Q: I'm recently divorced and my home is going into foreclosure. Is bankruptcy an option?
A: Hello -- Yes, bankruptcy is typically an option. Whether it would be chapter 13 or chapter 7 depends on a number of factors, including your present income and assets you own. Most in this situation file for chapter 7 and eliminate any possible deficiency you may have on the mortgage debt, while also eliminating credit card debts, etc. if applicable. If the home is an investment property, bankruptcy becomes a more urgent matter. All cases are different, and whether bankruptcy makes sense for you requires meeting with an attorney practiced in that area of law. Hope that helps you a bit.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
