Bankruptcy Mortgage: Can Filing Bankruptcy Stop
Chapter 13 and Chapter 7 Bankruptcy may be the best option for you if you are facing
foreclosure. These chapters are designed to help people prevent foreclosure, repossession, wage garnishment and
some lawsuits. When you file for bankruptcy, the “automatic stay” takes effect, and temporarily prevents the lender
from proceeding with the foreclosure. Millions of people have turned to filing bankruptcy as a way to get out
of debt, protect their hard-earned property, and get back on track.
Filing for Bankruptcy should be
the last resort when no other solution to your financial difficulties. Filing Bankruptcy will
help prevent a mortgage lender that is threatening foreclosure, in the event you have more liabilities than
assets, and can no longer afford to make your regular mortgage payments, but still willing to continue making your
mortgage payments at a reasonable repayment plan.
Filing for Bankruptcy is only a temporary fix that delays the foreclosure process.
Eventually, if the mortgage continues to be unpaid, the home will be foreclosed.
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