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Can I Prevent Foreclosure by Filing for Bankruptcy?

In many instances, bankruptcy can be used as an effective foreclosure defense to help an individual save his or her family home. Falling behind on mortgage payments or going underwater due to a second mortgage or an unstable housing market may put your home at risk of foreclosure. While there are numerous debt solutions that can be used to help prevent foreclosure, one of the most aggressive ways is to file for bankruptcy protection. If you have found yourself facing foreclosure, our firm may be able to help. Jackson & Oglesby Law LLC is a Better Business Bureau (BBB)-accredited law firm whose lawyers have helped countless individuals avoid losing their homes to foreclosure.

We understand that situations in life can change and we also realize that you may have found yourself in the unfortunate position of being unable to keep up with your financial obligations due to circumstances beyond your control. Whatever got you to the point where you are now, our lawyers are committed to helping you come up with a viable solution to alleviate your financial worries and give you a second chance at financial freedom. Chapter 13 bankruptcy is usually the best bankruptcy option for individuals who want to save their home from foreclosure, although Chapter 7 bankruptcy may be a viable choice in specific circumstances.

In Chapter 13 bankruptcy, a 3 to 5-year repayment plan is created which gives the debtor a way to catch up on past due mortgage payments and unpaid debt without fear that any other legal actions will be pursued. Another benefit of filing for Chapter 13 is that a second mortgage could be "stripped," when the value of the property has been diminished and the second is no longer secured by the value of the home. To get started, call our firm today so that one of our experienced bankruptcy lawyers can review your current mortgage situation and advise you as to whether filing for bankruptcy may be right for you. If bankruptcy is not in your best interests, we will be here to assist you with a variety of other debt-relief options that can still help you attain true debt relief and avoid foreclosure.

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