I had a mental breakdown and had to quit my job. We fell behind in our mortgage payments. I am getting better and expect to soon return to work, but the bank has started foreclosure proceedings. Should I declare bankruptcy?
I had a mental breakdown and had to quit my job. We fell behind in our mortgage payments. I am getting better and expect to soon return to work, but the bank has started foreclosure proceedings. Should I declare bankruptcy?
My gut reaction is "yes", but that is a discussion you should have with a bankruptcy lawyer in your state, who can take into consideration your assets, debts, equity in the home, and prospects for employment. If you are about to return to work, you may be a good candidate for Chapter 13 bankruptcy -- to get the opportunity to keep your home and, at a minimum, to get the opportunity to catch up on your payments over a period of years.