Chicago Bankruptcy Attorneys Count on Chapter 13 to Halt Foreclosure and Save Your House
Call it a ripple effect - even though the occasional news report suggests the economy could be recovering, foreclosures are up almost 50 percent over last year.
This May, 261,255 homes received at least one foreclosure-related filing. That's up 176,137 during the same month a year ago - and 7 percent more than in April, according to RealtyTrac. Mortgages that are either delinquent or already in foreclosure now make up a whopping 12% of all home loans! And we can't blame the sub-prime crisis - for the first time, it's traditional loans making up more than half that number.
Yes, the housing market is in shambles. But for most people, it's not the mortgage that's the problem. The reason folks are behind on their payments is that they have so many of them, what with credit cards, IRS, medical and other debts. But just because you're drowning in debt doesn't mean you have to give up - you don't have to lose your house!
Chapter 13 repayment plans are a surefire way to prevent foreclosure and get back to current with your mortgage payments. Many of us earn enough of a steady income to pay the bills - just not all the bills. Chapter 13 is convenient because it stops foreclosure activity - or any other creditor actions, including lawsuits and harassment - while you work out a court-approved payment plan that you can afford. If you stay current with the payments for the length of your plan - typically 36 to 60 months - unsecured debts such as credit cards are often discharged completely, which is why we refer to bankruptcy as a fresh start.
At DebtStoppers, we can help you find out for free if a bankruptcy plan is right for you - all you need to do is sign up for our free one-on-one debt analysis. If you're one of the millions of Americans at risk for foreclosure, don't wait until the bank takes your home. You have a right to keep what's yours - it's called bankruptcy.