Ask Terry Questions Bankruptcy

Bankruptcy

By Terry Savage on May 10, 2014 | Credit/Debt

I am underwater in financial debt and am thinking about filing bankruptcy. However, I own another property that is the family home which family members live in and I don’t. Would this be taken away in the bankruptcy?

Terry Says:  You won’t know until you consult a bankruptcy attorney.  But first, call the National Foundation for Consumer Credit at 800-388-2227, which will automatically connect you to the nearest local office.  They have resources that may be able to figure out something better than bankruptcy — especially since you do have this asset.  (I presume that your family is paying rent??)  Maybe your family will have to find another place to live and pay rent, while you sell the house and use the proceeds to pay off your debt.  That way you won’t have a bankruptcy on your record.  The folks at NFCC can give you specific guidance when they get thedetails of your situation.

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