Foreclosure is increasing at an alarming rate in the U.S. While the federal government is concerned about people losing their home, little attention is paid to the fact that for many people saving their home might not be the right option at all. With Chapter 13 bankruptcy, it is possible to protect your dwelling place. But is that the right thing to do irrespective of your situation? Let’s discuss. When you consider debt relief programs, you should weigh all your options including the justification of keeping your home. People in financial trouble sometimes ask the wrong questions to themselves or their attorneys. For instance, they raise questions like if it is possible to avoid foreclosure or whether the lender will respond to their plea or can they file chapter 13 bankruptcy to save their home etc. However, we should use “should we” instead of “can we”. We need to make the most suitable choice on the basis of logic and not emotions.
It is wise to consider the following things to decide if it is viable to save your home or not:
Do you know that it is possible to file chapter 13 bankruptcy and still surrender your home? To be aware of options like this you should consult an experienced bankruptcy lawyer early enough and know your choices.