Knoxville Foreclosure Attorneys
Resolving Bankruptcy Cases Quickly Throughout East Tennessee
The term "foreclosure" is one that strikes fear and anxiety into the hearts of many. The idea of losing your home that you have worked so hard to gain causes a terrible, sinking feeling. Unfortunately, many people are suffering from this tragic event for no fault of their own.
Especially in the wake of the deadly pandemic of COVID-19, our country is facing a dark time of recession where many people are losing their jobs. Without a reliable income source, many citizens who have been faithfully paying off their mortgage suddenly find themselves unable to do so since there is simply no money coming in. Those who have been let go of their jobs search desperately for new work, but they do so in vain; while the job market was bad enough before the virus, now it is infinitely worse.
If you are finding yourself in a similar situation where you are being threatened with foreclosure but do not have the money to pay it back on time, do not panic. If you get in touch with The Law Offices Of Mayer & Newton, our skilled Knoxville foreclosure lawyers are determined to help you get back on track. We offer comprehensive consultations to thoroughly help you understand the process of bankruptcy in Morristown, Knoxville, and Sevierville.
Call us today at (865) 328-7993 to discover how you can get true relief from foreclosure threats.
Using Bankruptcy to Halt Foreclosure Actions
The term "bankruptcy" is another term which frightens people, since it is viewed as primarily the last lifeline thrown to those who are drowning in debt. You may be surprised, however, to discover there are a number of strategies to use bankruptcy for Chapter 7 or 13 as a means to stop foreclosure actions.
Chapter 7 focuses more on supporting those who want to get out of debt by selling their assets and possessions, while Chapter 13 is used in the form of an extensive repayment plan which lasts over a certain period to help you progressively get rid of all your debt.
The Advantage of Automatic Stay
One of the greatest benefits of applying for Chapter 7 or Chapter 13 bankruptcy is the fact that you immediately get granted something entitled ‘automatic stay’. The way that automatic stay works is that the moment you file for bankruptcy, all mortgage companies which were trying to foreclose your home must immediately stop harassing you. As you attempt to figure out your plan for paying back your debts, you will receive the relief of knowing there are no more instant threats of foreclosure.
Distinctions Between Chapter 7 & Chapter 13
It is helpful to know the differences between Chapter 7 and Chapter 13 so that you can choose which option works better for you.
Some distinctions between the two include:
- Chapter 7 files for liquidation of your assets, whereas Chapter 13 is designed to reframe and reorganize your debts in a manageable way
- While Chapter 7 can be filed by individuals as well as proprietors of businesses, Chapter 13 can only be filed by individuals
- Chapter 7 is a quick process, sometimes only lasting 3-4 months, while Chapter 13 can take three to five years to fully pay off
Regardless of which option you choose to file under, our dependable Knoxville foreclosure attorneys at The Law Offices Of Mayer & Newton can give greater details in explaining the types of bankruptcy, and help you use these options to stop the threat of foreclosure.
Board Certified Bankruptcy Attorneys
Our attorneys are among the most knowledgeable in East Tennessee and are Board Certified Bankruptcy attorneys.
$0 Down for Chapter 13
We charge zero legal fees to start a Chapter 13 case.
$0 Down for Chapter 7
We charge zero legal fees to retain our firm to represent you in a Chapter 7.
Affordable & Flexible
We offer free consultations and take online payments for your convenience.
Over 50,000 Cases Filed
We have successfully filed over 50,000 cases in the Eastern District of Tennessee.
Caring & Effective
We have experienced attorneys and well-trained staff to ensure your case is handled effectively and with care.