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Bankruptcy as a tool to help you keep your home

On Behalf of | Dec 27, 2018 | Chapter 7 and Chapter 13 Bankruptcy, Firm News | 0 comments

Facing financial obstacles can be scary for anyone, but when a Colorado resident is threatened with an economic crisis that could impact their loved ones, they may be ready to do whatever they can to shield their dependents from harm. This is especially true when that person is subject to foreclosure proceedings that could put their home at risk of being lost. For readers who are not familiar with the topic, foreclosure happens when a lender repossesses a property after the default of a buyer who cannot make their payments.

Though this post offers no legal advice to its readers, it may be possible for some individuals who are facing foreclosure to avoid the process by filing for bankruptcy. There are two forms of bankruptcy that cover the majority of personal bankruptcy claims in the United States. Those are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 bankruptcy and Chapter 13 bankruptcy are each subject to their own filing rules and procedural regulations. Debtors may be asked to perform different tasks for their bankruptcy courts depending on which form they choose to pursue. Since different interests may be served by these different forms of bankruptcy, it is important that people facing foreclosure seek assistance from professionals to make good choices about their futures.

The Bruntz Law Firm assists individuals who need to protect their homes from foreclosure. Bankruptcy is only one of the many tools that may support their clients in achieving this goal. In some instances, bankruptcy isn’t advantageous to an individual. This is why it is important to discuss these matters with a qualified legal team like the one at the Bruntz Law Firm. More information and help from the Bruntz Law Firm can be attained by contact it through its informational website.