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

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Facing foreclosure?

The world is in a crazy place at the moment, and many people do not know how much more they can take. The thought of losing their home on top of everything else is too much to bear, but it is a reality many are facing. If you happen to be one of the many Tennessee residents who is or soon will be facing foreclosure, know that there is help out there for you.

If working with your mortgage provider is not producing desirable results, and strict budgeting is not improving your situation, there are a few legal options that will allow you to keep your home or, at the very least, avoid having a foreclosure on your record. One option would be lien stripping through bankruptcy. This is available to you if you have more than one mortgage on your property. By filing for bankruptcy, you may eliminate the excess mortgages, reducing your debt and allowing you to maintain your property.

Another option is applying for Chapter 13 bankruptcy. If approved, an affordable repayment plan will allow you to meet your debt obligations, which will keep you in your home. Finally, the last option that will be discussed is Chapter 7 relief. If approved, your full mortgage debt may be eliminated. This may require that you walk away from the property, but it will keep you from having a foreclosure on your record.

Debt relief options are out there. Only you can decide which would best serve you, but before you make that decision, you need to make sure you understand what each option can really do for you. An experienced bankruptcy law attorney will have the ability to review your case, explain your debt and foreclosure relief options, and help you pursue the route that makes the most sense for your situation. To learn more, please take a moment and visit our firm’s website.

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