Facing foreclosure on your home is something you never wanted to experience, but yet, here you are. Ultimately, you want to keep your home, but all of your attempts to talk to the bank about refinancing programs haven’t panned out. Meanwhile, you are getting further and further behind on the loan, and you are seeking ways to Stop Foreclosure in St. Louis.
The moment you feel that you are going to head towards foreclosure, you need to act. Essentially, you have to get ahead of the bank by taking legal action first instead of being reactionary. In other words, don’t wait and talk to lawyer about what steps can be taken to keep the ball in your court, not the banks.
Bankruptcy, or more specifically, Chapter 13, is a version of bankruptcy that allows you the ability to reorganize your debts. It is also an excellent tool to help you stop Stop Foreclosure in St. Louis and help you keep your home. This is possible due to the fact that the court essentially forces your creditors to accept what you are able to pay on your debts. Your secured debts, such as a mortgage, are caught up first through the bankruptcy, with the unsecured debts, such as credit cards, paid afterwards. Combine this with the automatic stay which keeps creditors from repossessing your assets and a Chapter 13 becomes something positive that helps you with your finances.
A Chapter 13 bankruptcy St Louis lasts anywhere from three to five years, and any remaining debt at the end is discharged. In the meantime, all of your debts have been reorganized, caught up and you can resume paying on them normally after everything is done. Your credit rating also takes less of a hit as you are still paying on your debts which are reported to the credit rating agencies. Ultimately, a Chapter 13 puts you back in the driver’s seat with your finances. Day to day living becomes much less stressful, knowing that creditors can’t contact you and that your home can’t easily be taken away anymore.
For more information about keeping your home, contact the Law Offices of Steven K. Brown to speak to an attorney today.
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