If you are struggling with debts and maintaining a healthy cash flow in the state of South Carolina, you may be worried about losing your home to foreclosure. This can be a very real possibility for those who have not been able to keep up with their loan repayments.
The potential lose of your home is one reason why it is important that you take action and utilize one of the many options you have in order to avoid foreclosure and keep your house. One option that many struggling home owners choose is filing for Chapter 13 bankruptcy.
Can Chapter 13 bankruptcy help me to avoid foreclosure?
Filing for Chapter 13 bankruptcy can help to buy you time to gain back control of your finances. It can help you to do this through the implementation of the automatic stay. An automatic stay is put into place when you file for bankruptcy, and it means that creditors must halt all debt collection efforts. This means that they cannot proceed with the process of foreclosure.
Additionally, a Chapter 13 bankruptcy helps debtors to create a repayment plan so that they can catch up on delinquent payments such as missed mortgage payments. This can help debtors to get to the root of their problematic finances, and they can also potentially benefit from a debt discharge once they have completed their payments under the plan.
If you would like to learn more about how Chapter 13 bankruptcy can help you avoid foreclosure in the state of South Carolina, it is important to take action and learn more about the law.