NORCROSS, GA, August 01, 2013 /24-7PressRelease/ — If you are facing the possibility of foreclosure, the Nashville bankruptcy lawyers at Clark & Washington wish to inform you about how filing for personal bankruptcy may be able to delay or stop your impending foreclosure.
When you file for personal bankruptcy in Nashville, the court issues an automatic stay, which orders your creditors to stop all collection activities immediately. This automatic stay forces your bank or other lender to postpone the foreclosure sale of your property for the entire duration that your bankruptcy is pending, which is usually three or four months.
Most homeowners will ultimately need to file for Chapter 13 Nashville bankruptcy to stay in their homes if foreclosure is imminent. Chapter 13 lets you pay off your late, unpaid mortgage (and other debt) payments over the duration of a longer term repayment plan. You will have to still pay your existing mortgage payments while paying off your unpaid debt, but the longer term repayment period often makes a huge difference.
Although filing for Chapter 7 bankruptcy can help you to stay in your to-be-foreclosed-upon home for a longer length of time, it cannot cancel the foreclosure in the long run. Clark & Washington recommends that individuals who are facing foreclosure come in to one of its Nashville bankruptcy law firms for a free consultation to determine the best course of action. In the case of foreclosure, Chapter 13 is usually the best option, but that may change depending on your circumstances and needs.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They
offer honest, helpful legal advice to those experiencing financial hardships.
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