Foreclosure is at the forefront of issues in St. Louis with over 1,700 foreclosures a month on average in the area. Many families who never thought they'd have to seek protection from foreclosure are now staring at a foreclosure notice and wondering what to do. How can Missouri and Illinois homeowners get help with their residential foreclosures?
If the idea of a loan modification saving your home is making you nervous, your fears are not unfounded. What was once a great tool for getting relief with your mortgage payments has turned into a gamble. Why? The biggest banks just can't seem to secure a loan modification to help families get away from the danger zone of foreclosure. In fact, Bank of America has only been able to approve 4% of homeowner's requests.
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Those statistics don't exactly bring comfort and security to Missouri and Illinois homeowners. There is, however, a tool that can get you more reliable protection from foreclosure. A Missouri or Illinois Chapter 13 bankruptcy stops the sale of your home and lets you get a handle on the rest of your debt. How? With an automatic stay, a St. Louis bankruptcy lawyer prevents your creditors from continuing to harass you and allows you to get a handle on the rest of your debt.
If you are behind on your mortgage, it is likely that your home loan isn't the only one giving you trouble. Missouri and Illinois Chapter 13 works for homeowners because it not only stops their foreclosure but helps them with the rest of their debts.
How did Chapter 13 bankruptcy get to be so powerful? Bankruptcy is a federal law that your creditors must accept. With the help of a St. Louis, Missouri bankruptcy attorney, your creditors will have to play on your turf.
Bankruptcy can still help you if your home has already been sold. If your home is sold for less than you owe, you will still owe the difference to your creditors. A Chapter 7 bankruptcy in Missouri and Illinois can actually eliminate the deficiency balance, along with your other unsecured debts. Plus, you get all of the other benefits of bankruptcy like stopping a wage garnishment, stopping repossession, and relief from harassing creditor calls.
Filing bankruptcy can be one of the most powerful moves you make against your creditors. Remember, though, bankruptcy may not be the best option for everyone. Find free information to educate you and your family before even calling a St. Louis Missouri bankruptcy attorney.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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