The thought of being turned out of one’s home and having nowhere to go is terrifying. Yet, many people in Mississippi face this as a very real prospect. Such situations often occur through foreclosure. A homeowner falls behind in mortgage payments, and the lenders call in the loan. One thing that can stop foreclosure in its tracks is bankruptcy.
If a person files for bankruptcy, it activates a stay against collection attempts, litigation and foreclosure. Since there are various types of bankruptcy, it is important to determine which type best fits one’s needs. There are eligibility requirements associated with each program, as well.
Action cannot be taken against you until your financial crisis is resolved
Because all action against comes to a screeching halt if you file for bankruptcy, it means that you will have time to conduct a thorough review of your assets and liabilities, then come up with a plan for getting finances back on track. Such a plan will include paying off debt. In most cases, lenders do not want to proceed with foreclosure any more than homeowners want it to occur.
At Walsh Law Firm, we provide strong legal support to those who are worried that they’re going to lose their homes. Always stay hopeful because there are often numerous ways to resolve a financial crisis. The first logical step to take is to find out what options are available. You can do this by requesting a meeting with one of our experienced bankruptcy law attorneys.