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If you declare bankruptcy you are not alone

Going through a foreclosure or a bankruptcy is never easy. They both give you a bad credit history for up to 10 years. A bankruptcy attorney in Suffolk County will help you make the difficult decision to help you get back on track financially. When deciding which road you want to go down you have to take into consideration what you own that will be sold to cover your bills. In many occasions if you have fallen behind on your mortgage payments you can talk to your bank or lender and see if there is a suitable payment plan that can be made until it is easy for you to go back to the original payments. Try being forthcoming in your financial difficulties with your lender so they are aware there are problems and will be more helpful so you do not lose your home. Sometimes there are no options for you to get back on track because there is no suitable plan and in this case the lender will foreclose.

BA bankruptcy attorney in Suffolk County can discuss some options that may be easier for you. Sometimes you can try speaking with the lender and turn your house over to them, walking away not owing anything more. This obviously has to be sorted with the lender as you cannot just leave the keys in the mailbox thinking nothing will happen afterwards. When your mortgage is more than your house is worth you can look at a short sale which will still leave you owing money after the house is sold. Sometimes your lender will let the rest of the money owing go as it´s cheaper than all the paper work on foreclosing.

Sometimes it´s not just the house that you cannot afford to pay for anymore and there are many other bills that have just piled up. A bankruptcy attorney will help you decide you best financial solution. There are more and more people in financial difficulty and bankruptcy is rising in numbers every year. There are different ways to file for bankruptcy and with help from your attorney you can choose the best plan for you. Just because you file for bankruptcy doesn´t mean you lose your house. If you file for Chapter 7 bankruptcy you can keep certain property and the rest is then sold to pay back your creditors. If you file for Chapter 13 bankruptcy there is a plan made up that satisfies both you and your creditors to pay back the debts at a certain amount each month.

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