The rising number of people facing foreclosure issues has slowly prompted the population to resort to more drastic measures in their bid to stop foreclosure. Those who used to consider mortgage refinancing and the hardship letter for negotiation with creditors are now contemplating bankruptcy to stop foreclosure. This is indeed a more drastic action considering that if you application is approved, you would have to start off from scratch again financially without any assets registered under your name! Of course you would be debt-free when you are bankrupt, but you would also have to start collecting assets again from a fresh note, and keep in mind that it would be excessively difficult to gain loans or credit once you are bankrupt!
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Would filing for bankruptcy stop foreclosure effectively? Well, the answer to this question is yes, but to the question of whether you would be able to save your home, the answer is no! Some of the facts that you should be aware of before you apply for bankruptcy include:
1) Filing for Chapter 7 or Chapter 13 bankruptcy would successfully clear you of debts owed to your previous creditors, but you would not be able to retain your home as you would have to give up all your assets when you declare to be a bankrupt. Yes, you could forget about your mortgage debts and payments immediately once you are bankrupt, but remember that you would be left with practically nothing once the bankruptcy lawyers are done with you
2) I will make this point again to make it clear, there is no way you would be able to salvage your home if you are considering bankruptcy! Bankruptcy only allows you to clear your personal debts, but your home would still be seized by the lenders, and you would be left homeless anyway. On the bright side, the lenders would not be able to bug you on previous debt balances, as the bankruptcy court would put an end to this as well
3) Another fact that you should be well-aware of is the fact that the title of being a bankrupt would stick with you for the rest of your life! Every job application form out there has a portion which requires you to declare if you have filed for bankruptcy before, and it would reflect badly on your financial management abilities when you apply for jobs. Even applications for personal loans, future home and vehicle loans as well as credit card applications would be a lot more difficult than ever before. In short, you will be blacklisted once you declare bankruptcy!
Thus before you choose this option, sit down and think clearly and slowly, as the results could be disastrous for you. Choose this option only after you have tried all the other options and failed at them. All the best!
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