Every year, 1-2 percent of the population files bankruptcy.  Often it is to avoid foreclosures.  Unfortunately, just as there are scams to take your home, there are attorneys that will attempt to put you into the bankruptcy that will make them the most money.  

To avoid foreclosure, you need to know which bankruptcy to file.  Sometimes, you may actually have to file both a Chapter 7 and a Chapter 13 to avoid a foreclosure.  That is why we wrote our bankruptcy manual to help you to avoid foreclosure.  A mortgage company may refuse workouts or payments, but if you can afford to catch up the payments within 2 years, you can file a Chapter 13 and force a stop to your foreclosure.   If you are substantially in debt to unsecured lenders you may need to file a Chapter 7 to avoid a foreclosure.  That is why it is important to call an attorney as soon as you receive notice of  foreclosure.  If your second mortgage has no equity, you may even be able to completely destroy or eliminate a second  mortgage by filing a Chapter 13. 

Many people file the Chapter 13 and then are able to qualify within a year for refinancing their home at a prime interest rate.  Presently this is at 5.75 per cent in July-2004  If you want to avoid a foreclosure in Kentucky see us for help.   Please beware of Rescue scams claiming to help you stop a Kentucky foreclosure and here is a timeline of the foreclosure process. 

If you have had a lawsuit filed against you then seek an attorney immediately to answer the lawsuit or file a bankruptcy to save your home.   If you have not had a foreclosure lawsuit filed against you this is the link to the state of Kentucky's stop foreclosure website.