Top

Woodstock, GA: Stop my foreclosure!

Question: I just got notice in the mail that our mortgage company is going to foreclose on our house. I haven't paid the mortgage in about 9 months. I was hoping that we'd have more time in the house. We need to have some more time so we can move into my mother's house in Woodstock. I know that if we file either a chapter 7 or a chapter 13 then we can have some time to move out of our house. But if they foreclose then we have to leave pretty much have to leave in 2 weeks.

I just need to stay there an extra month. We really don't want to keep the house because the payment is just too high and we can't afford it. I work and so does my wife but we can't afford this home; I don't know why we bought it. I own a bar in Woodstock and my wife works as a dental hygienist.

If we file bankruptcy will we get that extra month or two at our house before the foreclosure kicks in? I need to know because I'm working hard trying to open another bar and we need to do some renovations at my mother's house because we have 3 kids.

K.J. in Woodstock.

Answer: A bankruptcy filing will stop the foreclosure, at least for a little while. You can put the mortgage arrears into the monthly payment to the bankruptcy trustee and pay the arrears off over 5 years if you choose to file a chapter 13. If you file a chapter 13 it may completely prevent the foreclosure.

Or, if you file a chapter 7, that should buy you some time before the foreclosure. If you file a chapter 7, there is no exact time before the foreclosure will occur. Generally speaking, it will delay the foreclosure from 1 to 4 months.

About Us

When you need a Woodstock bankruptcy lawyer, we are always here for you.

When you need a fresh financial start, the Sherman Law Group will help you navigate the system. People deserve help. So when you need a Woodstock bankruptcy attorney to answer questions, just call us at 678-215-4106. We serve the entire Atlanta metro area and North Georgia.

Categories: 
Related Posts
  • Georgia Bankruptcy: Potential Problems in a Hot Housing Market for Chapter 7 Filers Read More
  • Georgia Bankruptcy: FAQ's about the Coronavirus (COVID-19) Read More
  • Atlanta Bankruptcy: What Can Filing Bankruptcy Do to Help Me? Read More
/

Contact Our Offices

Whether you have questions or you’re ready to get started, our legal team is ready to help. Complete our form below or call us at (678) 712-8561.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.