Tuesday, October 6, 2009

Personal Finance

Chapter 7 Bankruptcy, I want to surrender the home before they foreclose, what do I do?
I am about to file for bankruptcy (chapter 7) I own a home with another person and right now our house is worth less than we owe. Because there is no equity the Bankruptcy Trustee will not take the house and liquidate it. I have an imminent foreclosure date pending. I don't want to keep the house and neither does the co-owner, we want out. Do I need to contact the lender and surrender the property to them? If I do this will I then be cleared of the debt owed because of the bankruptcy protection?

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