Facing Bankruptcy? Sell Your Home For Cash
COVID-19 has changed our lives in every way. Many people have changed their habits and lifestyle, have lost their family members and their jobs. For this reason, it’s not unexpected that the American Bankruptcy Institute has registered 36,150 new cases of bankruptcy in the last month.
The current pandemic we’re facing today has pushed many people to bankruptcy. But if you’re filing for bankruptcy, there are ways to avoid it.
What To Do If You’re Filing For Bankruptcy
There are plenty of options for you to avoid bankruptcy if there’s still time. Here are some for you to consider.
1. Rearrange your major payments
The federal government has expanded the law that protects homeowners with federally backed mortgages. If you think you’re not going to be able to meet your home mortgage payments, you can contact your lender for a forbearance plan. This plan can suspend your payments for up to 12 months, enough time to take care of your other expenses and avoid bankruptcy.
2. Use your retirement account
If you’re having financial difficulties, you can take money out of your retirement savings account. The penalty for this action (if you’re taking this money out before your 60s) is 10% of the amount you’re taking out from the account. You may be hit with a higher tax bill, and your retirement savings can be reduced, but this is an option if you don’t have any other.
3. Sell your assets
If you sell your current house, old properties, cars, etc. you can collect the money needed to pay all your debts. Selling your properties to homebuyers is a great option you have since they give cash immediately, and you don’t have to spend money in the selling process. Also, you don’t have to wait for months to sell your house like with a realtor. This way, you can get some cash to pay your bills and start over.
Get Cash For Your House Today
If you’re interested in selling your house to a homebuyer to get cash, you can count on Henry Buys Homes. We’re ready to buy your home, no matter what its condition. With us, you can sell your house and have money in your pocket in less than seven days.