More and more Minnesota residents are succumbing to foreclosure. The process of foreclosure happens when you are unable to make the mortgage payments each month and the lending company repossesses your home. This usually happens after a few missed or late payments as well as a warning. Foreclosure is a devastating result of the global financial crisis that can leave you without a roof over your head when you need it most. On top of all the other financial stresses, the last thing you want to worry about is losing your home.

However, there is an alternative to accepting foreclosure – bankruptcy. Regardless of where you are in the foreclosure process, filing for bankruptcy will stop foreclosure in its tracks.

Alternatives to Foreclosure

Chapter 7 bankruptcy may be your best option for avoiding forecloses if you simply cannot afford to make any type of payment to your home. In this case, your home will be liquidated in exchange for a discharge of your unsecured debts. You will be able to start fresh, without your home, but also without the acceptance of foreclosure.

Chapter 13 bankruptcy may be a better option for you if you can still afford to make payments if the other debt is out of the way. Additional alternatives include a short sale, a deed in lieu and a loan modification plan, all of which can be discussed with our Minnesota bankruptcy attorneys.

Which is Right for Me?

Some of the questions you will need to consider when it comes to bankruptcy and foreclosure are as follows:

·            How big is your mortgage debt? It is possible that your home is the reason you are being dragged through the debt dirt. If this is the case, we can come up with an alternative to foreclosure that allows you to sell your home without losing it to the bank. A short sale is one great option.

• If you were debt-free, could you handle the mortgage payments? Take away the credit card debt, the unpaid medical bills and those due utility bills. Are you able to keep up on your mortgage payments (as well as the cost of living) without these debts? If so, then bankruptcy may be a good option for you.
• Would you be able to afford the mortgage payments if on a different home loan plan with lower monthly payments? If so, a loan modification might be in your best interest
• How much is your home worth in regards to the mortgage value? We can get an appraiser to determine your best real estate investment options
• Are you willing and able to move to another location? Would you consider renting or staying with family?
• How will foreclosure affect your life? Do you have children to worry about or are you on your own?

These are all questions it is important to ask yourself and discuss with our attorneys during your meeting. If you have received a notice for foreclosure or feel that you may be facing foreclosure in the future, contact our Minnesota bankruptcy lawyers today to discuss your options.

Contact A Minneapolis Bankruptcy Lawyer

For more information on the bankruptcy procedure or how to file for bankruptcy, contact the law offices of Heimerl & Lammers. We can provide you with a free consultation and help you determine if bankruptcy is the best option for you. With nearly 30 years experience, personal and confidential service and our bankruptcy lawyers on staff, you can be assured that your financial future is in the right hands.

Heimerl & Lammers practices in all eighty seven counties of Minnesota including, Hennepin County, Ramsey County, Scott County, Carver County, Washington County, Anoka County, Wright County, Sherburne County, Chisago County, Isanti County, Stearns County, Dakota County, Cass County, Blue Earth County, Olmsted County, Sibley County and St. Louis County.

We represent Minnesota Bankruptcy Law clients throughout the Twin Cities including Minneapolis, Champlin, Brooklyn Park, Brooklyn Center, Eden Prairie, Edina, Excelsior, Hopkins, Long Lake, Lino Lakes, Maple Plain, Minnetonka, Monticello, Mound, Osseo, Otsego, Rogers, Saint Bonifacius, Saint Paul, St Paul, Spring Park, St Louis Park, Wayzata, Woodbury, White Bear Lake, Plymouth, Maple Grove, Eagan, Eden Prairie, Burnsville, Bloomington, Buffalo and throughout Minnesota.