Home Foreclosures

Recently the National Bankruptcy Research Center reported that bankruptcy filings were down in February as compared to the same period in 2010.  Obviously they’ve taken their numbers from the numbers actually reported in the Federal Bankruptcy Court system.  What troubles me is that there seems to be more and more foreclosures of homes in Knoxville, Sevierville and surrounding areas.

If you’ve received the Notice of Foreclosure from your least favorite attorney, now is the time to ask yourself, “Can bankruptcy save my home?  The answer is often ‘YES!”

The most often considered plan to save your home is filing a Chapter 13 Bankruptcy.  This is known as a repayment plan case.  Here you pay payments to the Chapter 13 Trustee for a period of 36 months or 5 years.  She takes the money and pays your mortgage, cures the back payments that are often in arrears as well as paying some money to unsecured creditors.  When you finish the Chapter 13 plan payments, your home mortgage will be current and you should owe not other money.  That’s a good thing.  You’ve saved your home.   Victory won!

Sometimes filing a Chapter 7 Bankruptcy will help you save your home.  Here’s the thing:  often you are paying the unsecured loans (credit cards and cash advances) which gets you behind on your home.    When you file for Chapter 7 Bankruptcy you will stop paying unsecured debt which often will give you $500 to $1,500 in additional money each month to apply to your mortgage.

Not doubt Knoxville has been hit pretty had with the recession.  Many clients I see on a free consultation from Sevierville remind me that the Sevierville is a resort area, dependent on tourists to create jobs and income.  With gas at nearly $4 per gallon regular working folks are struggling to vacation in the area.

As foreclosures continue to rise, now is the time to find an experienced bankruptcy lawyer that can help you save your home.  I offer a free consultation for just that purpose.  Call today at 865-246-1050 for a free consultation.  The home you save may be your own.

Picture Credit: by flickr:repres