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Should I keep my house if I file for bankruptcy? 

 

Just the thought of losing one's home is often highly traumatic and emotional.  People become attached to their homes.  Their is the accomplishment of home ownership.  Often a sizable down payment was made to purchase the residence as well as the outlay of significant money to maintain and improve the property. The home may in a desirable neighborhood or near quality schools.

But if the home is "upside down", that is, you owe more than what the home is worth, there comes a point when it may no longer make economic sense to remain in the home, especially if comparable rent is significantly less expensive than paying a mortgage.  

Sometimes, people simply do not have the income necessary to maintain expensive mortgage payments and, at the same time, pay for their other necessities.

The aim of bankruptcy is to provide a financial “fresh start” for overburdened debtors.   The goal is to set you free from debt bondageOn the one hand, sometimes the facts may indicate that keeping the property may be a wisest choice.  However, part of receiving a fresh start for you might possibly include, in some cases, walking away from real estate property that is a greater burden than an asset or that is no longer a good investment.  This is an issue that you need to pray about, seek godly counsel, and carefully consider.  

For a free and confidential consultation, contact southern California bankruptcy attorney  Matthew B. Tozer.

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