Nearly every Mississippi resident has encountered money problems at some point. Especially if recent years, many people have lost income or have had trouble making ends meet due to rising costs of living caused by inflation. If you’re one of many people who are worried about possible foreclosure on your home because you’re having trouble making mortgage payments, there is an option available that may help resolve the problem.
You can file an emergency bankruptcy petition to halt foreclosure
There used to be a negative stigma attached to filing for bankruptcy. However, more and more people nowadays are learning that bankruptcy can be a valuable financial tool to help alleviate debt and restore financial stability. In some cases, it can also help an individual keep from losing his or her home to foreclosure.
Filing for bankruptcy results in an “automatic stay” against any collections, repossessions, wage garnishment or foreclosures. A stay provides time to review finances and perhaps restructure a mortgage payment plan in order to get things back on track. If there’s a pending foreclosure, a bankruptcy petition may be the only viable way to stop it immediately.
Reach out for legal support
Trying to resolve a severe financial crisis, especially one that includes possible foreclosure, is often complicated and stressful. The Walsh Law Firm, in Mississippi, provides strong support to those who wish to explore emergency bankruptcy options to help stop foreclosure, halt harassment from creditors or learn more about how to propose a restructured payment plan to alleviate debt and lay the groundwork for a stronger financial future.