22 Feb Bankruptcy And Foreclosure
There is no â€œcureâ€ for a foreclosure of your home, but bankruptcy can certainly help. If you havenâ€™t lost your house yet, but are behind in the payments, go talk to a competent bankruptcy attorney as quickly as you can. There might be a way to save the home in a Chapter 13 .
If, on the other hand, youâ€™ve already been the victim of a foreclosure, bankruptcy can help there too.
First of all, if you havenâ€™t been evicted from the house yet, filing for bankruptcy will slow the process down and give you some more time to move out. It might also give you some time, while youâ€™re not making a house payment, to save some money to rent a nice place to live.
Understanding the real estate laws in your State can help a lot. In most places, an eviction, even after a foreclosure, requires court action. Scary as that may sound, the wheels of justice can move pretty slowly giving you extra time to pack, find a place to live and move. Just be sure that when you get a court notice you act on it quickly. Finding a good eviction attorney may help buy you some time, and even if you are broke, the local Legal Aid may be able to help for free.
Additionally, after a foreclosure there are often bills that need to be taken care of and bankruptcy will do just that. For example, there might be unpaid homeownerâ€™s dues, a line of credit on the house, unpaid electric or other utility bills, etc. All of that kind of unsecured bill can often be discharged.
So, whether you are just a little late on a house payment, or are facing imminent foreclosure, now is a good time to consult a competent attorney.
Latest posts by Douglas Jacobs, Esq. (see all)
- STUFF YOU KEEP IN BANKRUPTCY - January 31, 2016
- Bankruptcy And The Elderly - April 11, 2014
- Four Steps to a Successful Chapter 7 bankruptcy - March 11, 2014
- Thinking About Filing Bankruptcy? Now Might be the Right Time. - February 11, 2014
- The Debt and the Lien: Two Completely Different Problems - January 11, 2014