3 Things Homeowners Should Know about Bankruptcy

Can you keep your home if you file for bankruptcy?

Bankruptcy is a great way to improve your financial situation, but it might not work for everyone.

But can you keep your home if you file for bankruptcy?

Here’s what you need to know.

1. Chances are You Won’t Lose Your Home

It’s the first question most bankruptcy lawyers hear from clients.

“Can I keep my home if I file for bankruptcy?”

In many cases, the answer is yes. Working with a lawyer increases the odds of this happening. It also makes it easier to protect other valuable assets.

2. Bankruptcy Affects Your Credit Score

One of the main reasons people postpone or avoid bankruptcy is because of the damage it cause to their credit score.

Unfortunately, not filing for bankruptcy does very little to help your credit score long-term either.

The good news is your credit will recover. And the truth is, if your financial situation is bad, it’s likely to recover faster if you file for bankruptcy instead of kicking the proverbial can down the road.

3. Bankruptcy is One of Many Options

Many people are surprised to learn that, even in the most desperate of circumstances, bankruptcy might not be their only option. This is especially true when it comes to saving your home.

If you’re struggling to keep up with mortgage payments, you might be able to work something out with your mortgage lender. They might allow you to skip a payment or refinance for a better rate.

The best thing you can do is contact your lender and ask.

Can You Keep Your Home If You File for Bankruptcy?

More than likely, yes. There’s a good chance you’ll retain ownership of your home. However, the best chance you have for having a positive outcome is working with an experienced bankruptcy attorney in Tampa

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