The mortgage on your home is more than the value of your home. Your home is under-water, it has no equity, in-fact it has negative equity. You ask yourself, "Should I walk away from my home and let the bank foreclose?" or worse become homeless? Don't do it! You may be eligible for bankruptcy! If you walk away your credit will be ruined for decades. The money the bank loses on the mortgage will be a deficiency that you will be liable for. The bank will begin litigating (prosecuting) against you to collect that deficiency. The solution is to visit a professional in bankruptcy law for a free consultation and discussion of your particular situation or what options are available. Then it will be decided if you meet the criteria for a bankruptcy. Understanding the differences between filing for chapter 7 or chapter 13 under the bankruptcy code is crucial in your situation. Do NOT rely on a family member or friend that has lost there home or filed bankruptcy, every situation is different. You as a debtor can use a bankruptcy to lift the burden of large debts off of your back, but this is not something you do alone, be sure to look up your local bankruptcy Law Office for professional guidance through this complicated legal process.
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Finally, you will be able to decide or find out what assets can be protected in filing for bankruptcy, including your home, car and financial accounts. Whether you should file for chapter 7, or chapter 13. The deficiency will be discharged in the bankruptcy along with any other credit card debts. The impact on your credit will be less harsh than the foreclosure and ultimately you could save your home. You will get a "fresh start" lifting your financial burden, to move on with your life.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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