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Should I File for Bankruptcy?
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About six months ago I was laid of from my job of twenty two years, and we are now living of my wife's income only. We have been unable to pay all the bills on a monthly basis, and have missed some mortgage payments. Well, not the bank is foreclosing on us.
Can bankruptcy help us stay in our home? How does bankruptcy help? Should I file for bankruptcy?
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Filing for bankruptcy is often used a defense to a foreclosure lawsuit. Once you and your attorney file the bankruptcy petition, the bank is barred from pursuing the foreclosure and must cease all collection efforts until the bankruptcy court has heard and decided the case.
Before you take any steps, or begin seeking alternative ideas to get caught up on your finances, talk to a bankruptcy lawyer to learn how bankruptcy can protect you and your family. You will need to get legal advice regarding bankruptcy planning in order to maximize the protection you get from the US Bankruptcy Court.
Depending on what types of bankruptcy you file, you will have options to force the lender to modify your loan in order to get you caught up on missed mortgage payment and keep your house. Additionally, most types of bankruptcy will eliminate unsecured debt, like credit cards, so that you can focus on paying off your more important debts like a mortgage and car payment.
For more information about how bankruptcy work and what bankruptcy protection can offer you, check out some of the links below. Good Luck.
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Posted by Staff Writer on 15 Feb 2010
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