In most cases it is a shortage of income that leads an individual into bankruptcy, simple because their debt outweighs the money they are bringing in. The majority of people going bankrupt are not doing so simply because they don’t want to pay their debts, it’s a matter of them not being able to. As a leading Dayton bankruptcy lawyer I fully understand this, as I too have experienced the downside of unavoidable debt burdens.
The Fear Of Losing Your Home
If you are in a situation where you are at risk for foreclosure the first step is to seek guidance. It is important that action is taken quickly to put a stop to the foreclosure proceedings. Filing for bankruptcy will allow for this. This doesn’t just apply to a foreclosure on your home either, but is applies to other lenders who are trying to take action against you. Before you start we need to determine whether you are eligible for a chapter 13 or chapter 7 bankruptcies. Each of these have different outcomes, but they are both designed to life the pressure of the debt off of you.
A chapter 7 bankruptcy will delay the actions, but the end result may be that you will have to liquidate your assets which may include your home. Some lawyers prefer chapter 13 for handling debt, as it may be a more effective way of allowing an individual to keep their home. I prefer to explain both types of bankruptcy to you, determine what you are eligible for, and what the possible outcome may be.