Foreclosure may be part of the bankruptcy process.
When you decide to declare bankruptcy, your assets may be used to pay back a portion of your debts to your creditors. For example, during the bankruptcy process, your vehicles, furnishings, and even your house can be used to pay back some of what you owe.
Although this does not happen to everyone when they file bankruptcy, foreclosure on a home can be part of the process. Foreclosure occurs when the borrower fails to make their mortgage payments and the lender repossesses the home and attempts to sell it. Not only can foreclosure make it difficult to find another place to live, but this event can also negatively impact your credit. If your home is foreclosed on, this event will stay on your credit report for seven years from the date of your first missed payment.
Although foreclosure can be a difficult event to endure, if it occurs as part of the bankruptcy process, we are here to help at Arnold Law Offices. We can guide you through the process, help you prepare for what is to come, and help you devise strategies for rebuilding your credit once the filing process is complete. Our goal is to reduce some of your stress and the uncertainty that comes along with foreclosure and bankruptcy.
We have offices in Pell City and Talladega, Alabama and are here to help you navigate the bankruptcy and foreclosure processes as seamlessly as possible. To learn more and to set up a consultation, contact us today.
At Arnold Law Offices, our lawyers can assist those facing foreclosure in Pell City and Talladega, Alabama.