If i file chapter 7 can i walk away from my home debt free? i have no other assests.?

Question

houses in my area used to go for 135000. i owe 102000 the last 10 houses sold or auctioned at 45-95000

Answer 1

Why Avoid Bankruptcy?

Bankruptcy is not something I recommend any more than I would recommend divorce. Are there times when good people see no way out and file bankruptcy? Yes, but I will still talk you out of bankruptcy if given the opportunity. Few people who have been through bankruptcy would report that it is a painless wiping-clean of the slate, after which you merrily trot off into your future to start fresh.

Don't let anyone fool you, it is not a place you want to visit. Bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. One would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.

Types of Bankruptcy  

Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for 7 years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

Most bankruptcy cases can be avoided with proper help, such as our certified counselors and the Total Money Makeover. Your Total Money Makeover may involve extensive amputation of stuff, which will be painful, but bankruptcy is much more painful. If you take the thoughtful step backward to get on solid ground instead of looking at the false allure of the quick fix that bankruptcy seems to offer, you will win more quickly and easily.

Answer 2

Probably not.  It is very hard to discharge debt in bankruptcy anymore because the bankruptcy laws have been changed.  You will most likely have to pay your debts back, at reduced amounts, under court-order supervision.  You need to contact an attorney for specific information about your situation.

Answer 3

You will still be responsible for your house.

Bankruptcy will follow you for 20 yrs.  It will hose up jobs that require background checks....  You really need to find a different solution.

Answer 4

Look into a short sale.  Sounds like you may be a good candidate.  It might help to find a Realtor who has experience with this process.