In the course to avoid foreclosures, Bankruptcy can be the most reliable option today especially to many homeowners who face foreclosure and the best solution for a lot of extreme financial hardships. Filing bankruptcy will put the entire foreclosure process on hold, which is very important for homeowners in the present scenario when economy is facing recession and they are getting affected by it. But there are many questions to be answered in this regard without which, it is a risk to declare bankruptcy. The questions that haunt our mind are “How long the foreclosure process is stopped for?” and “What is the particular chapter of bankruptcy that a debtor requires to file?” A Chapter 7 bankruptcy, also referred to as "liquidation," completely eliminates all of a debtor's legal liability to pay unsecured debt. If a Chapter 7 debtor is facing foreclosure, the bankruptcy will temporarily halt the foreclosure process until one of the following...

You can't see a future beyond your debt mountain. You have lost all hope. But don't because help is right here. If you are considering declaring yourself bankrupt well then you definitely must consider the following points before you do, because there is still hope. You need to pay attention to your money. Prepare a monthly budget, put down all the incomes against the expenses, and note the left over. Get your copy of credit report, which is available, free of cost. Note down any discrepancies, identify it to them. The way to get out of this is to settle your debts. Make affordable payments of your left over budget and divide it to pay on each of the creditors. Offer to settle some 30% each year to your due accounts. Talk to your creditors and offer them to pay on time every month for a longer period of time instead of nothing at all. Keep copies of all the communication. Pay your dues on time and you will within no time see yourself getting out of...