How Is the Foreclosure Crisis Affecting Our Kids?
An article that I read addresses a concern I’ve tried to address for years: Foreclosure doesn’t just affect you, it affects everyone around you. The most heart wrenching part is that it affects our innocent children. We typically think of divorce or family quarrels as the hardest for children to understand but it isn’t just our marriage problems that are causing trouble for the kids in America.
Experts are predicting that by 2010, about 8 million kids will have been the victim of a foreclosure. And a foreclosure often causes a chain reaction of events—changing schools, overcrowded living conditions, switching to public assistance programs, and a lack of security.
Even kids that aren’t the direct victims of foreclosure can suffer. Foreclosures lower the amount of taxes that are paid into the city. Those are the taxes that directly fund school programs for health and safety. This foreclosure crisis is affecting the entirety of the youth of America.
As a parent, I know that I would do anything to protect my children. If you’ve gotten behind on your mortgage or your home is in danger of foreclosure, you can still protect yours. Chapter 13 bankruptcy stops foreclosure dead in its tracks. It also provides you with a chance to start over—and build a life that can keep your children from suffering the effects of a foreclosure or repossession.
If your choose to give up your home or if it has already been foreclosed on, that doesn’t mean you are out of danger. Especially in today’s market when the value of your home is likely less than what is owed, you could end up owing thousands of dollars of deficiency and can be sued and have your wages garnished for this amount. A Chapter 7 bankruptcy can eliminate this deficiency balance and truly give you a fresh start to rebuild your life.
Tags: avoid foreclosure, bankruptcy attorney in st. louis, Chapter 13 bankruptcy, Chapter 7 Bankruptcy, children and foreclosure, foreclosure crisis, helping your children