When you get into a situation where it seems as through giving up your home is the only option, it is a good idea to seek the advice of an attorney who can provide some foreclosure help. This attorney will probably help you file for bankruptcy. While this option will downgrade your credit score for the foreseeable future, it can put an automatic stay on your property, which allows you to prevent foreclosure for the time being. Rather than losing your home and not receiving anything in return for it, contact a lawyer who can help you get through this situation.
How It Works
In basic terms, an automatic stay prevents your home from being foreclosed. This comes into affect immediately after you file for bankruptcy and provides you with some relief. The automatic stay also prevents creditors from collecting from you immediately, so it give you time to figure out your finances and, hopefully come to a solution that works for everyone involved. Keep in mind that you must have this automatic stay filed before the foreclosure process has started, or else the creditor can continue with the sale of the property. To make sure that everything goes smoothly, it is best to hire an attorney to provide you with the necessary foreclosure help.
Chapter 7
If you are filing for Chapter 7 bankruptcy, all it will do is delay the foreclosure process. Your creditor is able to continue with the sale of your property once the bankruptcy proceedings have concluded. This additional time, however, does allow you to potentially catch up on your payments, if you have the means to do so. Chapter 7 bankruptcy can also free up some money if you have other unsecured debts, which might be able to help you save your home.
Chapter 13
Those who file for Chapter 13 bankruptcy can have their foreclosure completely halted and can pay their creditor through a repayment plan that is ordered by the courts. This plan will include premiums for late payments, but it at least gives you a chance to hold onto your property. This is another reason why it is a good idea to go through a professional attorney, as he or she can help you figure out the best course of action to take in your individual situation.
At Rapa Law Office, P.C. you will receive the help of experienced attorneys who can guide you through this difficult process. Their official website has much more information on what they have to offer. You can also visit them on Google+
