Should I Try to Keep my House?

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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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.

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