Can Bankruptcy Stop Foreclosure?

How can bankruptcy stop foreclosure? Lately, we've been hearing a lot on the evening news about sky-high foreclosure rates and for good reason.

Will bankruptcy stop foreclosure? Is this your best option?

Did you know that every 13 seconds another home enters foreclosure in this country, according to the Center for Responsible Lending (CRL)? People just like you are facing both foreclosure and bankruptcy these days.

That means that since the beginning of the year, 743,289 foreclosures have occurred at the time of this report.

But these numbers aren’t just about physical houses going back to the bank—the numbers represent families whose lives have been torn apart. This is not just about foreclosure vs bankruptcy.

There are many reasons why a family can fall behind on their bills and enter foreclosure, but some of the more recent reasons are:

• Banks giving out bad home loans
• The collapse of the housing market
• The high unemployment rate
• People losing savings in the stock market
• Unethical Wall Street trading practices

Whichever the reason, some people are finding relief and saving their homes by filing bankruptcy.

Bankruptcy Was Designed to Resolve Debt & Protect Property When the U.S. Bankruptcy Code was crafted, it was intended to help people resolve debt.

Fortunately, the Code also has provisions under the automatic stay that can protect a filer’s property.

The automatic stay is typically issued immediately after a person officially files bankruptcy and is an order that can:

• PROHIBIT Creditor Contact (no more phone calls or collection letters!)
• STOP Foreclosure
• PREVENT Repossession
• STOP Utility Shutoffs
• HALT Lawsuits & Wage Garnishments

If you're facing foreclosure, repossession or any other type of collection threat, bankruptcy may be able to help you protect your hard-earned property.

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