How to Prevent Foreclosure with the Services of a St. Louis Bankruptcy Attorney

Few people like to think about the prospect of bankruptcy, and it’s not a decision to enter into lightly. However, in some situations it may be the best course of action. Bankruptcy can be very helpful in discharging certain debts that you can no longer afford to repay. In addition, bankruptcy can be very helpful in order to avoid the foreclosure of your home. If you want to learn how to Prevent foreclosure with St. Louis Bankruptcy Attorney services, here’s what you’ll need to know.

With credit card debt, if you file for Chapter 7 bankruptcy, you’re likely to have that debt wiped away. If you have certain assets, which the court determines are unnecessary, you may be required to sell those assets in order to repay some of your creditors. However, for Chapter 7 bankruptcy, this is more the exception than the rule.

If you file for Chapter 7 bankruptcy and you’re looking to avoid bankruptcy, the way this type of bankruptcy deals with this debt is a bit different than with credit cards. If you’re behind on your mortgage and you and your bank have not been able to reach any sort of agreement, filing for Chapter 7 bankruptcy, or an emergency bankruptcy, can help you stop the foreclosure process.

Unfortunately, with credit card debt, it won’t wipe away this debt. This means you won’t be able to live in your home debt-free. However, this sort of bankruptcy gives you the ability and the time to restructure your debt with the bank without having the foreclosure looming over your head. Typically, these negotiations will be made between your bank and your attorney. In most cases, an equitable arrangement can be made to avoid your bank foreclosing on your home or to stop the current foreclosure proceedings.

If you’re looking to Prevent Foreclosure with St. Louis Bankruptcy Attorney services, you first need to consult with a bankruptcy attorney. You can explain your situation, and the attorney can help you to file for bankruptcy and can also help you negotiate with the bank that holds your mortgage. This will give you the time and the negotiating power needed to come to an arrangement with your bank to get your mortgage current and avoid future foreclosure issues.

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