As I mentioned in a previous post, you have three options as to how to handle secured debts in a Chapter 7 bankruptcy. If you are willing to lose your house, you could file a Chapter 7 bankruptcy, surrender your property, and have any deficiency discharged throughout the bankruptcy process. If you are behind on your payments and would like to retain your home, you could always file a Chapter 13 bankruptcy, which delays the foreclosure, and allows you an opportunity to "catch up" on your mortgage payments and bring your loan current. If this is done, you can stop the foreclosure process and continue living in your house as if you were never behind on your payments. Contact one of our bankruptcy lawyers today to learn how a bankruptcy can help you out of your foreclosue.
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