File for Bankruptcy To Stop Foreclosure

Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you (including your mortgage), at least until your debts are sorted out according to the law.

The important thing to realize is that bankruptcy laws and exemptions differ from state to state and province to province. That's why SaveMeFromForeclosure.com and it's local affiliates have partnered with the leading bankruptcy attorneys in their local markets to make sure that our clients understand the different types of bankruptcies and what are the effects of filing bankruptcy on their future personal finances.

Filing for bankruptcy is not as easy as you may think. New bankruptcy laws went into effect October 17, 2005. The new bankruptcy law requires, among other things, individuals to go thru a minimum three-month credit counselling period before filing for bankruptcy. This was done in large part to stop people from abusing the bankruptcy laws by filing for bankruptcy a few days before their foreclosure. To learn more about the new bankruptcy laws and how it can affect a foreclosure click here.

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