NORCROSS, GA, October 25, 2012 (Press-News.org) Not every Atlanta bankruptcy attorney would be willing to fight its clients case all the way to the Eleventh Circuit Court of Appeals, but Clark & Washington did. The Atlanta bankruptcy firm fought the case through two decisions against their client, finally winning the circuit court ruling that secures better bankruptcy options for home owners devastated by the collapse of the housing market.
The company's client, Ms. Lorraine McNeal had two mortgages on her home, one for $176,413 and a second mortgage for $44,444, when the value of her home plummeted to $141,416. Because her home was now less that the value of her first mortgage, the bankruptcy lawyers in Atlanta argued that her second mortgage was an unsecured loan. Unsecured loans can be forgiven in a Chapter 7 bankruptcy.
The ruling by the appeals court offers some hope for home owners devastated by the change in housing prices. Others considering bankruptcy in Atlanta will be able to use the court ruling to argue that a second mortgage which is completely above the current value of their home should be forgiven in a Chapter 7 bankruptcy, potentially saving home owners tens of thousands of dollars.
Stripping the second lien off a person's home would require that the value of the home has dropped below the amount owed on the first mortgage. The federal court decision secures the right of distressed home owners to seek relief via Atlanta bankruptcy.
The attorneys at Clark & Washington take each case as seriously as they did the McNeal case, fighting for their clients as long as it takes.
If you now owe considerably more than your home is worth and are considering bankruptcy, visit Clark & Washington at http://www.cw13.com.
About Clark & Washington
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information visit: http://www.cw13.com.
For all media inquiries, please contact:
Jason Donovan
Director of Account Management
Cardinal Web Solutions
http://www.CardinalWebSolutions.com
Atlanta Bankruptcy Attorneys Clark & Washington Discuss Chapter 7 Lien Stripping Decision
Atlanta bankruptcy law firm Clark & Washington stood up for a client with an upside down mortgage and earned a federal court decision forgiving the loan.
2012-10-25
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[Press-News.org] Atlanta Bankruptcy Attorneys Clark & Washington Discuss Chapter 7 Lien Stripping DecisionAtlanta bankruptcy law firm Clark & Washington stood up for a client with an upside down mortgage and earned a federal court decision forgiving the loan.