When you and your family are facing the possibility of losing your home it can be incredibly stressful. Many people are upside down on their mortgage. With a tough job economy families may be facing foreclosure if they have recently lost a job, or are having difficulty making the increasingĀ mortgage payments. Loan modifications may not have helped get your payments under control. If you have exhausted your options you may want to seek the advice of a bankruptcy attorney.

Although bankruptcy can be a scary option, it might be the only one you have. Depending on the area in which you live your home may not be able to sell at what you need to pay off the mortgage. Losing your home to foreclosure may force your family out onto the street. When you seek the advice of a bankruptcy attorney they can help you understand your options.

Bankruptcy should never be your first option. Bankruptcy is a debt management option that should only be entered into if there are no other options. Bankruptcy can stay on your record for up to 10 years, can affect your credit, and your ability to buy another home. On the other hand, Chapter 13 bankruptcy can stop foreclosure proceedings and allow you and your family to stay in your home. Chapter 13 bankruptcy will allow a judge to set a repayment schedule that will work with your current income scale.

While the laws of bankruptcy can be confusing, your bankruptcy attorney can help you navigate through the entire process. Your bankruptcy attorney from Galarza Law Firm can help you interpret bankruptcy law so that you can resolve your debt issues.