The Schofield Law Firm, P.C.

This article provides a good, basic overview of the bankruptcy options available for businesses. If your business is struggling and you would like some advice as to what your options are, feel free to contact The Schofield Law Firm for a free initial consultation. Call 912-275-7018 or send an e-mail to [email protected].

With many people out of work, getting a forbearance on mortgage payments might provide some needed relief. Borrowers with federally-backed mortgages would not have to make their regular monthly payments for anywhere from three to twelve months, seemingly allowing some to weather this current storm. But buyer beware, some lenders are requiring the full amount of the delayed payments in one lump sum at the end of the forbearance period. Meaning you either pay a large "balloo...n payment" or face the prospect of default and foreclosure. Hardly the relief that a person out of work for an extended period of time can afford. If you find yourself in this situation, know that a chapter 13 bankruptcy allows for the payment of past due mortgage payments over time (three to five years). This beats the alternative of being foreclosed upon because your lender will not work with you. If you would like to discuss how a chapter 13 bankruptcy works, please feel free to call us at 912-275-7018 or e-mail us at [email protected] to set up a free consultation. See more

Order Extending Declaration of Statewide Judicial Emergency (April 6, 2020)