Dealing with a Foreclosure During Bankruptcy One of the increasingly common issues that debtors are facing in the bankruptcy process is whether they must pay additional funds on foreclosed properties. Foreclosures are creating all sorts of difficulties for debtors who are dealing with bankruptcy. If you have a property that is in foreclosure or about to enter foreclosure, then you should meet with a bankruptcy lawyer to discuss the options that you have for dealing with your debt situation. A bankruptcy lawyer will help you understand your rights as a debtor, and he or she will also be able to provide you with a time frame for how much time you will have to avoid the ultimate foreclosure of your property in bankruptcy. Some people ultimately decide that they want to file for bankruptcy in order to avoid the foreclosure of a property. The reason people are able to avoid bankruptcy is because they receive an automatic stay if they file for bankruptcy. An automatic stay is an automatic injunction and acts as a powerful way to stop creditors from contacting a debtor. Creditors must also stop attempting to collect from a debtor once the automatic stay has been filed until the time a Motion for Relief is filed and granted.
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