It seems as if all is lost. The collection calls and notices keep coming, and it may seem impossible to keep up financially. To make matters worse, the mortgage lender has gotten involved and is threatening foreclosure. Rather than struggling and sinking even deeper into despair, a Virginia resident may want to look at Chapter 7 Bankruptcy as a way to relieve the overwhelming burden and possibly even prevent mortgage foreclosure.
Medical bills, job loss or even out-of-control credit card debt can wreck one’s budget. As the individual attempts to keep up, it seems as if he or she just continues to get further behind. There has to be a way to stop the madness and achieve a fresh start without losing everything that he or she has worked for.
Filing for Chapter 7 bankruptcy may be the solution that the individual is looking for. Once the bankruptcy petition is filed and creditors are notified, the collection calls and notices will stop. Of course, this does not mean that everything simply goes away; however, as a part of the process, the majority of the individual’s debts will likely be discharged. Additionally, depending upon the individual’s circumstances and ability to pay, it is possible that secured debts, such as the mortgage, can be reaffirmed.
When the Virginia resident finds him or herself facing overwhelming financial burdens, it is time to seek legal assistance. By working with experienced legal counsel, the individual can make an informed decision. Chapter 7 bankruptcy may be the answer to his or her financial dilemma.