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CHATTANOOGA, TN, February 28, 2014 /24-7PressRelease/ -- The Chattanooga bankruptcy lawyers, Clark & Washington, want to help you keep your home. If you are behind on your mortgage payments and have received letters from the bank threatening a foreclosure, you may want to consider filing for Chapter 7 or 13 bankruptcy.
Most people are hesitant to make such a decision, often out of fear that it will hinder them financially. The filing status will remain on your credit record for a few years, but this is more important than losing your home.
Bankruptcy Is A Better Option than Foreclosure
A lot of homeowners do not fully understand the consequences of a foreclosure; despite how much or how long you have paid on the loan, your home will become the bank's possession. All the money you spent on the principal and interest will be for nothing if you end up losing ownership, and that is why seeking a bankruptcy petition is so important when one is in dire financial straits. The bankruptcy attorneys in Chattanooga have helped thousands of residents get out of debt and, more important than anything, keep their homes.
It is important to note that bankruptcy does not automatically save you from foreclosure, but it can significantly delay the process. Once you have filed, the court will instantly issue what is called an "automatic stay," which is a legal roadblock of sorts that stops your creditors from attempting to collect the debts you owe until the bankruptcy proceedings have been finalized. Since this can easily take upwards of four months, it gives you enough time to make a sound financial decision.
The Chattanooga bankruptcy lawyers urge any homeowner who is behind on their mortgage payments to pay them a visit. They offer free consultations and will help you get back on track. Learn more at http://www.Chattanooga-bankruptcy-attorney.com/.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.Chattanooga-bankruptcy-attorney.com.
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