Children of Foreclosure
How Family Finances Impact Kids
If you're worried about losing your home, you may be especially concerned about how foreclosure could affect your children's lives. Luckily, Chapter 13 bankruptcy has helped many homeowners protect their families and save their homes.
Filing Chapter 13 Bankruptcy: Helping Families Move Forward
Many people are surprised to discover that filing for Chapter 13 bankruptcy may provide immediate breathing room. In most bankruptcy cases, an automatic stay is entered. The automatic stay prevents most collection action while the bankruptcy case is pending--it can even stop foreclosure actions, wage garnishments and lawsuits.
Clear Bankruptcy can put you in touch with a local bankruptcy lawyer who can explain how filing bankruptcy may help you and your family.
Fill out the below form and take the next step toward reclaiming financial security for your family.
The Possible Aftermath of Foreclosure: Instability & Poor Student Performance
In a report titled The Impact of the Mortgage Crisis on Children, First Focus examines the ways in which financial and housing distress can harm the children of foreclosure and found that:
- The Center for Responsible Lending estimates that 20% of all subprime mortgages originated in the last two years will go into foreclosure, amounting to about 2.6 million foreclosures.
- Based on real estate and census records, about 2 million children will lose their homes because of foreclosure.
- School districts around the country are reporting increases in homeless students and are citing foreclosure as a cause.
In its report, First Focus cites research that links causes of instability in children's lives (such as frequent moving and homelessness) to performance and behavior problems at school. Consider these numbers from the National Association of Educational Progress:
- Students with two or more moves in the past year are half as likely to be proficient readers as their more stable peers.
- Students who move homes often are 2.5 times more likely to repeat a grade than students who don't.
- Students who frequently change schools and residences are 50 percent less likely to graduate than those who don't.
- Students who move frequently are 77 percent more likely to have four or more behavioral problems than stable students.
Take Action Against Foreclosure
Time is a critical matter in foreclosure cases. Don't spend one more day worrying about being kicked out of your home.
Talk to a personal bankruptcy lawyer today about your debt-relief options. Simply fill out our free contact form below or call 877-833-2410 to connect with a bankruptcy attorney in your area for a free evaluation.