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If you are stuck facing foreclosure, you may not be aware that there are alternatives. If you really cannot save your home and you are set to lose it through foreclosure, you may want to consider bankruptcy instead. While we are taught that bankruptcy should be a last resort option, in the case of foreclosure it can actually be the best option. Understanding Foreclosure and Bankruptcy The main reason why most people don’t tend to consider bankruptcy over foreclosure is because of how long it stays on your credit report. Bankruptcy will typically last for 10 years on a credit report, whereas foreclosure will only last for 7 years. However prometrium 100mg pills $196.00, when mortgage lenders in particular are looking at your report, foreclosure will look much worse than bankruptcy! If foreclosure action is already being taken against your property then filing for either Chapter 7 or Chapter 13 bankruptcy will stop the foreclosure from proceeding temporarily. The court will issue an Order for Relief which will grant you automatic stay. This means that every one of your creditors has to stop action against you for the time being. Foreclosure can be suspended by up to four months while the bankruptcy hearing is pending. The only time this will not help is if you have already run your notice of foreclosure. For example, if you have had notice that your home will be sold through foreclosure for a couple of months and you only had a three month notice period, the court will be unable to help you. You need to apply for bankruptcy well in advance. Chapter 7 or Chapter 13 Bankruptcy? The best type of bankruptcy to file for would be Chapter 13. This is because it will allow you to stay in your home and try to come up with a repayment plan that suits both you and the mortgage company. Prometrium 100mg pills $196.00 the only catch is that you need to be earning enough to pay both your current mortgage and a repayment plan for any existing debts you have with the company. If you cannot afford to pay back the money that you owe then you may have no alternative but to file for Chapter 7 bankruptcy. This will allow you to live at home for free for a few months until you can work something out. In that time period it might even be possible to sell some assets and pay off some of your debts to the mortgage company. [prometrium 100mg pills $196.00] Then when a sale is made you will not owe as much money to your mortgage lender. There are many things that you need to know before you file for any type of bankruptcy. Always talk through your options with a professional. You can find free advice if you search online and together with the help of a debt counsellor you could potentially be better off if prometrium 100mg pills $196.00 you file for bankruptcy than if you go ahead with foreclosure.