Some clients, when they come to the office to begin bankruptcy proceedings, have their house keys in hand ready to surrender them that day. They know they won’t be able to keep their home and they are expecting to have to move immediately. Fortunately, that is not the case at all. In actuality, a person filing bankruptcy won’t have to vacate the house for several months (sometimes as long as eight months, possibly longer). Therefore if you are behind on your mortgage and you realize you are going to lose your house, a St. Louis Bankruptcy Attorney can help buy you time to save up for a new apartment while staying in your home.
St. Louis Bankruptcy Attorney on the Reason for this Delay
While it may seem like this unfair for the creditor, it is actually beneficial for both parties. A foreclosure takes several months and requires certain legal proceedings. Allowing the homeowner to stay in the home benefits the creditor thusly:
- Prevents the home from deteriorating
- Prevents vagrants or squatters from living the home
- Allows the creditor to sell the home faster once the foreclosure is completed
Of course, the homeowner will still be responsible for such things as condominium fees, neighborhood covenants, and other obligations. A St. Louis Bankruptcy Attorney can discuss your particular situation and any maintenance you will be responsible for while you wait for the bankruptcy to proceed.
While it is hard to surrender a home that you love, it is sometimes necessary in order to get back on your feet. In the months you can live in your home free of a mortgage, you can save up money to move into a nice apartment. This can make a difficult transition easier, and help you get a fresh start in comfort instead of struggling to get by.
If you are ready to walk away from your home, contact a St. Louis Bankruptcy Attorney at the Westbrook Law Group today to learn your options.