All the experts said home prices were only going to continue going up! We now know that wasn't true and today many are faced with foreclosure.
There are several ways to address dealing with foreclosure. One that's becoming increasingly popular is just walking away from the home. But for many this just won't work for many reasons. If you are one who needs and wants to avoid losing your home to foreclosure, then one of the best avenues open to you is personal bankruptcy. There are two chapters of personal bankruptcy... Chapter 7 and 13. Its Chapter 13 that is particularly effective in addressing foreclosure as well as repossession of other assets.
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This section of the bankruptcy code allows you to work out a payment plan with your creditors which you can afford to pay and that fits your budget. While you are in the process of working things out, all aggressive actions by your creditors are put on hold (this is call "stayed") by the bankruptcy court. Without harassment you and your attorney can figure out what works best for your circumstances.
This all becomes particularly important when it comes to your home. Chapter 13 doesn't wipe out your debts but it does restructure them in a manner that let's you continue to own what's important to you and pay for it over a time and in a way that you can manage. Most importantly, it stops a creditor from taking your home while you are trying to work out how you can continue to move forward with your financial life.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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