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Can a personal bankruptcy really stop foreclosure?

Since the most recent economic recession, many homeowners in Cuyahoga Falls as well as in other parts of the country have experienced the financial pain that comes from being underwater with their homes. Fighting to keep one’s head above dangerous financial waters can be made that much more difficult if he or she owes 25% or more than what his or her house is currently worth. Yet with housing market just now starting to show signs of recovery, how realistic is it too assume that these struggling homeowners will be able to get out from under those mortgages and still be able to find adequate housing?

All too often, those facing this financial predicament end up with their homes in foreclosure. They usually reach this point after having been refused any sort of loan modification from their lender. Personal bankruptcy has become a common way that many homeowners have chosen to combat foreclosure. Yet those who think that this is equates to a “get-out-of-jail-free” card when it comes to their mortgages are often disappointed to find out that all bankruptcy does is delay having to deal with the foreclosure until later. Services are out there that advertise being able to rescue homeowners from foreclosure, but these companies often encourage serial bankruptcy filings, which is against the law.

Rather than placing one’s trust in any of these outfits, he or she may be better served working with someone who truly understands how bankruptcy can help them stop foreclosure by cooperating with the bankruptcy court. That sort of help may found in the form of an experienced bankruptcy attorney. 

Source: Huffington Post “Bankruptcy: The Foreclosure Kill Switch” Jorge Newberry, Apr. 22, 2013

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