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Avoiding foreclosure with bankruptcy

On Behalf of | May 31, 2015 | Foreclosure

Dealing with the possibility of foreclosure can be hugely stressful for you. This is especially true if you are already dealing with other monetary hassles, which is highly likely if foreclosure is an issue that you are facing. So what can you do when you are being threatened with foreclosure?

The first thing that you can do is consider filing for bankruptcy. This may be something that you initially find stressful as well. Due to the stigma surrounding bankruptcy, you may believe that this option is no better than foreclosure. However, filing for bankruptcy puts an automatic stay in place. This means that creditors are unable to harass you in any way, shape or form for the duration of your bankruptcy period. This may be hugely helpful to you when it comes to eliminating creditor stress and allowing you to focus more on paying back your debts.

You will be allowed to keep your house even through bankruptcy as well, which may be another concern of yours. You must be able to keep up with your mortgage payments in order to do so. However, bankruptcy eliminates many debts that you may also carry. By doing that, you will be able to focus on paying your housing bills. This will allow you to keep your house.

To learn more about the relationship between bankruptcy and automatic stays, please visit the link to our web page regarding foreclosure. You will be able to find more information to guide you through the options available to you there.


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