How Bankruptcy Can Give You Protection From Foreclosure

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. But there's a new theory that states it is because people haven't been able to find jobs. 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. You need to be careful about just walking away. You could end up in debt and owing a deficiency balance if your home doesn't sell for the cost of your mortgage. 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: losing your home or getting protection from foreclosure by filing bankruptcy? After you have decided you want to keep your home, the next thing you should do is look for the best bankruptcy attorney you can find who can get your family back on the right track with credit card debt help, protection from foreclosure, and putting an end to 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?

by: Jim Brown

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