Tennessee Property Bankruptcy Lawyer David F. Cannon
The last few years have not been kind to the majority of Americans. Millions of people have lost their jobs. Millions more are having troubles paying their mortgages. If your home has entered into foreclosure proceedings, or if foreclosure is a real possibility in your future, you need to explore all of your options. For many people, bankruptcy can help you stop a foreclosure and give you the chance to restructure your mortgage payments.
The law firm of David F. Cannon is located in Nashville and has helped many homeowners in foreclosure. If your home is threatened by foreclosure, we will help you explore if bankruptcy is a viable option to save your home.
When you file bankruptcy, the automatic stay will begin. This means that your creditors have to stop all collection actions, including foreclosure. However, the automatic stay is only temporary relief. Your mortgage is a secured debt, and your bank can ask the bankruptcy court for relief from the automatic stay to begin foreclosure proceedings again outside bankruptcy protection. It is likely that Chapter 7 bankruptcy will only interrupt foreclosure proceedings, and is not likely to stop foreclosure.
On the other hand, Chapter 13 bankruptcy offers a wider range of possibilities in any foreclosure. In a Chapter 13 filing, you can repay your past-due mortgage balance over a five-year period with no more penalty or added interest on the past due amount. You will have to maintain your current mortgage payments as well. Chapter 13 has other advantages. If the value of your home is less than the value of your first mortgage, our law firm can remove the second or additional mortgages in bankruptcy. This process is known as "lien stripping," and in many cases, can offer major savings to you.
Our law firm understands what your home means to you. If it is possible to avoid foreclosure, we will help you take the steps you need.
Contact the Nashville Bankruptcy Foreclosure Attorneys of David F. Cannon
Call our law firm at 615-800-3725 or toll free at 877-696-8680 to see whether bankruptcy can help you save your home. You may also e-mail our law firm to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
