There are many different questions that people have about bankruptcy. Here are 5 important ones:
Question: Is it a legitimate way to fend off a home foreclosure?
Answer: Yes and no. A Chapter 7 filing only removes liability. You still lose your home. Chapter 13 can help save your home.
Question: Is there a way to avoid it and still keep your home?
Answer: Not always, but sometimes a good foreclosure lawyer can come up with ways to postpone foreclosure, thus giving you time to come up with ways to pay off you outstanding debts to possibly keep your property.
Question: Can one recover from the hit that bankruptcy puts on their credit?
Answer: It stays on your credit for 10 years, but as soon as the process is over you can begin to repair it. It is not the end of the world.
Question: Should I always consult a lawyer before starting the bankruptcy process?
Answer: Yes. Period.
Question: If all avenues have been examined, should I seriously consider this to save my home?
Answer: This is really up to you. There are many pros and cons to be considered before taking this desperate step.
Many other issues surround going bankrupt, but these five answers should get you pointed in the right direction.
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