A few years ago, when I realized that I couldn't pay my mortgage anymore, I knew that I needed to do something to correct my finances. It seemed like I just couldn't catch a break, and after losing my job, I knew that I was in trouble. I started looking for new work, but I knew that I needed to fix my credit somehow. I was at the end of my rope, until a friend talked with me about the possibility of declaring bankruptcy. She explained that it helped her to start over. I met with a bankruptcy attorney who was incredible to work with, and I was amazed at how much it helped my situation. Check out this blog to learn how working with a bankruptcy professional could help you.
Making the decision to file for bankruptcy is never easy. There are a lot of things that you have to consider when filing the paperwork. One of those things is whether you are going to keep your home or not. While this is never an easy decision to make, it doesn't have to be as complicated as you might think. To help simplify the process for you, here are a couple signs that you need to say goodbye to your home and move on to something different.
You owe more than what the home is worth.
When your home is only worth $50,000 and you owe more than $100,000 on it, you might want to think twice about keeping it. There is no reason why you should be underwater as much as you are. You want to come out of the bankruptcy ahead, not where you are going in debt again just trying to keep a roof over your head. By the time you paid the house off, you would have been able to snag another house for a fraction of the cost.
You have refinanced so many times you cannot afford the payments.
If you ended up refinancing a couple times, you probably rolled a few extras into the refinancing. In the end, this upped your payments and left you owing so much per month that you couldn't end up affording the payments. Refinancing might help some, but there are times when it comes back to hurt you in the end because of rolling a bunch if extras into the mortgage.
You are looking for a job elsewhere.
If you lost your job in town and you have to go elsewhere for work, there is no reason to stay where you are. Why spend more in gas just to get to work than what it is worth? You want someplace that is conveniently located to your job and affordable for your pocketbook.
If any of the above pertain to you, it's time to move on to something better for you and your family. There is no reason to struggle financially when there are options available to help you move on to something bigger and better. It might take some time getting used to it all, but it will be well worth it in the end. Discuss your options with a licensed bankruptcy attorney today to make sure you know all the specifics involved in letting your house go in the bankruptcy case.
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