Filing for bankruptcy is never an easy decision to make. However, when your debts reach the point that you are unable to pay your bills, you need to decide to do something. While you can certainly wait, the moment that a foreclosure comes into play, you need to consider bankruptcy as a very real possibility.
What you are going to find is that by filing for bankruptcy, you are going to have the potential to stop the foreclosure proceedings that are taking place on your home. This is done by opting for a Chapter 13 bankruptcy and when it is filed, you have an automatic stay placed on your home. However, this doesn't automatically stop your payments overall to the creditors you owe.
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Chapter 13 bankruptcies are unique in the fact that you will still have the debts you owe, but your payments for these debts become more manageable. The court will take into consideration the debts that you have listed and they will compare it to the income you have coming in and your disposable income will be allocated through these different debts that you owe.
As an added bonus to this process, you are going to find that the moment that you filed for bankruptcy in this manner, your creditors are no longer allow to proceed with most styles of collection activities. This will of course include the foreclosure process that is taking place.
However, in this process you do need to consider some factors. To begin with, there are limitations on how often you are going to be able to file for bankruptcy. Along with that, you are going to find that your credit is going to be impacted. The fact that you filed for bankruptcy is going to remain on your credit report as well. After a period of time this will not have as much of an impact on your potential for credit, but since you have a 7 year period attached to your credit history, you might want to consider that.
Filing for bankruptcy though in terms of handling a foreclosure can be a great idea. You do need to keep in mind that you are going to need to start this process before any sale takes place. This is the end stages of the foreclosure process and you are going to be without your home and there is no recourse that you are going to have.
It is vital that you spend the time to consider all the factors that are going to come into play while you are filing for bankruptcy. This is a process that should not be taken lightly and while it can help you to deal with a foreclosure that you are facing it is important that you understand all the facts that come into play with it.
If you want to begin this process, take a moment to do a consultation with a bankruptcy attorney. This individual will be able to review your debts and will let you know the best route to take in this process.
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