Could Chapter 13 Bankruptcy Save Your Home From Foreclosure?
You May Be Able To File Bankruptcy And Keep Your Home
Times are tough. If you’ve fallen behind on your mortgage payments, you’re certainly not alone in your struggle. In fact, a foreclosure occurs every 13 seconds in the United States, according to The Center for Responsible Lending. But just because you may be facing bankruptcy, it doesn’t necessarily mean that you must lose your home to foreclosure. If you act quickly, you’ll likely have debt-relief options that could help protect your home.
One of those debt-relief options may be filing Chapter 13 Bankruptcy.
How Does Bankruptcy Stop Foreclosure?
When a person files for bankruptcy, the automatic stay typically goes into effect right away.
Under the stay, creditors are court-ordered to stop all collection efforts, which include:
• foreclosure
• repossession
• some lawsuits
• most wage garnishments
• harassing phone calls & letters
Millions of Americans with money problems, and facing foreclosure on their home, have sought the protection of the automatic stay, and filed Chapter 13 bankruptcy to save their homes. Read more
Life After You File For Bankruptcy
Filing for bankruptcy can be an enormous relief if you’ve been struggling with debt and worrying about money, and rightfully so: bankruptcy can be the first step you take toward financial health and stability. But in order to make the most of the fresh financial start the U.S. government offers to bankruptcy petitioners, you need to understand that a bankruptcy filing is only the beginning of your new life.
Like physical fitness, financial fitness takes a while to develop – but is completely worth the time and effort you invest. Here are a couple of key behaviors that will help your post-bankruptcy life be as successful as possible. Read more