Foreclosure is a very difficult process to go through especially if the home you are in is a place where you have many memories with your family. When you need more time in your home to prepare to make a change and let your home go, Bankruptcy Law Professionals can help you get that extra time. A combination of bankruptcy and foreclosure may get you in the best situation to maximize your recovery from difficult financial times. Bankruptcy protection may be able to get you several more months in your home before you need to move into a new place. Bankruptcy protection is designed to help you get into a better situation, not rush you out of your current situation out into the street. As all foreclosures are difficult, bankruptcy protection may help ease the impact of foreclosure and the sudden change in you and your family’s life. You could possibly use the time to save more money to help with a security deposit or down payment in your next home. You could also use the time to prepare for the transition if you haven’t had time to pack your belongings or move them.
If you have been contemplating foreclosure or a short sale and need some advice on how it can impact your debt situation down the line, contact Bankruptcy Law Professionals. We are able to let you know how you can be protected from looming debt as a result of a foreclosure or short sale. If you have a HELOC or Home Equity Line of Credit or 2nd loan on your home, you may be at risk of being responsible for that debt even after the foreclosure or short sale. A bankruptcy may be able to relieve you from the outstanding debt from a HELOC or 2nd mortgage after losing your home.
Contact us to find out more about your rights in bankruptcy protection whether you are facing a foreclosure, short sale, or if you have already gone through a foreclosure or short sale situation. You need to address all the left-over issues to make sure you are prepared to build a better situation for yourself in the future.
