When encountering mortgage foreclosure problems, many would be tempted to opt for the option of bankruptcy instead of many other options out there today. Filing for bankruptcy would mean that you mortgage debts could get wiped out immediately as soon as your application for bankruptcy is approved, nevertheless there are still a few things that you would need to be aware of before you choose this option as your solution to stop foreclosure. Many have inquired and asked the question of can bankruptcy stop foreclosure, and the answer is most definitely yes, but before you opt for this solution, read and understand the facts below that could possibly help you make your decision in your bid to end foreclosure proceedings.
The option of filing for Chapter 7 or Chapter 13 Bankruptcy to postpone and possibly eliminate foreclosure proceedings is available for those that require them, nevertheless if you are hoping to retain your home, think again! Your bankruptcy lawyers would make sure that all your assets are seized, and this includes your home and all other belongings when you file for bankruptcy. In short, you would end up with almost nothing once the bankruptcy lawyers finish dealing with you! You might successfully get rid of your mortgage debts and stop mortgage foreclosure, but you would also undoubtedly lose your home, and you need to start from scratch again when we speak of finances and assets.
And remember, the distinction (or more like the curse) of declaring bankruptcy would be attached to you for the rest of your life, and you would not be able to get rid of the bankrupt-tag no matter how hard you try once your application for bankruptcy is approved. And it would also reflect on your credit report, something that you cannot change no matter how rigorously you try to. Once you are a bankrupt, it would become increasingly difficult to land a stable job, and even harder to successfully apply for credit (loans and credit cards for instance) as the lenders would hesitate to offer you credit. Bankruptcy is a curse that you would carry for a lifetime, thus think carefully if you want to walk along this path!
Bankruptcy would however clear you of all existing personal debts, something that could be a welcome relief for those that are constantly being bugged by phone calls from lenders and creditors requesting for payments and threatening legal action. In reality, there are plenty of other methods and ways out there to put an end to foreclosure such as refinancing your mortgage, negotiating with your creditors as well as dealing with debt management firms to help you out, thus it is advisable that you should exercise all these options first before attempting to declare yourself bankrupt to get rid of your home debts. Being a bankrupt could cause a lot more problems in the future for you, thus always think wisely before you choose this option!
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