DECLARE BANKRUPTCY

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Declaring bankruptcy is viable option to being foreclosed upon, but it should be used only as a last resort. Also, use it only if you know that you will be able to keep up with the future loan payments. Otherwise, you’re just postponing the inevitable, and the longer you wait, the less money you will walk away with from your property. A bankruptcy will be reported on your credit report for seven years. The bankruptcy will also be reported in the financial section of the newspaper—it’s a requirement from the bankruptcy court. Declaring bankruptcy is also costly. When declaring bankruptcy you will have the option to declare either Chapter 7, 11 or 13 bankruptcy. These refer to different parts of the bankruptcy law, and relate to whether you are somewhat in debt and need to renegotiate with lenders, or whether you truly are going to walk away from your debts. However, be warned that because you can only declare bankruptcy up to every eight years, certain future debts might not be eligible for even bankruptcy protection.

The point is that bankruptcy should be your route of last resort. If you truly have no other alternative, call us and we will give you the names of two or three reputable bankruptcy attorneys.