QUESTION
Can I file bankruptcy on house if I have a bad mold and foundation problems in it?
Asked on Jul 19th, 2015 on Bankruptcy - Michigan
More details to this question:
I can't afford this. This can lead to health problems. I don't know what to do. House has mortgage.
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If you want to walk away from the house and it's problems; yes, you can file bankruptcy and be relieved of this liability.
Answered on Jul 22nd, 2015 at 4:29 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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If you cannot afford the house, and file bankruptcy, you will still need to pay on the secured debts or you will loose it.
Answered on Jul 22nd, 2015 at 2:03 PM
Although it is certainly possible to discharge a mortgage debt on a house through bankruptcy, there may be better options open to you, such as a deed in lieu of foreclosure or short sale to an investor. Even if there is a full blown foreclosure, in Nevada, creditors seldom sue to collect any deficiency above the foreclosure sale price.
Answered on Jul 22nd, 2015 at 12:40 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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You can file bankruptcy and include your home. You'll want to consult with a bankruptcy attorney to discuss your options.
Answered on Jul 22nd, 2015 at 10:10 AM