15 Aug Should I Try to Keep my House?
Many people are faced with this horrible problem: their mortgage payments are going up, the value of their home is going down, and they are falling further and further behind in their monthly obligations. Bankruptcy will stop a foreclosure, give anyone a chance to catch up and relieve some, if not all, of the credit card and other unsecured debts.
But is it worth it? Let’s face it, in today’s market place; putting all of your money into house payments when the house isn’t worth what you owe is bad economics. Better to let the house go, move into something the family can afford, file bankruptcy to get rid of the credit cards and unsecured debt (and maybe what’s owed on a second or third mortgage), and get your family a fresh start.
If you do want to keep the house, seek competent bankruptcy counsel who can help you with a budget, and design a Chapter 13 plan you can afford.
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