If owning a home is the American dream, then facing foreclosure must be a nightmare. As foreclosure rates have gone up over recent months, some Pennsylvania homeowners might be worried that there are not any options when they are unable to make their mortgage payments. However, filing for bankruptcy can sometimes be helpful for saving the home.
The middle class was once seen as a stable place for Pennsylvania families. This might no longer be the case. Even individuals who earn steady, stable incomes that put them solidly in the middle class are struggling with more and more debt as time goes on. Although many believe that they can dig themselves out of that debt, this is simply not possible for some. Instead, focusing on saving the home and other important assets might be best addressed through personal bankruptcy.
Even if keeping up with the mortgage was easy at first, some homeowners encounter financial problems that make those monthly payments difficult. When Pennsylvania homeowners miss too many payments they may end up facing foreclosure proceedings. While this is often a terrifying situation to be in, foreclosure does not have to be inevitable. When saving the home is a priority, Chapter 13 bankruptcy could be a smart option.