If you're facing FORECLOSURE, is Bankruptcy the answer?

First of all in bold print and capital letters;

I AM NOT, AND I REPEAT I AM NOT, AN ATTORNEY.

If you're facing foreclosure and you want to know if bankruptcy is an alternative you should seek out a reputable, knowledgable attorney who specializes in Bankruptcy.

If this is where you're at, hire the best, it's that important. With no disrespect to your neighbor the attorney, or the attorney from church, hire the best in the field, even if he/she is a complete stranger. After all you're looking for legal advice, not friendship.

How do you know if Bankruptcy is the answer for you?

Here's my suggestion. If you are a payment behind on your mortgage, and you're running behind on your credit cards, don't wait until they swallow you. If I'm to believe the ads I'm seeing in most cases the initial consultation is free. So why wouldn't you schedule an appointment.

May I add that if the initial consultation is free, you might want to seek a second opinion, at the same cost of course.

Don't wait, find out what your options are!

The choice will still be yours, you may choose not to file, that's one of the options.

In a CNNMoney.com article Lee Christie writes, " the first thing that a bankruptcy filing accomplishes is to stop the foreclosure process. Lenders can't foreclose or even try to collect the debt until permitted to do so by the court."

To me, as a layperson, that sounds like you're putting someone between you and the bank/mortgage holder.

So is bankruptcy the answer?

I don't know!

I'm not an attorney and I don't know your financial postion. So, maybe you need to see one. He/she is not your loan officer, or your realtor, or the guy next door.

Want to really know the answer?

Call a Bankruptcy Attorney, schedule an appointment, and be prepared to answer all of their questions in regards to your financial affairs.

Then you decide!