{"id":405,"date":"2015-10-20T13:23:00","date_gmt":"2015-10-20T18:23:00","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=405"},"modified":"2015-10-20T13:23:00","modified_gmt":"2015-10-20T18:23:00","slug":"foreclosure-and-bankruptcy-in-the-mankato-minnesota-area","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/foreclosure-and-bankruptcy-in-the-mankato-minnesota-area\/","title":{"rendered":"Foreclosure and Bankruptcy in the Mankato Minnesota Area"},"content":{"rendered":"

It\u2019s officially October! With Halloween just around the corner, scary haunted houses are popping up around the Mankato, Minnesota area. Usually, these houses have spider webs on the door or Jack-O-Lanterns on the front porch. They are presented in good fun, intended to spook ticket-buying folks in search of a scare.<\/p>\n

For some people, however, a house doesn\u2019t have to be haunted to be scary. A house in foreclosure can be equally as frightening as one frequented by a witch, simply because it\u2019s full of so many uncertainties and unknowns. For example, what exactly is foreclosure? Is it better to file for bankruptcy before<\/a> or after foreclosure? And, should you file for Chapter 7 or Chapter 13?<\/p>\n

If you\u2019re facing foreclosure and considering bankruptcy<\/a>, the professionals at Behm Law Group, Ltd. may be able to answer a few of your questions:<\/p>\n

    \n
  1. What exactly is foreclosure? <\/strong><\/li>\n<\/ol>\n

    Foreclosure<\/a> occurs when a homeowner cannot make mortgage payments. As a result, the bank or lender has the ability to accelerate the mortgage debt and \u201cforeclose\u201d on the property, which means taking the property and evicting the current occupant.<\/p>\n

      \n
    1. Is it better to file for bankruptcy before or after foreclosure? <\/strong><\/li>\n<\/ol>\n

      If you have the option, it\u2019s best to file before. Although not all of your debts will be relieved as a result of bankruptcy, your mortgage will be discharged to you personally.\u00a0 Of course, the house itself will remain liable on the mortgage debt. Also, because bankruptcy filings and foreclosures can take months to process, you may be able to remain in your home for quite some time.<\/p>\n

        \n
      1. Is Chapter 7 or Chapter 13 a better option if foreclosing on a house? <\/strong><\/li>\n<\/ol>\n

        Both options are available. However, it\u2019s important to determine if you want to retain the home and if you can repay the mortgage delinquency through a chapter 13 bankruptcy plan.\u00a0 For instance, many people miss one or two mortgage payments and then the management of the entire mortgage spins out of control because late fees, escrow additions and other charges are piled on top of the past due regular mortgage payments.\u00a0 Chapter 13 can be a \u201creset\u201d of sorts because one can cure or pay back the mortgage delinquency over 36 to 60 months instead of having to come up with the whole amount in a much shorter period of time.\u00a0 In a Chapter 7 bankruptcy, one is not able to do this.<\/p>\n

        Filing for bankruptcy before foreclosure in the Mankato, Minnesota area can be a daunting process. With the help of Behm Law Group, Ltd., however, it shouldn\u2019t have you spooked. Whether you need assistance filing for bankruptcy or clearing cobwebs from your financial history, contact <\/a>our professionals today.<\/p>\n","protected":false},"excerpt":{"rendered":"

        It\u2019s officially October! With Halloween just around the corner, scary haunted houses are popping up around the Mankato, Minnesota area. Usually, these houses have spider webs on the door or Jack-O-Lanterns on the front porch. They are presented in good fun, intended to spook ticket-buying folks in search of a scare. For some people, however, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31,3],"tags":[],"aioseo_notices":[],"yoast_head":"\nBankruptcy | Mankato, MN | Behm Law Group |<\/title>\n<meta name=\"description\" content=\"Whether you need assistance filing for bankruptcy or clearing cobwebs from your financial history, contact our professionals today at Behm Law Group!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/foreclosure-and-bankruptcy-in-the-mankato-minnesota-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy | Mankato, MN | Behm Law Group |\" \/>\n<meta property=\"og:description\" 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