This is a guest post by Sophia Kinsella. Sophia is a financial writer and offers her advice to many people suffering with business related problem. She contributes articles to many sites and guides people through different forums.
Foreclosure is undoubtedly a nightmare for every homeowner. However, it’s possible to avoid foreclosure by filing bankruptcy. This will help to stall foreclosure proceedings and other notorious debt collection practices. In fact, through bankruptcy many homeowners have been able to save their properties permanently.
Peter Orville, an experienced attorney from Binghamton, N.Y., believes “It’s the best tool there is for people behind in payments but who have ongoing income”. The homeowners struggling to pay off the mortgage loan may get some time to continue their payments after filing bankruptcy. This helps a lot in averting foreclosure by paying off the mortgage.