Bankruptcy and Your Home


If you're worried about your debt level and losing your home you should contact a bankruptcy attorney. With unemployment and foreclosure rates so high across the United States it's not uncommon for people to wonder if they're in danger of losing their home. Declaring bankruptcy may be a solution to both your debt problems and your fear of foreclosure.

If you want to keep your home but feel that you need to file for bankruptcy you should seek the advice of a bankruptcy attorney right away. It's important that you prioritize your debts accordingly and do not default on your home loan. Typically during a bankruptcy you'll get to keep your home if you can make the payments. But if you fall behind in your payments then the bank has the right to foreclose on your property. It's important to consult an attorney so you get your timing right and save your home from foreclosure.

Your goals regarding your home typically determine which bankruptcy chapter you should file. In some cases you'll want to file a Chapter 13 to catch up on mortgage payments or strip off a second mortgage. There are some situations where a Chapter 7 is still an option if you want to keep your home, but a Chicago bankruptcy attorney will go through your options with you and decide which one is best suited to your individual situation.