No one wants to receive a foreclosure notice from their mortgage company. It's upsetting. Fortunately, there are several ways that you can save your home after you've received a foreclosure notice. You could ask your mortgage company to modify your mortgage or pay the past due amount. However, many people consider filing bankruptcy when they are faced with foreclosure. The good news is, filing bankruptcy could actually save your home, but there are other things that you need to take into consideration before you contact a bankruptcy attorney.
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If you have declared bankruptcy, you likely already know that your case is assigned a bankruptcy trustee. What you probably don't know, however, is exactly what kind of powers this trustee has and the relationship between your property and the trustee's compensation. These officials are usually judges, but sometimes they are attorneys with bankruptcy experience who have been appointed to oversee bankruptcies. Having a complete understanding of their role in your bankruptcy is vital, so read on.
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Many people file for bankruptcy as a way of stopping legal action from creditors. However, if one of those creditors is the Internal Revenue Service, bankruptcy might not provide the protection needed. If you are considering filing for bankruptcy due to old taxes or threatened action from the IRS, here is what you need to know.
Can a Bankruptcy Stop an Audit?
Automatic stays are granted after you file for bankruptcy.
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Once you know that a bankruptcy filing is inevitable, the urge to just go ahead and get it over with is only natural. After all, the sooner your chapter 7 bankruptcy gets filed, the sooner you can begin to benefit from the automatic stay that will not only get your creditors off your back, but possibly even keep you in your home. Before you file those papers, however, take a moment to ensure that you have made all the preparatory moves possible to get the most benefit from your filing as possible.
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