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What Should You File First – Foreclosure Or Bankruptcy?

You will likely procure more if you consider filing for bankruptcy before the foreclosure takes your home away.

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What Should You File First – Foreclosure Or Bankruptcy?

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  1. What Should You File First – Foreclosure Or Bankruptcy? You will likely procure more if you consider filing for bankruptcy before the foreclosure takes your home away. However, this will help you stop the creditors from winning a deficiency judgment. You will also be allowed to continue living in your house much longer than if you had allowed the foreclosure take place first and then filed for bankruptcy.

  2. Deficiency judgments and foreclosure It’s all about whether or not your creditors can manage a deficiency judgment based on your state law. Certain states forbid creditors from charging their defaulter for a deficiency in certain situations, such as if their mortgages were secured by their principal residence. While in some states, the creditor can choose to chase their defaulters for the deficiency, demanding a personal judgment against them.

  3. Filing for bankruptcy to dodge a deficiency judgment If your creditor charges you for deficiency, and later you file bankruptcy, the bankruptcy (if processed through successfully) will discharge your deficiency debt. However, for most people, filing for bankruptcy before foreclosure makes more sense as it preventively eliminates their mortgage debts. You are, then, left to relax knowing that there’s a chance for you to get a deficiency judgment. This will give you peace of mind since you no longer have to face any lawsuit filed by a creditor to get deficiency post foreclosure.

  4. Reach Out to Recovery Law Group For Enquiry We can potentially help you get the fresh start you need financially with a Chapter 7 Bankruptcy to eliminate your debt or a Chapter 13 Bankruptcy,please email at below mentioned email id: Email id:info@recoverylawgroup.com , support@recoverylawgroup.com Contact Us:https://www.recoverylawgroup.com/contact-us/ Social Channels: https://www.facebook.com/Recoverylawgroup/ https://www.linkedin.com/in/recovery-law-group-691087176/ https://twitter.com/LawRecovery https://www.instagram.com/recoverylawgroup_attorneys/

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