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Stop Alaska home foreclosure: bankruptcy as an option

Bankruptcy can be a viable option if you want to stop Alaska home foreclosure. However, bankruptcy is a very serious matter and is not the right solution for everyone.

stop Alaska home foreclosure bankruptcyAround the country, many people are finding it increasingly difficult to make their mortgage payments. If you are one of those homeowners and you want to stop Alaska home foreclosure, bankruptcy could be a viable option. It is important to understand that bankruptcy is a very serious matter and is not the right solution for everyone.

When you are planning to file for bankruptcy to stop Alaska home foreclosure, this can help you keep your home while you work on regaining your financial footing. In fact, one of the main benefits of an Alaska home foreclosure bankruptcy strategy is that it can be used to obtain the much-needed time to stall a foreclosure. It can give you the time you need to catch up on your mortgage payments. At the same time, you can also work toward closing in on any other delinquent payments you may have, including:

  • Unpaid personal debts
  • Credit card payments
  • Medical debts
  • Secured loans

If you are considering using bankruptcy to stop to the foreclosure of your home in Alaska, you should be aware that you will consolidate your debt into a single monthly payment. That payment will usually be made to a trustee who is assigned to your case. The amount of time given to you by the trustee may vary, but the most common period of time is five years. The trustee will be responsible for distributing your payments to creditors based on a plan that is filed with the United States Bankruptcy Court.

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The first step in the process is to talk with an attorney about filing a bankruptcy case. Under the law, no legal action may be taken against your property without permission of the court once a bankruptcy case is filed. This is referred to as an automatic stay or injunction. The benefit of this is that a bankruptcy case can stop the foreclosure of your home. After your bankruptcy case is filed, the court will require you to file a plan that outlines repayment of your debts. This plan will specify that you begin making mortgage payments on a regular basis.

The mortgage payments you have missed can then be paid back over the period of time specified in your debt repayment plan. For instance, if your debt repayment plan is for a period of five years, you will often be allowed to pay back the delinquent payments over that period of time. An experienced bankruptcy attorney will be able to walk you through the process and provide you with advice regarding whether this is the right solution for your individual situation.

If you want to stop Alaska home foreclosure, bankruptcy could be a workable solution. The key to determining whether this is the right choice for you is to make sure you fully understand what is involved in bankruptcy. If you would like to talk to a real estate agent about selling your home in pre-foreclosure, go to Reply! to find a professional near you.

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