Jackson Foreclosure Attorney in Mississippi
Our foreclosure attorneys from Jackson Mississippi understand how hard facing foreclosures can be. Foreclosure is what happens when a homeowner falls behind and fails to pay the mortgage. It is a legal action where the owner loses all rights to their property and home if they cannot pay the outstanding debt. A foreclosure in Mississippi is basically an auction of your home on the courthouse steps. A sale date is set and if the sale is not stopped, then someone will bid on your house and become the new owner of the property.
How Bankruptcy Can Help You Deal With Foreclosures
Filing for bankruptcy in Ridgeland or Jackson, Mississippi puts an automatic stay on all foreclosure proceedings. By contacting our Jackson foreclosure attorneys, you can potentially save your home from an ongoing foreclosure but the bankruptcy case must be filed before the foreclosure sale happens. Many people have success keeping their homes by filing for Chapter 13 bankruptcy. If you file before the foreclosure sale, our Jackson foreclosure lawyers can use your repayment plan as a tool to help you catch up on your delinquent payments.
The biggest benefit to filing a chapter 13 is that you will not have to make a lump sum payment to catch up on your mortgage. In a chapter 13 Mississippi bankruptcy, you are allowed to catch up with the mortgage payments over time. As long as you are able to pay your bankruptcy payment plan you would be allowed to keep your home. Your foreclosure attorney can explain how it is possible to be up to date on your bankruptcy payments at the end of the bankruptcy case.
Is Your Home Being Foreclosed in Jackson Mississippi?
If you are unable to afford to keep your home, or if you cannot catch up on your backlog of mortgage payments, our Jackson foreclosure attorneys can still help you to file for Chapter 7 bankruptcy as this will allow you the time to find another place to live instead of being turned out on the street. It will also allow you to walk away from your mortgage and payments in arrears without fear of the bank coming after you to collect the money owed. If you want to stop home foreclosures in Mississippi, our bankruptcy and foreclosure lawyer can help clients in Jackson, Ridgeland, and neighboring cities within Mississippi.
Our Jackson Foreclosure Attorneys Can Help Save Your Home
If you fall too far behind on your mortgage payments, the mortgage company can auction off your house. Our Hattiesburg bankruptcy attorneys can help you save your home and catch up on your payments without having to pay such a large amount all at once. The most important thing you need to do is file as early as possible to save your home. If you wait until the last minute, we may not have enough time to prepare your case prior to the foreclosure sale.
Once the foreclosure sale happens, a bankruptcy will not help you keep your home. Your lender does not even have to notify you of the foreclosure sale date. They can advertise the sale in the paper for three weeks and then sell your home without your knowledge. The foreclosure sale can be stopped as long as a bankruptcy petition is filed prior to the sale.
It is sometimes impossible to file a bankruptcy case immediately. We need many documents in order to prepare all of the necessary paperwork. If you wait until the last minute to talk to a bankruptcy lawyer, then you risk not having enough time to prepare the necessary paperwork. Call us at 601-202-3942 or send us an e-mail to learn more about our foreclosure and how bankruptcy can prevent foreclosure on your home. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Eligibility in Chapter 7 Bankruptcy
Chapter 7 allows for any unsecured debts, such as credit card and medical bills, to be discharged at the end of the bankruptcy process. However, before you can declare bankruptcy, you will have to pass a means test to see if you qualify for Chapter 7. There is a certain level of income above which you will not qualify for Chapter 7 but may qualify for Chapter 13. Debtors with primarily business debts always qualify for Chapter 7. Our Jackson foreclosure lawyer and bankruptcy attorneys can help you determine whether you’re eligible for a Chapter 7 bankruptcy filing.
Chapter 13 Bankruptcy Eligibility in Jackson, Mississippi
A Chapter 13 bankruptcy filing is only available to individuals that have a regular income because the debtor is required to make monthly payments for 3 or 5 years after filing. If a person has too much debt (roughly $900,000 secured or $300,000 unsecured), they may be disqualified from filing and will only be allowed to file Chapter 7 or 11.
If you’re considering filing Chapter 13 bankruptcy or facing other financial concerns such as garnishment or home foreclosures, our Jackson foreclosure attorney can help you determine whether you’re eligible to file for bankruptcy.
With us, you are never alone.
The Rollins Law Firm our Mississippi bankruptcy and Jackson foreclosure attorneys are committed to providing you with quality bankruptcy service. From the moment you walk into our office, you can rest assured that your needs will be met. We are by your side throughout the bankruptcy process, from filing paperwork to negotiating with creditors.
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