how can bankruptcy stop foreclosure
How can someone move if they are underwater on their home and need to sell?
I am worried about the tax ramifications of doing a short sale. We want to move closer to our parents because they are getting older but don’t have the funds to sell.
If we file a Chapter 13 bankruptcy, will that free us of our obligations. Could we potentially just “walk away” from the mortgage, and stop paying on it, letting it go to foreclosure?
A chapter 13 bk is a reorganization of your debts. You pay some of your debts back in a 13. A chapter 7 is a liquidation of your assets and you do not pay them back.
I would suggest talking to an attorney on whether a bk is what you need. I would also suggest talking to a real estate professional about the possibility of doing a short sale on your home. This is where the bank would consider taking a discount on what is owed to them when the property is sold at market value. The remaining balance is forgiven in most cases. State laws vary so you need to talk to a real estate professional in your area.
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