Online House Hunting

should i file bankruptcy after i lose house?

Due to permenent disability which occurred 2 years ago I can no longer afford my monthly mortgage. Normally I would just sale my home but my house in Las Vegas is currently about $110,000 up side down and I do not have that kind of cash to make up the difference. I have spoke to the lender (Chase) in length and the only thing that they are offering is temporary solutions so I know that I will have to move. Luckily I have a excellent family support system that will allow me to live within the confines of my limited disability income. but I'm concerned about the mortgage company harassing me for the mortgage deficiency, so should I file bankruptcy now or wait until I'm out and wait for the bank's deficiency judgement? Please understand that I have always been responsible with my financial responsibilities but I did not choose to get sick, so I'm trying my best to play with the cards that have been dealt to me! Thank You.

Public Comments

1. diagold...first...they can seek to sue you and get a judgement granted, only, you're judgement proof as you collect disability income. My best advise is to seek the counsel of a good bankruptcy attorney in your area. Most will see you free the first consultation. A bankruptcy filing is on your credit report for 10 year, the debts for 7 years, so...if you file, you would have screwed your credit for 10 years, if you don't file...you have the debt for 7 years, and it'll fall off your credit report then. If the house is the only asset you have....ride it out and leave any bankrutpcy filing for the absolute last resort. If they can't place a lein on your assets, can't garnish you, why pay thousands to file bankruptcy?..........The only reason you could file a chapter 13 bankruptcy would be if you wanted to keep the house and pay into a payment plan to continue to pay the mortgage. We can't tell you what to do, but, these are some options to think about. Good Luck!!
2. nowadays numerous Americans are in debt and have bad credit. what i suggest doing is to take action straightaway. the first step is to check your credit score and report at http://bestcreditguide.notlong.com best of luck.