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What happens after foreclosure in Missouri and Illinois?

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What happens after foreclosure in Missouri and Illinois?

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Losing your home in foreclosure can be one of the most devastating events for a family. There aren’t too many other warning signs of too much debt that scream louder than a foreclosure. Unfortunately, even after your home is sold at auction, the nightmare might not be over. Often, when a home is auctioned, it is sold for less than what you owe on the home. If that is the case, you will still be responsible for the difference. That amount is called a deficiency balance and the lender will do whatever they need to do to collect it. Now, without the protection of a home, you will subject to the same actions of your creditors that probably made you give up your home in the first place such as wage garnishment, repossession, and harassing phone calls. Luckily, there are St. Louis Missouri bankruptcy attorneys that can help. A Chapter 7 bankruptcy can take care of a deficiency balance along with other unsecured debts to help you get a fresh start. Wondering what else Chapter 7 might be able

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