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When it comes to a Missouri or Illinois foreclosure, you have a few choices. The fate of your home is in your handsand you don't have much time to decide what to do. It is important to do what is right for you but equally important to get all the facts before making a decision.
If you want to get protection from foreclosure, you can file a Chapter 13 bankruptcy with a St. Louis or Wentzville, Missouri bankruptcy attorney. On top of stopping your foreclosure, filing Chapter 13 will stop any wage garnishment, get you credit card debt help, and prevent your creditors from taking any more action against you.
Plus, filing a Chapter 13 isn't the big risk that requesting a loan modification is. America's biggest lender has only been able to approve 4% of loan modification requests, leaving the other 96% without protection from foreclosure and a mortgage that they already can't afford. Chapter 13 is backed by the federal government and gives you protection from being sued, creditors going after your other property, and any other judgments against you.
If, however, you must make the tough choice to surrender your home, there are some different options available. It is important to know that whether or not you get protection from foreclosure is a choice. Saying that you want to "walk away" from your home is not exactly accurate. There may be consequences for letting your home be sold in foreclosure.
If your home is sold for less than you owe, you may still owe the difference. For example, if you $100,000 on your home but it only sells at auction for $75,000, there will be a $25,000 deficiency balance. You can, however, get rid of this balance.
Chapter 7 bankruptcy in Missouri and Illinois will eliminate the deficiency balance and help you get back on your feet after the foreclosure. If you file a Chapter 7, you can surrender your home without the worry of never truly escaping your mortgage debt.
Of course, it is important for you to make the decision that is best for you and your family. Know the consequences of each move you make so you can make a plan that will ensure the best life for you and your family.
You can get the best facts by looking for free information from reputable attorneys in your area. While many offer free consultations, the best bankruptcy attorneys often offer free publication, bankruptcy FAQ, and blogs to help address your toughest questions.
