Are you facing foreclosure? If so, you are not alone. Many people face foreclosure each year, and there are many reasons why this can happen. It doesn’t matter if you lost your job, had excessive medical bills, or had a different financial constraint that caused you to get behind on your bills. An attorney can help stop foreclosure on your property, and they can help you get your finances back on track.
The most common way to stop foreclosure when there are no other options left is to file for bankruptcy. While this is often not an appealing idea, it is a way to save your home and other essential assets. Typically, there are two types of bankruptcy that an individual will file. Chapter 7 is for those who make less than the median income for the state. Your non-essential assets will be sold by a trustee to pay off as much of your debt as possible. The remaining, with a few exceptions, will be dismissed. Chapter 13 is for those who don’t qualify for chapter 7. Your debts will be consolidated into smaller monthly payments, and you’ll have three to five years to pay off your debts. Provided you make your payments in full and on time, your remaining debts, with a few exceptions, will be dismissed.
An attorney can help you determine which form of bankruptcy to file. They’ll then notify your lender and other debt collectors that you are filing for bankruptcy. This effectively stops your foreclosure for the moment. If you are able to complete the bankruptcy, you will not lose your home. Your finances will be back on track, and you will be able to move forward from there. Your attorney will work with you throughout the bankruptcy process to ensure your success.
An attorney can help stop foreclosure on your property, but you need to make the first move and hire an attorney. If you are facing foreclosure, don’t hesitate to ask for help. Your attorney will do everything possible to help you keep your home, even if you need to file for bankruptcy to do so. They’ll let you know what your options are and help you complete the one you choose.