One big part of the "American Dream" is owning your own house—but as we've seen over the last few years with the nation's financial problems, that dream can get crushed very easily. Hard-working Americans purchase homes for their families, only to lose their jobs or face an unexpected debt that they are unable to pay. The result? Threats of foreclosure and total confusion.
If you are at risk of losing your home, bankruptcy could be an option for you. The good news is that if you are eligible for Chapter 7 bankruptcy and plan on filing, you could give yourself a fighting shot at keeping your home. Meet with an experienced Augusta Chapter 7 Bankruptcy attorney, tell him about your situation, and he will be able to figure out if you qualify for Chapter 7 debt relief. If you do, your lawyer will file the necessary paperwork and the court will issue an automatic stay, which will prevent your creditors from taking any kind of action against you. That includes foreclosing on your house.
It is very important that you realize that filing for Chapter 7 is not going to automatically save your home—you're just putting a bandage on the wound for the time being. Chapter 7 delays foreclosure and gives you the opportunity to figure out what you want to do without being forced out right away. You need to keep paying your mortgage, especially if you haven't defaulted yet, and try to make up any back payments. After your Chapter 7 bankruptcy proceedings are complete, the lender can still foreclose.
Chapter 7 just buys you time. During that time you may decide that it's really not economically feasible for you to keep your house, or you may discover that with your personal loan and credit card debt gone, you have the extra money you need to pay your mortgage without any difficulty.
If you think that you may be a candidate for Chapter 7 Bankruptcy, contact the Augusta bankruptcy law firm of Seymour & Associates, P.C., at (706) 872-7117 for a free consultation.