There are few assets that could even be considered more valuable than your home. Sure, your car and some valuable family heirlooms hold value, but your home is the place where you feel comfortable. It’s where you live. It’s where you raised your kids. Losing your home is disorienting in a way that few other things could ever be.
So when you fall on tough financial times, losing your home will be at the top of your concern list. Thankfully, if you have immense debt and you need to file for bankruptcy, the bankruptcy process can save your home from foreclosure.
First of all, if you know that the bankruptcy filing is coming and you sense that foreclosure is on the horizon too, then it is best to act fast. Getting a Chapter 7 or Chapter 13 bankruptcy filing in as soon as possible increases your chances of heading off a foreclosure before it even happens.
Even if foreclosure action is taken, a bankruptcy can save you. Chapter 7 will eliminate your mortgage debt, and you could then reaffirm your mortgage after the bankruptcy. Chapter 13 also can help you with your debt, allowing you to reorganize your debts and put forth a payment plan that lets you catch up on your mortgage.
If you are struggling with debt and you fear your home could get foreclosed on, then you should consult with an attorney immediately. We at McBride Law are ready and willing to answer any questions you may have about your case.