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Can bankruptcy law halt a home foreclosure?

Although readers may associate an individual bankruptcy filing with events like losing one’s job or accruing substantial medical debts, there are other life events that can benefit from the protections offered by federal bankruptcy law.

The changes brought about by the loss of a loved one might also require a strategy for debt management. For example, a dual-income household might be unable to maintain the lifestyle previously established by the couple after those income streams are reduced to one. If substantial medical bills preceded the loss of a loved one, the combination of reduced income and larger debts might also prove unsustainable.

A recent story profiled the hardship experienced by a man who has lost his wife to Alzheimer’s after a long fight with the incurable disease. The couple had incurred many costs not covered by their health insurance, such as aides who provided assistance to the wife in the couple's home. After his wife’s passing, the man could no longer keep up with his mortgage payments. His home was foreclosed, and the man had to relocate to an apartment until a local fundraising effort came to his aid.

As a bankruptcy law firm, we know that there may be legal solutions to situations like this. Depending on the type of filing, the protections offered by bankruptcy law may stop creditor harassment, eliminate medical and credit card debts, and possibly even halt a foreclosure proceeding. To learn more about the fresh financial start that a Chapter 7 or Chapter 13 may offer you, check out the wealth of information provided on our firm’s bankruptcy law website.

Source: Washington Post, “This veteran lost his house to the bank after losing his wife to Alzheimer’s. Then something amazing happened,” Sarah Kershaw, Oct. 22, 2015

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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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