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Get help to save your home by choosing bankruptcy

If you're in a difficult financial position, you may be thinking about applying for bankruptcy. Bankruptcy can be an excellent way to help you get better control of your finances, and it has a number of benefits. In fact, once you begin a bankruptcy, collections activities usually stop, so you know that you'll finally get relief from the harassing calls and letters.

The trouble that you're running into is that you're concerned that you will lose your home, personal property and possessions. You've worked hard to buy a home, car and the other items that you consider necessities. You don't want to lose your home over a lost job or debts that have spiraled out of control. Fortunately, the truth is that many of your possessions will remain in your hands at the end of the bankruptcy thanks to the exemptions currently allowed.

Both Chapter 13 and Chapter 7 bankruptcy are designed to help you avoid foreclosure

To start with, consider Chapter 7 and 13 bankruptcy's true purposes. They are designed to help you stop foreclosure and reposession. For example, under Chapter 7 bankruptcy, you may keep your vehicles, home and personal property as long as those items are exempt from the bankruptcy and you can keep up on any payments that you owe.

Chapter 13 bankruptcy allows you to keep your home and vehicle, for example, because it sets you up on a monthly payment plan that lasts for the next three to five years. This helps even if you're behind on your payments or if your property isn't exempt, because you can catch up on what you owe over time and potentially have some of your debts discharged after you emerge from bankruptcy.

It's a myth that you can't stop foreclosure once it begins

The moment you enter into bankruptcy, collectors, including lenders who are trying to collect on your home, must stop making harassing phone calls and trying to collect. Your attorney will handle many of the conversations that come after this. So, if your mortgage lender calls to try to collect, forward them to your attorney's office and let them know that you're entering bankruptcy.

Getting the right help does make a difference in a bankruptcy and foreclosure case

The idea of losing your home is horrible, because you've put your time and effort into making it a loving, welcoming place to be. Fortunately, there are steps you can take to protect your property and work toward a solution.

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The Law Offices of Philip F. Counce

3333 Poplar Ave.
Memphis, TN 38111

Toll Free: 866-923-1788
Phone: 901-201-6012
Fax: 901-458-1701
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