People struggling with mortgage payments and other debt have several options to help stop foreclosures and other debt-collection actions. By filing for Chapter 13 bankruptcy, for example, an automatic stay is instated, stopping any foreclosure proceedings and blocking creditors’ attempts to collect money. An experienced bankruptcy attorney can advise people as to which option is best for their particular circumstances.
Update to October of 2021; Wisconsin experienced a slow increase. Currently, the state has a foreclosure rate of one in every 10,364 households. (Richland, Ashland, Dodge, Green Lake, and Polk counties are reporting the highest number of foreclosures.)
Read more about foreclosure protections:
Due to pandemic protections in 2020, foreclosures had been suspended.
2010-2011 Foreclosure Hault
Nationwide, foreclosure filings have declined for 10 months in a row. James Saccacio, CEO of RealtyTrac, was quoted by the Leader-Telegram as saying the decrease in foreclosure filings was originally started by the “robo-signing controversy” that arose in October 2010, temporarily halting foreclosure proceedings. Now, though, Saccacio reports that the decline may be attributed to foreclosure-prevention programs at both the state and national level, including loan modification and mortgage-payment assistance programs.
The average American household has more than $100,000 in debt. While bankruptcy often emerges as a well-known option, it’s not the only path available for debt relief. Debt Management Plans (DMP..
READ MORE
In August 2021, about 64 million people with a credit record (approximately 28% of Americans) had debt in collections on their credit report. Although the experience of debt collection is not unusua..
READ MORE