For Single Parents: How to Face a Foreclosure Threat

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn

Being a single parent is difficult; you have to take good care of your children alone and handle all the financial responsibilities of running a family on your own. At some point, your emotional woes may severely affect your finances and eventually, your lifestyle. Keeping a comfortable living may become tough if you’re threatened with foreclosure. However, there are viable options that you may consider to bounce back.

If You’re Not Ready to Give Up Your Home

In Salt Lake City, Utah, consulting a Chapter 13 bankruptcy lawyer is an option for some single parents if they are threatened with foreclosure. This is true if you think that you and your kids have developed strong ties in your community. Certain individuals are embarrassed to file for bankruptcy mainly because of the social stigma attached to it.

The U.S. Constitution provided bankruptcy to give financial relief to struggling individuals. You may find Chapter 13 bankruptcy beneficial as it gives you significant time to take measurable actions on how you can protect your home from being foreclosed.

Why You Need a Job, or a Second Career

Once you get bankruptcy protection, you may find it ideal to look for a part-time job to augment your regular source of income. Doing menial jobs for your neighbors during your spare time is worth considering if you’re optimistic about recovering from debts. Lawn mowing and pet caring are some of the most natural services that you may offer to your neighbors to help you earn additional income.

Other single parents take advantage of government scholarship grants and enroll for vocational courses. Enrolling in vocational courses is not only affordable; it may help you land in high-paying jobs as well. Carpentry, electronics, and construction equipment operation are some of the short vocational courses that you may consider.

Most single parents consider looking for additional sources of income if they’re going to use their alimony and child support benefits for the bankruptcy repayment plan. While getting another job is a good option, it should not compromise your quality time with your kids or your time with your employer.
It’s important that you think fast on how to protect your home from foreclosure because, in Utah, you can no longer buy back your home once the foreclosure procedure is completed.

“Automatic Stay” is Your Ally 

mother and daughter hugging

A Chapter 13 bankruptcy lawyer may help you delay or completely stop your mortgage provider from foreclosing your home. As you file for bankruptcy, “automatic stay” immediately goes on effect to protect your home from a foreclosure procedure. During this time, creditors are prevented from making aggressive actions against you. Once the court approves the bankruptcy filing, you need to strictly fulfill your obligations to repay your creditors.

Facing foreclosure as a single parent is difficult if you have children and you don’t have enough income. While looking for another job or enrolling for a vocational course may help you augment your finances to repay your mortgage, you may also consider filing for bankruptcy to protect your home.

More to explore

Our Picks

Sign up for the most
interesting stories
around the net!