What You Need to Know about Bankruptcy to Keep Your House
Although some economists say that the recession is over, there have actually been more foreclosures recently in some cities like St. Louis, Missouri. It has been hit really hard by the economic downturn, with thousands unable to find work. So, how bad were the foreclosure numbers in August, 2010?
2,297.
This is the highest number of foreclosures in a month in the history of this city. What is the reason? Why did this city survive the initial phases of the housing crisis but is getting hit hard right now? Many people say it's because people took out mortgages they couldn't afford, or were locked into a bad interest rate. Some economists think that more people are facing foreclosure because they haven't been able to get a new job. The worst part when people get laid off or lose their job is that they face even more pain when they can't make mortgage payments and the bank forecloses on their home.
However, do they have to? What can you do to stop the bank from taking your home and get protection from foreclosure? A lot of folks don't realize that they can talk to a bankruptcy attorney who can help them keep their home by providing them with legal protection from foreclosure.
Many folks think that it's better to walk away from their home because they have been mislead by bankruptcy myths. This could ruin your financial future. If you walk away from your house and it sells for less than you owe on your mortgage, you will owe a deficiency balance of the difference. One of the best things to do is to speak with a great bankruptcy lawyer that can help you decide if a Chapter 7 bankruptcy or Chapter 13 bankruptcy is right for you--helping you with credit card debt, and offering you protection from foreclosure and creditors. With a fresh start, you will be free to rebuild your credit and finances from a clean slate--and avoid ever needing protection from foreclosure again.
Which sounds better: having your home taken away by the bank or filing bankruptcy for protection from foreclosure? If you make the choice to save your home, the next step you should take is to find a great bankruptcy attorney that will work for you to get your family protection from foreclosure, credit card debt help, and prevent wage garnishments. The best way to find the best bankruptcy attorney is looking for a bankruptcy lawyer that puts tons of free educational material about bankruptcy online. A new beginning is right around the corner. Are you ready?
About the Author
Jim Brown is a bankruptcy attorney based in St. Louis, Missouri. He has spent 15 years fighting an industry that consistently takes advantage of hard-working Americans.He started his firm, Castle Law Office, with his wife and best friend, Sherrie. In his spare time, he enjoys coaching youth hockey, golfing, and spending time with his three wonderful children.For more information, visit http://www.castlelaw.net
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