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For many people, losing their homes may be a constant worry. It was once their dream to own their home, but due to circumstances beyond their control they have found they are in jeopardy of losing it all. What they once considered a dream has now become a nightmare. There is a way to avoid foreclosure by filing a Chapter 13 bankruptcy.

The common misconception about Chapter 13 bankruptcy is that you will end up losing everything in the end or that you will be turning control of your finances over to the government. The truth is, you can avoid foreclosure and gain a better control over your finances. You will see that the non stop phone calls from collectors and the threatening letters from the finance company that holds your mortgage loan are a thing of the past.

When you meet with an attorney and discuss the benefits of filing Chapter 13 bankruptcy you will see the benefits and will wonder why you had not considered this earlier. You will put together a list of all creditors that you owe money to, whether they are for $100 or for $200,000. Each of these creditors will be included in your bankruptcy case. This means that once your attorney has filed the paperwork, they will be ordered to stop the calls and letters.

If the peace that you will finally have at home without the calls is not enough, consider this. Each of your creditors will have until a specified date to include themselves in your bankruptcy proceedings. By doing this they will receive only a small portion of what you owe them. This is often times a better option for them because if they do not get registered to be included by the deadline, they will not receive payment from you ever.