The dire state of the housing market in the U.S. right now means that, more than ever, people are struggling to make their mortgage payments and looking for ways to stay in their homes as job loss and high-cost loans push them toward the door. Your home, like many of your other assets, can be included in a bankruptcy filing.
If you're struggling with your mortgage, bankruptcy may be an option to help you regain control of your finances. If you would like to speak with a bankruptcy lawyer about your options for filing bankruptcy, please fill out this form and arrange a free initial consultation with an attorney near you.
So the question stands: Can you file bankruptcy on your house? The answer is complex, but here's an outline.
So what happens if you're in pretty good shape overall with your debt but you have an unmanageable mortgage on your hands? Unfortunately, you cannot file bankruptcy to discharge a single debt. If you choose bankruptcy, you must include all your debts. Although some debts (like student loans and child support) are not typically discharged in bankruptcy, the court will need to know about them to get an accurate picture of your finances.
If you're ready to find out the potential fate of your home and mortgage in bankruptcy court, take this opportunity to connect with a bankruptcy lawyer.