Lakewood, NY asked in Bankruptcy for New York

Q: I'm recently divorced and my home is going into foreclosure. Is bankruptcy an option?

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1 Lawyer Answer
Taran Provost
Taran Provost
Answered
  • Bankruptcy Lawyer
  • Poughkeepsie, NY
  • Licensed in New York

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.

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