Many folks who come into my office know that debt has made their life unmanageable, but still they are reluctant to make a change. Often, it comes back to the kids. Bankruptcy, they assume, will disrupt a child’s life, leaving permanent damage. Whenever this comes up, as a bankruptcy lawyer Memphis TN trusts, I remind concerned parents that unresolved debt can do much greater harm. Take foreclosure, for example.

When journalists discuss foreclosure, they tend to focus on numbers. We fixate on property values and even the abandoned houses themselves. We don’t talk about the children left without homes. They are the most vulnerable, often invisible victims of the crisis. And bankruptcy, which I’ll explain in more detail below, can help these young lives heal.

How many children are affected by foreclosure?

It is difficult to know exactly how many children are in owner-occupied homes, and harder still to know the number of those in rental properties. But it’s safe to assume that millions of children have been affected by foreclosure through the years.

How does foreclosure affect a child?

Foreclosure cannot tarnish a child’s credit history, but it can cause even greater suffering. Losing a home often means switching neighborhoods and schools. That means leaving behind friends, and lacking the structure to stay on top of studies.

Recent research has found a correlation between frequent moves and adverse educational outcomes. Here are some important statistics to consider:

  • Children may experience a reduction in their math and reading scores for each move in the middle of a school year.
  • Children who move mid-year are at risk for higher dropout rates.
  • The effects of moving are similar to spending a month out of school.

Bankruptcy can help you keep your home.

There are different ways to deal with foreclosure, but only bankruptcy can stop it dead in its tracks. Debt collectors, including mortgage lenders, cannot continue collection activities, including foreclosure, after you file for bankruptcy.

As a father and a husband, I understand the importance of a childhood home. I know the joy it brings to watch your child grow up in a familiar place filled with lifelong memories. As a bankruptcy lawyer Memphis TN trusts, I also understand how heartbreaking it is when that home is taken away from you — often because of unavoidable financial hardships that aren’t your fault.

There is a way out. Over the past 30 years, I have helped thousands of people facing foreclosure keep their homes through bankruptcy.

There are different types of bankruptcy. A Chapter 13 is best suited to financial situations that involve foreclosure. Here are a few reasons that this is your best bet to keep your home:

  • Filing a Chapter 13 bankruptcy will immediately stop foreclosure.
  • It allows you to take your loan out of default through affordable payments spread out over time.
  • It brings instant certainty. As long as you keeping making those payments, you can rest easy each night, knowing that your home is yours.

Explore your options with a bankruptcy lawyer Memphis TN trusts.

If you have questions or want to know more about filing for bankruptcy, I’m happy to help. Our Memphis bankruptcy attorneys are known for our compassion — and results — and we’re here for you. Call 901-327-2100 or contact me online to start the conversation.