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Bankruptcy options can help with foreclosure concerns

The threat of foreclosure can hang over a family like a heavy and dark cloud. The prospect of losing a family home can lead to a significant amount of anxiety and concern. Fortunately, there are legal protections available to help struggling homeowners and individuals struggling with debt. The Chapter 13 bankruptcy process may be able to help homeowners who are facing a challenging situation and the anxiety and stress associated with a potential foreclosure.

Once a bankruptcy filing has been made, a temporary stay goes into effect that prevents additional creditor collection actions while the bankruptcy process progresses. A Chapter 13 bankruptcy filing may then allow the filing party to repay past due mortgage payments over time according to a 3 to 5 year repayment plan that is part of the bankruptcy process. Chapter 13 bankruptcy allows those who qualify to reorganize their debts into a more manageable repayment plan.

Chapter 7 is also a personal bankruptcy option that is available to help individuals struggling with debt enjoy debt relief. While it is a liquidation bankruptcy, a variety of assets can be exempt from the process. Because filing parties may be concerned about the process of liquidating their assets, it is important for them to understand that many of those assets may be protected from the bankruptcy process. It is important to keep in mind that there are rules, requirements and timelines associated with the bankruptcy process it is necessary to keep track of.

While the bankruptcy process may seem overwhelming, it provides important resources to individuals struggling with debt or in fear of losing their home. As a result, it is helpful for individuals struggling with debt to understand the different personal bankruptcy options and how they may help in their unique situation and circumstances.

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