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What happens when I file for bankruptcy?

I just received a letter of foreclosure on my house. I'm not going to be able to come up with the amount of money needed in the time allotted to stop it. So I'm considering filing for bankruptcy. If I do this, will they take my house anyway? I understand there are several different types of bankruptcy. I'm not trying to get out of my debt completely *unless that's an option* so I don't know if this effects whether we could keep our house or not. I need to know because if they are going to take it anyway, then I'd need to decide whether it's better to have a foreclosure or bankruptcy on my credit. I live in Texas. We have only owned this house since last September.

Public Comments

1. I think it would be best to talk to a lawyer in your state as the laws vary...I am so sorry that this is happening to you. It is a horrible feeling as I too am in the same boat as you.
2. they new rules for that will actually let u keep your house but far as i know u wont be free of debt. now the bankuptcy is just a settle your debt so u can pay it in a better way, but it would be better to contact your lawyer since all the states or some rule by their own law.
3. If you file for bankruptcy then you will lose your house you will also lose any credit that you may have which will haunt you for about 15 years....this is normally a "last resort" so if you plan on doing this remember that it will affect your credit in a severely negative way and it will be almost impossible for you to get a loan for anything in the near future (15 years) so make sure that you have thought it through and if you do file then make sure it's the last thing possible to do. Good Luck!
4. It depends where you live... and is the house entirely in yours and/or your partners name... But if you're considered the owner they will take your house and sell it to pay off your debts. They will also come and take anything you claimed as collateral (even your appliances!). Also, bankruptcy is expensive. You have to make payments according to your income for 9 months afterwards. I live in Canada though, so it might be different where you are. Call a bankruptcy trustee (they're in the yellow pages) and have a free consultation. They'll tell you what the best thing to do is.
5. If you want a correct answer... ask a local bankruptcy attorney! I would suggest you read the article "New Bankruptcy Law – Where’s The Consumer Protection?" you can view it at: http://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm http://www.las-vegas-nevada-lawyer-attorney-legal-injury-defense-directory.com/las-vegas-bankruptcy-lawyers.htm http://www.san-francisco-oakland-bay-area-lawyers-attorneys-directory.com http://www.san-jose-ca-lawyers-attorneys-directory.com http://www.sacramento-ca-lawyers-attorneys-directory.com http://www.la-orange-county-lawyers-attorney-directory.com http://legal-advice-library.info/blog http://www.austin-texas-lawyers-attorneys-directory.com/austin-legal-services.htm http://www.san-antonio-texas-lawyers-attorneys-directory.com http://www.san-diego-lawyer-attorney-personal-injury-dui-car-immigration.info