Foreclosure and Bankruptcy

If you are struggling to make monthly payments on your home and other debts, you may be facing  foreclosure or considering the prospect of filing for bankruptcy.  While this article is not able to address all of the factors that might be playing into your case, it does contain some initial questions to ask yourself if you are in this position.  Once you have thought over some of these issues, you may wish to contact an experienced bankruptcy attorney to talk through your legal options with a qualified professional.

First, one of the things to know is that many, many people find themselves in your situation, often due to circumstances beyond their control.  Traditionally there has been a lot of social stigma about facing financial problems, but especially since the housing crisis of 2008, many Americans just like you have found themselves unsure of how to make ends meet and considering options like foreclosure and bankruptcy.

If this is the situation you are in, consider the following questions:

• Are you able to meet your and your family’s basic monthly needs, such as groceries and utility bills?
• What are your property holdings?
• How much debt do you have?
• How much of your debt would be dischargeable under a Chapter 7 bankruptcy filing?
• Would debt restructuring help you be able to make monthly payments?

You may wish to consider these questions and gather as much information as possible about your financial situation.  However, one of the things that might be most helpful to you is contacting a dedicated and understanding bankruptcy attorney.