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One of the lingering symptoms of the economic crisis is the increased rate of foreclosures. For the first time since 2007, national foreclosure rates are on the decline. There are contributing factors to this recent decrease such as a change in the law of the nation’s leading foreclosure state. For Kansas families still facing foreclosure in the midst of a decline, Chapter 13 bankruptcy may be an option to get their financial affairs in order.

RealtyTrac reports that there is an almost 30% drop in foreclosures between the present and January 2012. During the foreclosure crisis, California consistently topped the list of foreclosure rates. For the first time, Florida now tops the list. The state of California recently passed the Homeowner Bill of Rights. This law offers protections for Californians that may be facing foreclosure. As a result, there has been more than a 60% decrease in new foreclosure filings in the month of January. The four big foreclosure states are now Florida, Illinois, Pennsylvania and New Jersey. It is projected that 2013 will result in continued improvement in the national foreclosure rate.

Though Kansas is not one of the top four foreclosure states, it is still an issue for struggling homeowners. For those homeowners, there is hope in Chapter 13 bankruptcy. When this type of bankruptcy is filed, there is an immediate end to creditor harassment and foreclosure. A manageable plan of repayment can be created to help debtors meet their financial obligations. Once the plan has been properly executed, the remaining debt will be discharged.

The first step to any bankruptcy action requires potential filers to have their case assessed by a bankruptcy attorney. An evaluation of all legal options will be outlined based on the assessment.

Source:, “Foreclosure filings in January plunged to their lowest level since April 2007,” Les Christie, 02-14-2013