Many American families lost their homes in the middle of 2009 housing bubble to foreclosure. It was unfortunate that many of these families did not realize that they can stop foreclosure in a definite way with the use of Federal Bankruptcy Laws. People would have been protected against those creditors who are greedy and unscrupulous if they have applied the Federal Bankruptcy Laws. To get more info, visit Bucks County social security. Be aware though that the execution of the laws is extremely complex even if the idea seems to be fairly straight forward.
First is that the process itself would take a four page "voluntary petition" that one should file at the District Courthouse. Basic information like name, address, phone and financial information, are among what you will input in the petition.
The second step is the filling out of "mailing matrix" where it will show the list of creditors who are holding on you collateral loans, using your real property, your home, your car, and others that are of value that you owe money on.
The next step is you declare your social security number. To learn more about Bankruptcy Laws, click here. For those who are filing to save their homes, they will file the Credit Counseling Certificates which will hold all collection actions, since this and the petition will make an "automatic stay" active.
After the above forms are filed, you then have 14 days to file other forms that are required, from schedule A to J forms.
Next is you will have to declare that the information you have provided are true and correct to the best of your knowledge under penalty of perjury, and this is the form of Declaration Concerning Debtors Schedules.
There is also a summary of schedules where each schedule has amounts summarized under Summary of Schedules, and must report these information in Statistical summary of Certain Liabilities and related data.
Other forms to be completed are like an application to pay in installment basis your filing fee, making of a statement of financial affairs, and a Chapter 13 where your disposable income and commitment period will be calculated in reference to your current monthly income.
Other processes would be Debtors Certification of Completion of Post-Petition, Amendment Cover Sheet, and the Repayment Plan of Chapter 13, considered as perhaps the most important aspect of Bankruptcy Laws.
The above processes, will give you the ability to stop your home from being foreclosed, will make your repay your debts over a period of time for small amounts.
It is important then that you consult a bankruptcy lawyer to assist you about your specific case so you will have the right information and action.
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