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Bankruptcy may be best option for preventing foreclosure

From an early age, we are encouraged to work hard and pursue the American Dream. And for many people, home ownership is an important part of that dream. Unfortunately, sometimes life can throw you a curve, and you experience unexpected financial hardships. If you are a homeowner, such hardships can make it difficult to keep up with your mortgage payments. And if you should fall too far behind, you face the very real threat of having to give up your home to foreclosure.

If you have started receiving letters from your lender informing you that you are in arrears with your mortgage payments, you will have to take some kind of action very soon if you hope to keep your home. But what is the best course to take?

Well, first and foremost, get in contact with your lender. The situation will only get worse if you ignore the warnings your lender is sending you. But if you get in touch with the lender and let them know about your financial circumstances, they may be able to provide you with some help.

There are various alternatives available for preventing a foreclosure. For example, you may be able to renegotiate your payment plan. It may even be possible to have your payments suspended for a period of time.

But if you should find that you cannot take any of these avenues then you may want to consider filing for a Chapter 13 or Chapter 7 bankruptcy. By filing for bankruptcy, you can have your foreclosure halted. Bankruptcy will offer you an opportunity to get a breather wherein creditors, including your home mortgage lender, must stop sending you letters demanding payments.

To find out what sort of plan suits your personal needs, you may wish to consult with a Texas bankruptcy attorney. An attorney who understands the intricacies of bankruptcy can advise you on your options and which of those options will best serve your long-term interests.

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