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Stopping Home Foreclosure in Georgia With Chapter 13 Bankruptcy Atlanta, GA

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Stopping Home Foreclosure in Georgia With Chapter 13 Bankruptcy

The foreclosure rate in Georgia is one of the highest in the country. According to RealtyTrac, the number of foreclosures in Georgia was one in every 352 housing units, nearly double the national average of one in 652 housing units.

Many homeowners facing foreclosure want to save their homes, but feel like they have no options. Loan modifications can be difficult. Many people who attempt to negotiate loan modifications on their own have found themselves facing foreclosure. Mortgage assistance programs may not be any better.

In Atlanta, foreclosure prevention begins with experienced legal advice. People are often unaware that they can use Chapter 13 bankruptcy to prevent or stop foreclosure and get caught up on their back payments.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is sometimes known as a repayment plan. Filing Chapter 13 bankruptcy allows an individual to follow a repayment plan approved by the court. The repayment plan gives the person time to catch up certain debts and pay off other debts while protecting the person from foreclosure, repossession or other legal action.

Not all debts are paid in full. Unsecured creditors, such as credit card companies and medical entities, hold the lowest priority for debt repayment in a Chapter 13 plan. As a result, they get paid after other debts, such as home mortgage arrears, are paid. A person usually ends up paying a smaller amount of money to his or her unsecured creditors than he or she owes under a repayment plan.

How Chapter 13 Bankruptcy Helps Save Homes

An automatic stay protects a person as soon as they file bankruptcy. By law, creditors must suspend all collection efforts, including foreclosure, as soon as the automatic stay goes into effect. As long as the individual facing foreclosure files bankruptcy before the foreclosure sale date, the foreclosure can be stopped.

Filing Chapter 13 gives people time to become current with mortgage payments through the bankruptcy repayment plan, and the lender cannot proceed with foreclosure. The individual will remain protected provided the individual continues to make mortgage payments and Chapter 13 plan payments.

If You are Facing Foreclosure, Contact an Attorney Right Away

The prospect of losing your home is extremely stressful. Getting notice that the mortgage lender is foreclosing on a home can be a stressful event. If you are facing foreclosure, talk with an experienced bankruptcy attorney who can discuss your situation with you and review your financial choices with you.

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    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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