Atlanta Loan Modification Attorney 

Helping Families Across Fulton and Gwinnett Counties Explore Loan Modification Options

Are you struggling to pay off a loan with high monthly payments and an unreasonable interest rate? You may be considering bankruptcy, but you’re unsure whether it will resolve the issues that we believe are in your best interests, taking into account both your short-term and long-term financial concerns. At Schuyler Elliott & Associates, Inc., we can address all your concerns about bankruptcy and your loan modification options. We will only recommend strategies we believe to be in your best interests, assessing both your short- and long-term goals in the process. Financial adversity can be overwhelming in many ways, and we are here to alleviate the stress and provide you with a path toward a better future. If you are in Atlanta, please reach out to our firm today to schedule a complimentary initial consultation.

• Update: Loan Modifications Due to COVID-19: FDIC Answers CARES Act FAQs

Which Types of Bankruptcy Can Modify Your Loan?

The way a bankruptcy court will handle your loan depends mainly on the type of bankruptcy you file. The following is a brief overview of your loan modification options within the most common types of bankruptcy.

• Chapter 7. Chapter 7 bankruptcy generally does not offer loan modification options. The trustee liquidates your nonexempt assets to repay creditors, and any outstanding debt will most likely be discharged. Unless you can continue making payments, you may lose the property attached to the loan.
• Chapter 13. Through Chapter 13, you may qualify for a lien stripping or cramdown. Lien stripping can remove a second mortgage from your property if you owe more than the property's value. A cram down is when the amount you owe is “crammed down” to the actual value of the property. You may also be able to negotiate a loan modification with your lender, so long as the bankruptcy court approves this modification.
• Chapter 11. As with Chapter 13, you may be able to modify your loan through Chapter 11 bankruptcy. One recent development in Chapter 11 involves Subchapter V, which can allow small businesses to modify the mortgages of their principal residence. The mortgage must have been acquired in connection with the business, rather than solely to finance the residence. This type of modification is not available in Chapters 7 or 13.

Contact Our Atlanta Loan Modification Lawyer Today 

Our team at Schuyler Elliott & Associates, Inc. can quickly assess your situation and determine the loan modifications you may be eligible for. To obtain the best possible modification and derive maximum benefits from bankruptcy, we recommend contacting us at the outset of your debt-relief process.