When debt starts to become unmanageable, it can take a shockingly short amount of time for every asset that a family depends on to be placed in jeopardy. From a family car to a family’s residence, debt-related financial obligations can overwhelm budgets and risk the continued ownership of valuable assets.
If you are struggling with debt to the degree that you are worried about the risk of foreclosure, you truly understand how stressful such financial challenges can be. Thankfully, there are things that you can do to address this risk in order to place yourself in the strongest possible position to keep your home.
Is filing for bankruptcy the best option available?
There are numerous ways to address a foreclosure risk. Depending on how close your house is to being foreclosed upon, you may be in a strong position to negotiate with your lender, refinance your house or otherwise avoid bankruptcy.
However, it is possible that you’ll need the protection that bankruptcy affords to have enough time to negotiate with your lender and get caught up on overdue repayment obligations. Every situation is unique. As a result, it is generally a good idea to seek legal feedback before committing to a particular approach, especially given that your home is at stake.
If your financial circumstances have become – or are soon likely to become – so dire that filing for bankruptcy may be necessary to preserve your ownership interest in your home, do not hesitate to reach out to our firm for personalized legal guidance and support. Reach out to the reputable team at The Quinn Law Firm at 814-833-2222 today to get started. We look forward to speaking with you.
