William E. Maddox Jr., L.L.C. - Knoxville Bankruptcy Attorney

Call For A Free Consultation

Preventing Foreclosure

If you’ve fallen behind in your mortgage payments, you may be at risk of foreclosure. You have options; I can help. For more than 20 years I have been helping homeowners in Knoxville and throughout Tennessee discharge their debts and keep their homes.

How A Bankruptcy Filing Can Help

If you have already received notice that the bank is foreclosing on your home, the most effective way to save your home is through bankruptcy.

Depending on your unique financial circumstances as well as your goals — whether you want to keep your home or walk away from your property debt-free — I will develop a legal strategy that achieves your aims and reduces your overall debt.

As soon as bankruptcy papers are filed, creditors must cease all collection activities. This automatic stay also halts the foreclosure process. If you want to keep your home, Chapter 13 bankruptcy allows you to eliminate your other debts and repay any past-due mortgage payments over a three- to five-year period. If you are underwater on your mortgage, or want to walk away from your home, a Chapter 7 filing will allow you to do so while eliminating your mortgage debt.

Lien Stripping Attorney For Maryville

Due to the downturn in the economy, many people’s homes are not worth the value of their outstanding mortgages. If you have multiple mortgages and your home is no longer worth the amount owed on those mortgages, lien stripping can provide you with the debt relief you need to save your home from foreclosure.

Lien stripping is available where properties with multiple mortgages do not contain the equity to support the second or third mortgage. In these cases, filing for Chapter 7 or Chapter 13 bankruptcy will allow you to eliminate those excess mortgages and reduce your overall debt.

To speak with a lawyer, you can call my offices at 865.314.8062 or toll free at 800.440.6505. You can also contact me online. Initial consultations are always free.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.