In these difficult financial times, more and more people are losing their homes to foreclosure. If you are one of them, the help of an experienced Will County or Joliet Bankruptcy lawyer can be invaluable to saving your house or protecting you if you walk away from your home.
You may not know it, but in most cases you can keep your house in bankruptcy. Filing bankruptcy will automatically put a stop to collection calls, garnishments, pending court dates, foreclosure and repossessions. But you must act quickly. Filing a bankruptcy in Will County, Illinois after a foreclosure date will not get your home back.
There are many ways that bankruptcy helps people facing foreclosure. In all cases, people filing for Chapter 7 or Chapter 13 bankruptcy are granted a special court order called an automatic stay. The automatic stay directs your creditors to stop foreclosure activities immediately. Chapter 13 bankruptcy will allow you to become current on your mortgage if you fell behind. If your goal is to keep your house, bankruptcy gives you the power to have your mortgage reinstated if you complete the Chapter 13 plan. If you do not plan to keep your home, you can protect yourself from the lender coming after your for the loan after the house is sold in foreclosure.
Alternatives to Foreclosure
In addition to bankruptcy, you have other options to save your home from foreclosure. We may also recommend other options — short sales or loan modifications — to help you effectively manage your debt and avoid a mortgage default. Call Hamilton & Antonsen, Ltd, experienced Will County bankruptcy lawyers to get started today.