Foreclosure Alternative: Bankruptcy

As bankruptcy professionals, we hear all kinds of financial concerns. These days, in a down housing market, one of the biggest financial concerns that plagues most people is foreclosure. If you're struggling to make your mortgage payment every month, foreclosure can become a very real threat on the horizon. And, even if you're thinking about refinancing or adjusting the terms of your loan, the savings won't catch up with you for at least two or three years.
If you're struggling with foreclosure, you need a fix now
. Chances are, you probably have some other debts as well. If you're feeling burdened by debt and stressed about your impending foreclosure, then you have to know about preventing foreclosure with bankruptcy! It's a trick that's becoming quite popular. Thousands of people have done it successfully. Why not you?
The Type of Bankruptcy: Chapter 13
Any and all forms of bankruptcy stop collectors from harassing you about the debts you owe. However, some forms of bankruptcy are better than others when it comes to preventing foreclosure. Chapter 7, for example, is a form of liquidation bankruptcy. While it will prevent foreclosure for the short term, it's not a good long term strategy for preventing foreclosure.
Chapter 13 is going to be your ticket! If you have an income that would allow you to pay your mortgage if you didn't have all of those other financial obligations, then Chapter 13 is probably just the type of bankruptcy you
need!
When you file for Chapter 13 bankruptcy, you undergo debt reorganization. Under a court-appointed trustee, your debts will be reduced and restructured, making repayment more feasible. Meanwhile, as you work through eliminating your debts and attaining solvency, your foreclosure is put on hold. With your foreclosure on hold, you have the opportunity to continue to make payments on your mortgage!
Other Benefits
Of course, while preventing foreclosure might be the main focus of your efforts, it's worth mentioning all of the other benefits that come along with filing for Chapter 13 bankruptcy! Under Chapter 13, you'll finally get relief from all of those other debts that have been keeping you awake at night: medical debt, credit card debt, and more.
If you're feeling overwhelmed, talk to us about how we can help you get the financial peace that you deserve. Remember, the bankruptcy code exists for those who are suffering under undue financial hardship. Whether your debt is a couple thousand of dollars or a hundred thousand dollars, no amount is too big or too small.

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