There are many good reasons to file for bankruptcy, including the fact that this could help save your home from foreclosure.
If you are concerned that you may lose your home, maybe because you have missed a few mortgage payments, you need to learn more about your situation and the steps you can take to make things right.
Although it may not seem like it, your lender does not want to foreclose on your home. They make more money if you continue to make payments as agreed upon. However, if you are unable to keep up with your payments, they don't have a choice but to take action.
Through a bankruptcy filing, you can stop the foreclosure process. With an automatic stay in place, you then have the time you need to revisit your situation and make sound decisions that will work in your favor.
For example, with Chapter 13 bankruptcy, you can reorganize your debt into lower payments for a period of three to five years.
At our law firm, we help people better understand the pros and cons of bankruptcy. With our assistance, you can make a decision that will benefit you, your finances and your home.
There are many ways to stop foreclosure, with bankruptcy among one of the better options. You hope that you never find yourself in this position, but if you do, it's good to know that there are steps you can take. Once you file for bankruptcy, you are then in position to make the changes necessary to save your home and live a better life in the future.