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Chapter 7 may help Kentucky residents keep their homes

Many Kentucky residents will face some type of financial hardship during their lives. In some cases, those difficulties may even put homes at risk of foreclosure. When this happens, families may wonder what they will do if they lose their homes, but before thinking of the worst case scenario, parties may want to consider Chapter 7 bankruptcy as an option for stopping or slowing down foreclosure efforts.

Receiving notice of foreclosure can be a major blow to anyone. The majority of people do not intend to fall so far behind on mortgage payments that this type of situation arises, but it can happen more easily than often believed. Fortunately, when faced with this predicament, people do not have to simply give up and relinquish their homes to their lenders.

Parties can explore various ways to address foreclosure, like loan modification or refinancing, but in more dire situations, Chapter 7 bankruptcy may be a feasible route to consider. Filing for bankruptcy results in an automatic stay coming into effect, which means that foreclosure proceedings will stop for at least a period of time. This gives the individuals the opportunity to address their financial obligations through the bankruptcy process and possibly save their homes.

Many people do not fully understand the benefits of Chapter 7 bankruptcy or how it could help in cases of foreclosure. Fortunately, interested Kentucky residents can obtain information from knowledgeable attorneys who can explain whether this option suits their particular circumstances and how the process could help overall. Having the right information could mean the difference in losing or keeping a home.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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