Will they take my house if I file bankruptcy? (Part 3)

In this Part 3 of the series "Will they take my house if I file bankruptcy?", the situation is that you're behind on your house mortgage payments, afraid they'll foreclose on your house, and probably in debt for other things. In this situation the question is better expressed as "Can I save my house by filing bankruptcy?". As with many questions about bankruptcy, the direct answer is a strong "it depends".


Can Filing Bankruptcy After a Foreclosure Sale Eliminate HELOC, HOA, and Credit Card Debt?

After a foreclosure sale, HELOC, HOA, and credit card (regardless of a foreclosure) debts are generally all unsecured (not secured by a lien on your property). Because of this, these debts can be discharged (eliminated) completely and quickly in a Chapter 7 bankruptcy, which would be the best choice if you qualify for it and if it's otherwise a good thing for you. (more…)