No one wants to give up his or her home. Even when the bills are starting to become overwhelming and paying the mortgage seems impossible, there are still options for avoiding Foreclosure Casa Grande AZ residents need to consider. Despite the pressure from the bank and debt collectors, there are solutions available. Here are a couple of ideas for avoiding foreclosure and getting back on track financially.
Contact a Lawyer
When it comes to the potential of Foreclosure Casa Grande AZ residents should immediately seek out assistance from a professional well versed in local bankruptcy law. Filing for bankruptcy does not necessarily mean that a person must give up his or her house. A lawyer will be able to look at the specifics of a person’s situation and offer sound advice on how to proceed.
Learn About the Different Bankruptcy Options
For some individuals, Chapter 7 bankruptcy is the best option. Most people don’t lose their home during these proceedings and if they can prove that there is no way the debt can be repaid, a person usually ends up debt free by the end of the process. While this sounds appealing, not every person is eligible for this version of bankruptcy. When it comes to Chapter 13 bankruptcy, a person will need to come up with a repayment plan after all of the debts have been negotiated. In most cases, a person can still keep his or her primary residence while filing for this type of bankruptcy.
Make a Decision Based on the Situation
For some, the decision to file for bankruptcy is easy. They need to get some space between themselves and the debt collectors. They may want to be assured that no matter what, they can avoid foreclosure and keep their homes. Others still have lots of questions and concerns that need to be answered. With the help of an attorney, it is possible for a person to take a look at his or her specific situation and determine which option is the best. For many, this means working to keep their homes and figure out how to handle debts. Others may want to consider allowing the home to go into foreclosure in order to get fresh start financially.
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