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The society we live in has quite obliviously stigmatized bankruptcy to associate it with failure and financial irresponsibility. However, in the pragmatic world, bankruptcy is actually a tool to help those who have become overburdened with bills and are unable to keep up with their loan and mortgage payments.
It is not only financially reckless individuals that may face such a situation. This is something that can happen to anyone and is contingent upon unforeseen events such as accidents, medical emergencies, illnesses, loss of job, and this terrible list continues.
When you are unable to pay your mortgage payments as per the mortgage contract, the creditor may initiate the process of foreclosure against you. This can be very intimidating and an overwhelming process.
You will lose your house and the creditor will essentially sell your house and collect the money from the sale in order to either fully or partially compensate for your outstanding debts. In order to stop the process of foreclosure dead in its tracks and retain the roof over your and your family’s heads, you can and should file for bankruptcy.
However, there are different types of bankruptcies and you need to file for the one which is most relevant and effective in your particular case. The most common types of bankruptcies filed for in Idaho are:
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