Posted on: 01st Feb, 2010 03:47 am
I am in serious trouble here mortgage is bieng forclosed credit cards and unsecured debt totaling upwards of 50000 home is worth 440000 mortgage is 385000 buisness went in the tiolet do i walk away from house at this ponit do i file bankcruptcy HELP
Hi poolsbyyps,
Rather than walking away from the property, it would be better to file bankruptcy. You can include both your secured as well as unsecured debts in it and get them discharged. However, it will negatively affect your credit score and reduce it by 200 points. You should contact a bankruptcy attorney and discuss your case with him.
Take care.
Rather than walking away from the property, it would be better to file bankruptcy. You can include both your secured as well as unsecured debts in it and get them discharged. However, it will negatively affect your credit score and reduce it by 200 points. You should contact a bankruptcy attorney and discuss your case with him.
Take care.