Causes of Bankruptcy and How to Save Your Home

Causes of Bankruptcy and How to Save Your Home Bankruptcy Lawyers

Financial issues can happen to anyone. A lot of people go through unexpected changes in their life and end up in a tough spot with money. The causes of bankruptcy vary. It can make you feel like you are going to lose everything, including your home.

Our Florida foreclosure defense lawyers would be glad to meet with you for a free consultation to discuss your options to save your home from foreclosure. Please keep reading to learn more.

Significant Change in Income

When you look at the causes of bankruptcy, they essentially boil down to one common thread; there is a significant change in the money you have available to spend. Getting laid off and being unable to replace that income of course is going to be a huge issue for your household. That is not the only way people end up struggling financially.

If there is an unexpected illness or injury that requires a lot of medical care, those bills can really stack up against you. It can also take you out of work for a significant period of time. Medical bills are regarded as one of the most common causes of bankruptcy.

Going through a divorce can also cause financial hardship. When you lose income from a spouse, it can make your bills unmanageable. Similarly, a death in the family will cause financial issues for a lot of people. If you are going through bankruptcy and need help navigating it in a way that will let you keep your home, please call us right away.

Options to Save Your Home from Foreclosure

If you are considering bankruptcy because of your financial struggles but you are worried about the prospect of losing your home, you can explore your options.

You might want to go through a loan modification where the terms of the mortgage are changed to help make your payments more manageable.

Perhaps you need a loan forbearance where you can pause the payments of your mortgage to give yourself a chance to catch up with the finances that you are currently being burdened by. This would be a temporary pause to give you some time to get in a better place.

Call Our Florida Foreclosure Defense Lawyers

When you are going through bankruptcy and want to save your home from foreclosure, we strongly encourage you to reach out to our Florida foreclosure defense lawyers. We can get started with a free consultation as soon as possible. Everyone struggles with their finances sometimes. The causes of bankruptcy are numerous. Don’t let this bad time make you feel hopeless. Let us help!

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