26 Nov Surrendering Your Home In Bankruptcy – Part I
Southwest Florida is experiencing one of the worst economies in its history. Cape Coral, Fort Myers, Lehigh Acres, and Port Charlotte, Florida have been hit by the perfect storm of bad news. The housing market crashed, unemployment is at an all time high and the banks are simply not lending money to small businesses. Likewise, there are many banks that have either failed or will fail in the not too distant future.
When you add to this bad news other economic factors like increased minimum payments on credit cards, car payments and monthly housing costs which far exceed the value of the home, you have to seriously consider whether it makes economic sense to keep the home. Although there are four ways to deal with a home that you no longer want to keep, in today’s economic climate, a homeowner must seriously consider whether to surrender his or her home. Naturally, one must also consider whether a fresh financial start should be considered as well.
There are financial reasons to surrender your home during the bankruptcy process and, even more important in my opinion, are the emotional issues. The reason that I say that the emotional issues are more important are because they are more difficult to to resolve. If people took the logical approach, the decision should be easy. But when it comes to surrendering a home, logic struggles with emotions. This will be the topic of our discussion.
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