Also...
Posted by RSI on May 27, 2008 at 13:23:33:
In Reply to: foreclosure or Bankruptcy
Posted by Don on May 26, 2008 at 10:49:57:
Filing bankruptcy does not necessarily mean you will circumvent foreclosure. Instead, you might wind up being a casualty of both.
Foreclosure is the legal means by which a property owner is stripped of his/her legal right to said property due to a breach in the mortgage contract.
Many people file bnkrptcy believing it will be the answer only to have the lender petition the court for release from a stay thereby granting continued/renewed collection action.
If you are considering bankruptcy...make certain that you understand all of its protections as well as its possible contraindications.
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