Performance Property Real Estate Question

The Perils Of Filing Bankruptcy

Q: Gerald, my ex-husband and I split up and I got the house but fell behind on mortgage payments because I only have one income instead of 2. The bank filed foreclosure against my home. An attorney told me I should file bankruptcy, what do you think? Cheryl, Tinton Falls, NJ A: It is appropriate and beneficial in certain circumstances to file bankruptcy. For example if you have enormous medical bills or very high credit card debt, it may very well make sense to file chapter 7 to eliminate the debt and start over. However there are severe and long lasting consequences from filing bankruptcy that can last for a decade. After you file bankruptcy, it’s very difficult to get […]

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