When your home is in foreclosure, you have to make a decision. You can get protection from foreclosure or you can choose to give it up and let it be sold at auction. Many people who choose the latter option do so because they believe it will give them a way to walk away from their house--and the debt. Unfortunately, if your home is auctioned for less than you owe, you'll still owe the mortgage company a deficiency balance.
Let's say you owe $80,000 on your mortgage. Your home sells at auction for $70,000. You still owe a balance of $10,000 to the mortgage lender. As you can see, simply "walking away" from your home is not equal with "walking away" from your debt. The mortgage lender will then do whatever they can to collect the debt, including garnish your wages, go after your bank accounts, or threaten your other property.
Can you imagine giving up your home only to discover that your debt had not gone away?
Luckily, there is a solution. A bankruptcy attorney can actually help you eliminate the deficiency balance with a Chapter 7 bankruptcy. Plus, a Chapter 7 will also help you get rid of other unsecured debts, including credit cards, medical bills, and payday loans. Chapter 7 will allow your family to live a life without wage garnishments, without threats to your other property, and without the fear that you'll never escape your creditors.
You can finally be free of the immense burden of your home loan and get the credit card debt help, elimination of wage garnishment, and relief from creditors that you need to truly move on with your life.
Still not sure that Chapter 7 is what you are looking for? Gather free information from bankruptcy FAQ, articles, blogs, and even free publications. The tools for you to get back on your feet are out there—you simply have to take advantage of them. If you learn how bankruptcy can benefit you, you can make your first step in getting out of debt.
Often, when you are in debt, there is no light at the tunnel. It seems that there is no way out of this situation. Bankruptcy can be that light at the end of the tunnel for you and your family. Remember, doing nothing changes nothing. It's time decide when you are ready to take advantage of the benefits that bankruptcy has to offer.
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