Can Bankruptcy Stop Foreclosure?

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CAN BANKRUPTCY STOP FORECLOSURE?
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There are many situations in which filing for
bankruptcy can help stop the foreclosure process
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The Automatic Stay
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Once you file for bankruptcy, creditors,
including your lenders, are not permitted to
proceed with collection activity
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This may give you the time you need to straighten
things out
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Chapter 7 or Chapter 13?
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If you are filing bankruptcy as a means of
stopping foreclosure, it is best to opt for
Chapter 13
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With Chapter 7, many people end up losing their
home
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Not a Long Term Solution
While bankruptcy foreclosure for the time being,
this is only a long term solution
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While bankruptcy can stop foreclosure for the
time being, this is only a long term solution if
you have enough money in the future to get back
on the right path
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At some point, you will need to start making full
payments on time
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DO YOU HAVE OTHER OPTIONS?
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Bankruptcy may be an idea, but this is not
always the first strategy to consider
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For example, You may be able to speak with your
lender About modifying your mortgage As opposed
to filing for bankruptcy
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Look at the Big Picture
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The ability to save your homefrom foreclosure
may be an advantage of bankruptcy, but there are
many drawbacks to consider as well
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Look at the big picturebefore makinga final
decision
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Hire a Bankruptcy Attorney
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To ensure that you are making the right decision
and on the correct path, hire a bankruptcy
attorney who can explain your options and help
you decide which steps to take
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Want to Know More about Bankruptcy and
Foreclosure In Ohio?
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Content provided by Best Legal Practices
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