The prospect of filing for bankruptcy can make some Escondido residents feel confused. After all, there aren't a lot of voices out there letting people know how a personal bankruptcy can help individuals and families address their financial challenges. In fact, some Escondido residents may be aware that there are some myths about bankruptcy, that are perpetuated, but may not be true. For example, some people may fear that they will lose their home if they file for bankruptcy.
However, it is not always a given that an individual's home will be part of the assets that are liquidated in a Chapter 7 bankruptcy. In fact, there are many instances in which a person who is filing for bankruptcy may be able to keep their home, or file for bankruptcy to stay foreclosure proceedings.
On the other side of the coin, it may actually be a better idea not to keep a home when you are going through a bankruptcy filing. The financial challenges that people face that cause them to choose to file for bankruptcy can include a having a mortgage that is higher than what the individual can afford. It can be a tough decision, but sometimes it is the better one.
At our law firm, we do our best to help our clients make appropriate decisions when it comes to deciding whether or not to keep a home in a bankruptcy filing. There are pros and cons to consider, and we attempt to make sure our clients have the information they need to make a suitable decision. For more information, please visit the mortgage foreclosure section of our website.