How Can Chapter 13 Bankruptcy Stop Foreclosure?

By Author: J.J. Yong
Total Articles: 963
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Facing severe foreclosure consequences and unsure of what to do next? Have you tried the many options to stop foreclosure such as refinancing, the hardship letter method, getting help from the government as well as others, but still failed in your efforts? Then there is one last option available for you that would undoubtedly work, yet is something that is definitely drastic and would require plenty of courage from your side. I am talking about opting to file for Chapter 13 Bankruptcy, a definite way to stop home foreclosure without a shout of a doubt!

Bankruptcy is without a doubt a quick way to get rid of al your debts, not only your mortgage debts, and allows you to start off your financial life on a new page immediately. Once you file for Chapter 13 Bankruptcy, not only are all your mortgage debts taken away, your lenders would also not be able to come after you once your home is auctioned off although you still owe them a decent amount of money. Once you file for Chapter 13, your debts are ultimately written off, and you will have to start life afresh again! Nevertheless this option should only be considered once ...
... you have depleted all the other solutions to fight foreclosure that are available to you, and all forms of negotiations have failed.

Not only would filing for Chapter 13 protect you from your previous lenders, it would also protect you from being sued over the home mortgage issue ever again! And it would also help you overcome other forms of debts that you might have at the same time such as credit card of vehicle loan debts. But remember, it is inevitable that you would lose your home, filing for bankruptcy only allows you to forget your past debts and start off again on a new note. Once you are considered bankrupt, your lenders would not be able to pursue you for any more cash over the home deal that went sour! Let the bankruptcy lawyers handle the case once you file for Chapter 13, and rest assured that you would not be bugged ever again in regards to the home that you once owned!

Stay free of harassing phone calls from former creditors and lenders over a home that you once owned once you have completed the filing for Chapter 13 Bankruptcy. Thus for the question of can bankruptcy stop foreclosure, the answer is most definitely a YES!
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