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    nms1231's Avatar
    nms1231 Posts: 2, Reputation: 0
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    #1

    Feb 23, 2010, 07:59 PM
    Bankruptcy or Foreclosure, how do you know which one to do?
    I have credit card debt and a house that I can't afford. I'm ready to do a bankruptcy and turn the house over. If the house would sell for less than what's owed, am I responsible for the difference? If so, how can I protect myself from having to pay the difference of the loan amount owed and what the house would sell for? Should I let the house foreclose then do a bankruptcy or what would be the easiest way to walk away with the least amount of liability?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Feb 23, 2010, 09:16 PM

    File for bankruptcy now before the foreclosure starts. Get a lawyer to do this corectly
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