What can happen to us if we let our home go and file bankruptcy?

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What can happen to us if we let our home go and file bankruptcy?

Can the company sue us? We are thinking about letting our house go. We have bad credit already and are in a debt settlement program.

Asked on April 24, 2012 under Bankruptcy Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you file for bankruptcy protection and let your home go into foreclosure, assuming you get a discharge then you would end up with a clean slate financially with respect to your debts assuming the bankruptcy filing is a Chapter 7.

If that happens, you would not owe any money on your former home that presumably was lost in a foreclosure. However, you would no longer own this home and eventually would have to move out of it.

I suggest that you consult with an attorney that practices in the area of bankruptcy to answer any further questions that you may have and to determine whether a bankruptcy filing is in your best interests.


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