One of the most difficult experiences a person can face is the threat of foreclosure. Losing a home means more than just finding a new place to live, it means losing out on a piece of the American dream. If you are behind on your mortgage and worry that you may lose your home, a Philadelphia bankruptcy lawyer can discuss your options and help you find a solution. Through bankruptcy, it may be possible to keep your home while getting your debt problems under control.
When people are deep in debt, they will often exhaust every option before speaking with a Philadelphia bankruptcy attorney. One option that people think might help include debt repair or debt counseling companies. These companies advertise that they can reduce a person’s monthly payments without filing bankruptcy. In reality, they often take the client’s money and do little, if anything, to actually help them. If a debtor is considering a credit repair company, they should be aware of certain warning signs that the company is a scam.
In Chapter 7 bankruptcy, a debtor receives a discharge from their unsecured, non-priority debt after liquidating any assets they may have. Some people hear this and think it will ultimately leave them broke when the process is done. In reality, most people who file Chapter 7 pay nothing back at all. This is called “no asset bankruptcy.” If you have questions about qualifying for this form of bankruptcy or questions about what you may have to pay back, a Philadelphia bankruptcy lawyer can answer after learning the facts of your case.