, preventing your creditors from contacting you or going any further with a foreclosure. This gives our lawyers time to look at your situation and structure your debt so that you can pay it back over time.
The secured debts (debts that have property attached, which can be repossessed or foreclosed on) are paid off first. The unsecured debts, like credit card and medical debt, are left to the end. If they are not paid off in full, they are discharged once you have finished your payment plan.
Our attorneys will review your financial situation and help you structure a payment plan that you can live with. We will also help you gather all of the information you’ll need for your petition and walk you through every step of the process, until your last payment is made and you’re finally free of debt. Our goal is to give you a chance to start fresh in your financial life.
For more information, read our article, “Choosing between Chapter 7 and Chapter 13.”
Let Us Help You Protect Your Most Important Asset
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.