IN THE FULL GUIDE YOU WOULD GET:

A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,

and practical guidance for finding a quality bankruptcy attorney.

Topics covered:

- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.

CONSUMER’S GUIDE TO

BANKRUPTCY

Want a free copy of this guide? Just send an email to bkguide@llgtn.com and look for it in your inbox!

This is an excerpt from the

FORECLOSURE AND REPOSSESSION

Foreclosure  is  a  legal  process  in  which  a  secured  lender  retakes  ownership  and  control  of  a  piece  of  real  property  from  the  borrower.  

AVOIDING REPOSSESSION  If  your  are  behind  on  your  car  payments,  and  the  lender  is  threatening  to  repossess  it,  you  can  file  Chapter  13  and  propose  to  repay  the  loan,  late  fees,  etc.  through  your  plan.    Once  the  case  is  filed,  the  automatic  stay  goes  into  effect,  and  the  creditor  cannot  come  pick  up  your  vehicle.                  

 In  some  situations,  you  may  be  able  to  regain  possession  of  a  vehicle  that  has  been  recently  repossessed  by  filing  Chapter  13.  

AVOIDING FORECLOSURE  Countless  people  have  used  Chapter  13  for  just  this  purpose.    When  your  mortgage  company  will  not  work  with  you  as  you  try  to  catch  up  your  payments,  or  when  your  attempts  to  modify  your  mortgage  fail,  filing  a  3  may  be  your  best  option  to  retain  the  home  and  work  out  a  repayment  plan  for  what  you  owe  on  it.          

 Even  if  your  mortgage  company  has  begun  the  foreclosure  process,  you  may  still  have  time  to  file  for  Chapter  13.    In  most  circumstances,  the  filing  of  a  bankruptcy  will  invoke  the  automatic  stay,  stopping  the  foreclosure  from  happening.    So  long  as  you  comply  with  your  plan  and  meet  all  your  obligations  during  your  Chapter  13,  the  mortgage  company  should  not  be  able  to  touch  your  home.  

 13  deals  with  your  mortgage  in  2  important  ways:  1. It  makes  the  continuing  mortgage  payment  due  

on  the  house;  and  2. It  pays  all  the  arrearages  due  to  the  mortgage  

company  so  that  you  become  current  by  the  time  you  complete  your  case.  

 

Did  you  know  that  you  can  save  your  home  from  foreclosure  or  your  car  from  repossession  by  filing  Chapter  13  bankruptcy?        It’s  true.        In  a  Chapter  13  you  can  put  together  a  plan  to  keep  your  home,  your  car,  and  other  collateral  that  a  creditor  is  threatening  to  take  back.        

Got a question about your situation or something you read in this guide? Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,

or visit the website at www.llgtn.com.

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ABOUT THE AUTHOR

Gordon  H.  Boutwell,  Atty  Lodestone  Legal  Group  198  E.  Main  St.,  Ste.  4  Franklin,  TN  37064  615-­‐807-­‐1064  bkguide@llgtn.com  www.llgtn.com        

GORDON BOUTWELL is   a   bankruptcy   and   consumer  protection   attorney   in   Franklin,   Tennessee.     He   has  practiced   law   since   2006,   with   most   of   that   time  dedicated   to   bankruptcy,   personal   finance,   and  consumer  advocacy.        Over  the  years  he  has  helped  hundreds  of  individuals,  couples,  and  families  with  their  financial  problems.    He  believes   in   treating   other   people   the   way   he   would  want  to  be  treated  in  the  same  situation.    He  takes  the  time  to  get  to  know  his  clients,  and  he  educates  them  on  their  options  for  getting  out  of  debt,  helping  them  to  understand  and  evaluate  them.            He   believes   bankruptcy   is   a   worthwhile   tool   to   help  some   (but   not   all)   people   get   out   of   debt,   and,  when  combined  with  financial  education  and  counseling,  can  be  a  springboard  to  financial  independence.        In  March   2011,   Gordon   and   R.   Keith   Gordon   formed  the   Lodestone   Legal   Group   in   Franklin   Tennessee,  with   the   purpose   of   assisting   business   and   private  clients  by  exploring  legal  options,  navigating  the  legal  pitfalls,   and   providing   measurable   results   through  custom  solutions  and  a  commitment  to  the   lost  art  of  personal  care  and  client  service.    Lodestone   Legal   Group   practices   in   the   areas   of  bankruptcy,  debt  negotiation  and  settlement,  financial  counseling,   residential   and   commercial   real   estate,  estate  planning   (wills  and  trusts),   and  small  business  and  corporate  law.