Foreclosure Can be Avoided With a Chapter 13 Bankruptcy
Many people are feeling the effect of the economy. As the country continues to slip dangerously close to a recession, the number of foreclosures continue to rise. In fact, according to MSNBC, every day between July and September, 2008, 2,700 people lost their home in foreclosure. You can read more on this story in an article I posted in our news section called "Foreclosure Proves Challenge For Government"
More and more people are losing their home simply because they do not know there may be an option for them that will save the home and allow them to get caught up again without disrupting their family. Chapter 13 of the U.S. Bankruptcy Code is designed for people that have assets they are going to lose, but for one reason or another, are behind in payments and just need a little help in getting things under control. Chapter 13 is a repayment plan which, like a debt consolidation, allows you to lump almost all of your debts into one, affordable payment, including past due house payments.
By doing this, the foreclosure process stops. As long as you remain current in your Chapter 13 payment and your regular house payments from that point forward, you will be able to save your home. In many cases, by combining car payments, credit card payments, student loan payments, medical bills, taxes, child support and other bills into one payment spread out over three to five years, the family has the breathing room they need to get back on their feet and start living without fear of losing all of their property.
Many people have been led to believe that the new bankruptcy law will not help you to avoid foreclosure, but that is absolutely not true. A Chapter 13 bankruptcy has helped hundreds, if not thousands, of families stop the foreclosure process before it was too late. Many of these beliefs people have about the new bankruptcy law are myths that have been promoted by the credit industry and the media.
Not only will a Chapter 13 bankruptcy stop the foreclosure process, but it will stop all collection efforts against you with some rare exceptions. It stops the repossession of cars and the garnishment of your paycheck. It stops the harrassing creditor calls and late notices from collection agencies. it stops your worry about how you will feed your family next week because every dollar is going to try to save your home.
You deserve to have the correct information before your home is sold to the highest bidder. St. Louis bankruptcy attorney James Brown with Castle Law Office has helped more than 20,000 families get the help they deserve and keep property they are entitled to keep and get the fresh start they so desparately need. If you want to find out more about your options, you need to check out the consumer guide "7 Critical Mistakes To Avoid The Dismissal Of Your Bankruptcy Case"
Missouri bankruptcy attorney and Illinois bankruptcy lawyer James Brown wrote and published this guide to make sure you have good, honest information about what bankruptcy can do for you and how to successfully get the help you need.
