Absolutely. Filing for bankruptcy has been one of the best options homeowners explore to save their homes. Chapter 13 bankruptcy is better if you’re not just trying to stop a foreclosure but also to save your home. As an added advantage, filing for bankruptcy will also help you manage other debts aside from your mortgage.
How does it work?
Once you file for bankruptcy, you get under a legal covering that prevents any form of creditor collection activity. An automatic stay is given by the court and its effect is immediate, this will give you the time needed to re-strategize on how to pay back the loan.
You can go for either chapter 7 bankruptcy or chapter 13 bankruptcy, both will stop a foreclosure and get you the time needed, however, both have advantages and disadvantages. Research or talk to your lawyer to find out which one is best for you and how to go about the process. Bankruptcy can be filed online now and you won’t have to go through the stress of waiting in line.
Challenge of filing for bankruptcy
Filing for bankruptcy can affect your credit score and serves as a reason why some lending institutions won’t work with you. You can try out other means to stop a foreclosure in order to prevent this problem.
Also if you file for multiple bankruptcies, the duration of subsequent bankruptcies will be shorter or reduced, this is to prevent people from taking advantage of it.
Filing for bankruptcy is a saver when it comes to saving your home, however, it should be done wisely with adequate information on how to go about the process. Make sure to do this before a foreclosure sale is finalize, as filing for bankruptcy will no longer saving your house after it’s been sold in some States.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
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