Posted on May 6, 2021

Ingrum & Layson LLC

If you have fallen behind on mortgage payments and are facing foreclosure, seeking relief under the federal bankruptcy laws could potentially help you avoid the loss of your home. The laws governing bankruptcies are complicated and will help you determine the best route to take. Before taking action though, you need to understand how the process works and the consequences that could come from violating the law.
Filing Chapter 7 will allow you to avoid foreclosure, but this does not mean that you are free from responsibilities. You may potentially still need to pay income taxes on the income that you saved under the bankruptcy laws. A Chapter 7 bankruptcy will also allow you to retain your home, but only if you meet certain eligibility requirements.
Ingrum & Layson offers clients a free consultation to allow you to ask any question that's on your mind. You can get a full explanation and understanding of your options under the law. We can help put your mind at ease once you are fully informed of your options. We've been serving the families of Lee, Russell & surrounding counties for over 40 years. Let us help counsel you about of your options so you can then make an informed decision on a further course of action.
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