For Atlanta Homeowners, Bankruptcy Can Be Last Chance to Stop Foreclosure
For many underwater homeowners, getting a foreclosure notice in the mail might seem like the end of a long fight. But it's not over until the fat lady sings - or in this case, the judge.
Bankruptcy provides homeowners with a last chance to avoid foreclosure by getting non-mortgage debts under control. As soon as you file your paperwork, bankruptcy stops the foreclosure process while your Atlanta bankruptcy attorney and your bankruptcy judge work out an agreement with your lenders. Most at-risk homeowners ignore bankruptcy because they fear it won't work - or that it will hurt their credit. But according to a recent article on MSNBC.com, it can actually be a blessing in disguise.
It can be easy to roll over and raise the white flag when the bank threatens to take your house. But there's more at stake than a place to live. Foreclosure can cause long-term credit damage. In fact, it will be seven years before you're even allowed to take out another mortgage. But with bankruptcy, you can receive loans as soon as lenders are willing to offer them to you. And while your score may drop initially, getting rid of your debt - and showing lenders that you're putting in the effort - will pave the way for your credit score to start climbing upward.
There's a reason that more Americans file for bankruptcy each year. No, bankruptcy can't make you a more responsible bill payer. But for folks who have fallen on hard times, bankruptcy can offer one more shot to get your finances back on track. And because it can buy you time by halting foreclosure while you figure out a payment plan, it's a solution that actually works.
If you've been cautious about bankruptcy, think about this. The worst that can happen if you file is that you'll lose your house anyway - but walk away free from debt. The best thing that can happen is that you keep your house - and walk away free from debt. No matter what, you're going to be better off than if you allow the bank to take your home - and leave you with the same old problems.
Hearing about bankruptcy is one thing. Finding out what it can do for you - for your unique financial situation - is another. At DebtStoppers, our Atlanta bankruptcy attorneys can examine your finances and determine whether a bankruptcy plan is right for you. All you have to do is sign up for our absolutely free one-on-one debt analysis. We can help get your finances - and your future - back on track.