Bankruptcy Lawyers Serving the Nashville Area
Preserving Your Property Through Bankruptcy
One of the biggest concerns for Tennessee homeowners considering bankruptcy is whether they will be able to keep their homes. Whether you are facing the threat of foreclosure or worried about losing your home to the bankruptcy trustee, you need accurate information.
At The Law Offices of James Flexer, we understand how serious these issues are for our clients. We are dedicated to helping people keep their homes whenever possible. Contact us today for a free consultation. We have offices in Nashville, Murfreesboro and Columbia.
Catching Up on Your Mortgage in Chapter 13 Bankruptcy
If you are behind on your mortgage payments, your bank may be threatening you with foreclosure and may have already scheduled a foreclosure sale. Filing bankruptcy is the one step you can take that can put a stop, at least temporarily, to any pending foreclosure sale.
If you are able to make your future monthly mortgage payments on time, you can pay your arrears (your late or missed payments) on a Chapter 13 bankruptcy payment plan.
As long as you comply with the payment plan, your lender cannot foreclose on your house. Chapter 13 may also give you leverage to negotiate a loan modification with your mortgage lender for more affordable payments. This can be particularly helpful for people with balloon payments.
Our firm has helped thousands of people save their homes from foreclosure using the tools offered by Chapter 13 bankruptcy.
Planning for the Chapter 7 Homestead Exemption
Even if you are not currently behind on your mortgage, filing bankruptcy may help you keep your house by discharging other debts such as credit cards and medical bills so that they do not interfere with your ability to make your future mortgage payments.
Tennessee has a homestead exemption that allows people to file Chapter 7 bankruptcy and keep their homes as long as they do not have too much home equity. Our attorneys use exemption planning to help our clients to keep their homes. Exemptions are laws that allow you to keep certain amounts and types of property even though you filed bankruptcy.
To learn more about the impact of bankruptcy on home ownership, contact us to talk to one of the experienced Murfreesboro bankruptcy lawyers at our firm.
