Foreclosure Rates High, Bankruptcy Offers Protection

Even though the recession has been going on for a few years now

, the foreclosure rate in some cities is actually at its highest in record. In one of the cities that has been hit the hardest, how many homes were foreclosed 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. Unfortunately, many of the people who have lost their jobs suffer further when they can no longer make their mortgage payments and lose their homes.However, do they have to? What can you do to stop the bank from taking your home and get protection from foreclosure? Most hard working people don't realize that they can talk to a bankruptcy attorney about getting protection from foreclosure--but that is exactly the kind of thing with which a bankruptcy attorney can help a family out.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. You can start your search for a great bankruptcy attorney by trying to find an attorney that has published a lot of materials about bankruptcy online. A new beginning is right around the corner. Are you ready?

Foreclosure Rates High, Bankruptcy Offers Protection

By: James Brown

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