Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Bankruptcy after Foreclosure: Still an Option for Your Family

You may be thinking that you can’t file bankruptcy because you’ve gone through a foreclosure. Luckily, that isn’t true. Bankruptcy is, in fact, a very useful option for families that have lost their home in foreclosure and, in fact, it may even be a good idea.

When the lender forecloses on a home and sells it at auction, there is sometimes a balance leftover. In today’s housing market, this is almost a certainty and can leave you owing tens of thousands of dollars for a home you don’t own anymore. If the home is sold for less than you owe on it, the difference between those amounts is still a debt that you owe. The lender can take any action against you that it sees fit—and you are powerless to stop it, unless you turn to Missouri and Illinois Chapter 7 bankruptcy.

A Missouri or Illinois bankruptcy lawyer can help eliminate the debt you still owe on your house. He or she can also provide a solution to credit card debt, eliminate your medical bills, and stop wage garnishments and harassing phone calls.

Chapter 7 bankruptcy in Missouri or Illinois is powerful and an experienced St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney can use that power to get you the relief you need from debt. Wondering what else Chapter 7 can do for you? Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”