Hidden Costs of Bankruptcy - What To Know If You Are Facing Foreclosure in Louisville

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

If you or someone you know is facing overbearing financial obligations and have considered declaring bankruptcy, the whole world—not just a mortgage—may feel upside-down. But during this stressful time, it is important to understand the processes and consequences of bankruptcy and any feasible alternatives in order to make the most informed decision.

Important disclosure: I am not an attorney, I am a Realtor right here in Louisville, KY. You should consult with an attorney to verify all relevant legal aspects of foreclosure and bankruptcy.

Bankruptcy stays on your credit for many years. The hidden costs of a bankruptcy include:

  • Inability to qualify for some purchases of items, or,
  • Much higher payments on loans for cars and other essentials.
  • Possible denial of employment. Some workplaces run a candidate's credit and frown upon a history of bankruptcy.
  • The emotional toll of bankruptcy, especially if it could be avoided.

In many cases the largest debt and the largest monthly payment is the mortgage. By utilizing the short sale alternative, you can get rid of that nasty mortgage. That payment was eliminated and a lower cost rental payment can be substituted. If your payment was lowered, would that eliminate your need to file bankruptcy?

A short sale is a dignified alternative to foreclosure and bankruptcy, with less harmful effects on a homeowner’s credit score, future home loan eligibility, employment and security clearance.

Click here for more information about bankruptcy and the alternative solution via a short sale.

Please call me at any time for a friendly and no-pressure conversation.

Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

(502) 664-7827

 

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

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Topic:
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Kentucky Jefferson County Louisville
Tags:
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loan
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louisville ky
foreclosure
avoid foreclosure
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