Gainesville Second Mortgages and Bankruptcy Attorney
If you are over your head in debt, you seek relief from some financial pressure by eliminating certain liens through a Chapter 13 bankruptcy process. Particularly, you may be able to remove the second or third mortgage from your home in a process informally called "mortgage stripping."
At David Wallace and Associates, P.C., we represent homeowners in the northeast Atlanta area who seek to keep their homes despite mounting debts. We help them do this by guiding them safely through Chapter 13 bankruptcy.
For more information, call us in Dawsonville, Georgia, today at 423-709-8724 or 866-582-5850 toll free.
How It Works | Dahlonega Lien Stripping Attorney
So how does lien stripping work?
Let's say you took out a second mortgage on real property, but the value of the property decreased to an amount less than the principal on your first mortgage. Later, circumstances change so that you are unable to pay the second mortgage.
Rather than allowing a lender to foreclose on the property, you can — with the assistance of our experienced Georgia bankruptcy attorney, David Wallace — file for Chapter 13 bankruptcy. By doing so, you would enter a process by which you could discharge, or strip, the second mortgage from the property.
With your debt burden lightened, you could restructure your debts so that you could continue to make payments on your first mortgage while continuing to live in your home. You would never again owe anything on the second mortgage.
What About My Car Loan? | Georgia Cram Down Attorney
Through bankruptcy, our lawyer can help you limit your debts on secured loans for automobiles and certain other properties, through a process commonly known as "cramming down."
If you file for Chapter 13 bankruptcy and have a car loan for which the loan principal exceeds the fair market value of the vehicle, you can seek to have the owed amount decreased by the difference. The result is that you are obligated to repay only the value of the car.
Further, our lawyer can assist you in getting discharges on liens against you and your property, including judgment liens. Please note that bankruptcy cannot relieve most tax liens.
Free Consultation | Northeast Atlanta Mortgage Liens Lawyer | 706-410-1439
At David Wallace and Associates, P.C., we know that nobody wants to file for Georgia bankruptcy protection. However, we also know that federal bankruptcy laws exist to help people get out from under crushing debt burdens.
Let us help you get a fresh start to your new financial life. To discuss your circumstances during a free consultation, call us today at 706-410-1439 or 877-269-5688 toll free. You may also contact us online.
Let us lift your legal burden so you can get on with your life.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
