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The Last Resort: Bankruptcy

Bankruptcy can be an option to stop foreclosure, but one you should only consider as a last resort. This option often requires advance counseling as well as the cost of attorney fees. Although bankruptcy will stop the foreclosure process, this is often only for a short amount of time. This can sometimes allow enough time to access other options such as a reverse mortgage.

There are two ways in which someone can use the Federal Bankruptcy Code to situate their finances. Chapter 7 requires immediate liquidation of whatever assets a debtor may have. This is the best option for individuals who want a fresh start and are unable to pay their debts. Chapter 13 is the other option, this is designed for someone who has regular income and who wants to pay off their debt, but are not able to do so.

There are many downfalls to filing for bankruptcy that make it an undesirable option. Following a filing, it is very difficult to obtain credit, to rent an apartment, or to obtain utility services. It takes years of commitment to financial responsibility to rebuild your credit after a bankruptcy.

Foreclosure Help Resources

Foreclosure Prevention

Banks DO NOT want your home. An average foreclosure costs a bank $50,000.00. In this tight credit market, banks can not afford to take back your home. The best option for you, and your lender, is to find a way to avoid foreclosure. Fill out the form above to speak with experts who can help!