If you’re one of the millions of Americans in danger of losing your home, you’re likely at your wits’ end trying to hang on to the place you live.

We don’t have to tell you that saving your house is worth the time and effort. When examining options for saving your home, you may find that Chapter 13 bankruptcy may be the first step in protecting your biggest asset.

The Power of the Automatic Stay

When you file bankruptcy, something called the “automatic stay” goes into effect.

This stay prevents your creditors from taking any collection action against you. Foreclosure is considered a kind of collection, so foreclosures are halted when you file for bankruptcy.

This stay continues working throughout the duration of your bankruptcy case, as long as you adhere to the guidelines set by the court.

Protecting Your Home

Filing bankruptcy can be just the first step in stopping foreclosure. Be sure to take these measures when dealing with foreclosure and bankruptcy.

Talk to a bankruptcy lawyer.

Your bankruptcy lawyer can not only help you figure out whether bankruptcy makes sense in your case, but also keep you updated on the latest foreclosure defenses around the country.

Take action.

You may feel intimidated to contact your lender – or even your lawyer – but you shouldn’t! Remember, your home is at stake here, and staying quiet when you have questions or concerns will get nothing done. Speak up early and often to learn as much as you can about the future of your home.

Read up.

TotalBankruptcy.com offers a wealth of bankruptcy information . Learning as much as possible about what to expect from both will help you prepare for the road ahead.

Tags: chapter 13 bankruptcy, filing bankruptcy, foreclosure, stop foreclosure