BANKRUPTCY
In some cases it
eliminates the legal
obligation to pay most or
all of your debts. This
is called a "discharge"
of debts and depends on
your financial situation
and the courts decision.
Bankruptcy in general is
designed to give you a
fresh financial start, but in most
cases does not
eliminate you paying
your debt. Bankruptcy does not
eliminate the right of
mortgage holders or car
loan creditors to take
your property to cover
your debt. There are
certain exemptions when
filing bankruptcy that a
professional bankruptcy
lawyer will explain to
you after reviewing your
case. In most cases it
provides a temporary stay
to reorganize debt and
may allot enough time for
you to catch up on your
payments so that you can
keep your house, car,
etc. which creditors may
be trying to take
back.
PRICE TO
PAY
Bankruptcy is not a
pleasant experience, it
involves attorney fees
and multiple appearances
in court. The filing will
become a matter of public
record and the mark can stay
on your credit file for
7-10 years depending upon your state. Bankruptcy
usually causes a large
financial burden on
people who want to buy
another house, rent an
apartment, purchase a
car, even things like
getting a cell phone,
water service, etc may be
daunting. The mark
on your credit proclaims
to the world that you
were unwilling to find a
solution to your
situation. It makes
borrowing money or paying
for services in the
future a bigger challenge
and interest rates are high until the
bankruptcy comes of your credit
report.
WHEN SHOULD
YOU CLAIM
BANKRUPTCY
Bankruptcy
should not be claimed
until you have no other
option and have exhausted
every avenue
possible. The
filing of a bankruptcy
will stop foreclosure and
the mortgage company must
cease all collection and
legal activity by law.
This is a
temporary stay and
depending upon what type
of bankruptcy you file
will depict how your
mortgage and other debt
is handled. Note
bankruptcy will not
eliminate your obligation
to your mortgage lender
and they have the right
to foreclose on the
property if you decline
to make payments on the
property. If your intentions
are to claim bankruptcy
so that you don't loose
your property you should
talk to a professional.
Most properties end up
going into foreclosure
after bankruptcy because
the person still is
incapable of meeting
their mortgage payment obligations.
The result is
they loose their property
and the matter becomes
public record along with a
bankruptcy notation on
their credit
report. Talk to us before you
become a victim of bankruptcy and
loose your home, there is a way out.
HRS vs.
BANKRUPTCY
If bankruptcy has crossed
your mind because you want to keep
your home and you have
not spoke with one of our
agents we may be your
last chance.
Bankruptcy can be very
costly and time consuming
and in some cases leave
you in a position that is
worst than your original
situation. HRS's
philosophy is to
eliminate your largest
debt without the cost of
your
credit being ruined. Claiming
bankruptcy will not eliminate your
debt to a mortgage company
therefore you may still
be where you started
after bankruptcy.
If you are faced with a
mortgage foreclosure and
are thinking about
bankruptcy please contact
us for a free
consolation. If you meet
our purchase requirements
we can purchase your
house in as little as
seven days. Your
credit will be saved from
a bankruptcy notation and
you will have the freedom
of purchasing another
property or renting a
property until you are
financially
stable.
DISCLAIMER
