Our Company‎ > ‎Blog‎ > ‎

Bankruptcy Ch. 7

posted Aug 7, 2014, 5:32 PM by Nick Talwar
So you have a house that is under water and you are thinking to walk away.  Thousands have done the same as you are planning and what are the legal consequences.  Well to start with if you are planning on filing for bankruptcy, that will not relieve you of your post petition obligation for the house like HOA fees.  Also, be aware that the bank will not be in a hurry to foreclose.  The bank have been taking years to foreclose on houses.  So what is the right step for you?  That all depends on what you are looking to do.  If you really want to abandon the house, then be aware that you may have to face a deficiency issue later.  Call the office right now and let us explain the option to you.  One option many have considered is allowing us to find a short-sale partner to help you transition to a fresh start.