Author : Jim Brown

While some people look to Missouri or Illinois Chapter 13 bankruptcy for protection from foreclosure, some still think that it would be best to let their home be sold at auction After all, aren’t you free and clear of the debt if your home is sold? The answer to that question may surprise you

If your home is sold, the bank doesn’t just call it even Creditors will still take action against you If your home is sold for less than you owed on it, the difference between what you owed and what the home was sold for is the deficiency balance and you are still required to pay it For example, say you owe $80,000 on your mortgage but your home goes to auction and only sells for $60,000 You will have a $20,000 deficiency balance that you are required to pay And your creditors will do whatever it takes to get that money back from you They can obtain a judgment to garnish your wages or even levy your bank accounts to get that debt repaid

Can you imagine owing money on a home that you could no longer call yours? That is often a reason for people to seek out an experienced Missouri or Illinois bankruptcy attorney to speak with about Chapter 13 A chapter 13 bankruptcy stops foreclosure dead in its tracks and prevents your creditors from taking any more action against you By the time that people have defaulted on their mortgages, they have also usually run into some other debt problems Chapter 13 bankruptcy is the only option for protection from foreclosure that can truly help you with every aspect of your debt It can give you credit card debt help, stop car repossession, and stop a wage garnishment If you have let your home go to foreclosure, Chapter 7 bankruptcy can help you get rid of the deficiency balance and still handle the rest of your debt

If you are facing foreclosure, it would be in your best interest to talk to a St Louis Missouri or Illinois bankruptcy attorney right away He or she will be able to tell you exactly what a Missouri or Illinois bankruptcy lawyer is capable of helping you with and make sure that you can get the protection from foreclosure that you and your family deserve

Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, ‘Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.’ You can request a free copy by visiting his website at http://www.CastleLaw.net .

Syndication Source: Article Wild

Filed under: Healthy Home

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