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BANKRUPTCY

If you have been considering filing bankruptcy to eliminate real estate mortgage debt, it is strongly recommended that you talk to a Real Estate attorney, before contacting a bankruptcy attorney.

A few facts about bankruptcy:

  • Bankruptcy attorneys will usually advise you to file bankruptcy, even if you have very little debt.
  • Bankruptcy attorneys often collect $2500 to $5000 for a filing.
  • Bankruptcy attorneys will never be liable to you for damages for misleading you into bankruptcy. Their contracts will always be written to protect them from you.
  • Bankruptcy is much more damaging to your credit than a short sale.
  • Bankruptcy will not prevent foreclosure, it will only delay it temporarily.
  • Usually a bankruptcy attorney gets paid, only if he/she can convince you to file bankruptcy.

Bankruptcy is not a good long-term solution for an underwater homeowner.

If you would like to be referred to an experienced real estate attorney, please contact us.

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