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There is no “cure” for a foreclosure of your home, but bankruptcy can certainly help. If you haven’t lost your house yet, but are behind in the payments, go talk to a competent bankruptcy attorney as quickly as you can. There might be a way to save the home in a Chapter 13 bankruptcy.
If, on the other hand, you’ve already been the victim of a foreclosure, bankruptcy can help there too.
First of all, if you haven’t been evicted from the house yet, filing for bankruptcy will slow the process down and give you some more time to move out. It might also give you some time, while you’re not making a house payment, to save some money to rent a nice place to live.
Additionally, after the foreclosure there are often bills stemming from the house that need to be taken care of and bankruptcy will do just that. For example, there might be unpaid homeowner’s dues, a line of credit on the house, electric bills, etc. All of that kind of unsecured bill can often be discharged in a bankruptcy.
So, whether you are just a little late on a house payment, or are facing imminent foreclosure, now is a good time to consult a competent bankruptcy attorney.
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