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How to File Chapter 7 Bankruptcy after a Foreclosure in Missouri and Illinois

Letting your home be sold at auction after a foreclosure is not as simple as it sounds. Many people think that if you just give it back, you are done with it but, giving it back is likely just the beginning. If your home is auctioned for less than you owe, you are still responsible for the balance you owe the mortgage company. For example, if you owe $80,000 on your home but it is only sold for $60,000, you will still owe your mortgage company $20,000. The leftover balance is called a deficiency balance and is collectable by any means possible by your lender. That means they can garnish your wages or levy your bank accounts to get it paid. They can also go after your other property to make up for the balance.

After the lender forecloses, not only will you not have a home, but you may also be left without a car, furniture, cash in the bank, and up to 25% of your paycheck. Luckily, you can stop this from happening and protect your property by filing for chapter 7 bankruptcy in Missouri and Illinois. Chapter 7 bankruptcy provides legal protection from your creditors and can eliminate your credit card debt, deficiency balance, and more in as little as 90 days.

Even if you have decided to give up your home, you don’t need to leave your family unprotected. Talk to an experienced St. Louis Missouri or Fairview Heights Illinois bankruptcy lawyer about how you can be saved from the consequences of foreclosure in Missouri and Illinois. Most bankruptcy attorneys in Missouri and Illinois will talk to you for free but the best attorneys will offer you free information before you set foot in his or her office. You can request a free copy of my ultimate Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” by clicking here. It may just give you the information you need to finally be free of your mortgage debt and get your fresh start.

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