Legal Question in Bankruptcy in New Mexico
Bankruptcy on just my home
I've had my home in New Mexico on the market for over a year now. I've reduced the price by $4,000 and still no takers I now have about 2 months worth of money left to make the august and september payments then I will be at a loss. I make very little money but have always prided myself on having good credit. I've had to go through consumer credit for my credit cards and now my finances for the house is almost gone. The question is can I file a bakruptcy on just my home in New Mexico without having to include my other debt? Or is there another legal course I can take to help me out of this overwhelming financial situation without any or little damage to my credit? Thank you.
2 Answers from Attorneys
Re: Bankruptcy on just my home
No, you must list all your debt to file bankruptcy. No exceptions - sorry.
I suggest you contact your lender and see if you can negotiate some arrangement for them to take a deed in lieu of foreclosure. In some states, lenders cannot come after you for a deficiency, in many states, they chose not to for practical reasons that the money is too difficult to collect.
Re: Bankruptcy on just my home
Perhaps your house is still over-priced? I suggest you speak to a few real estate brokers.
If you have a good credit rating, and the reason you are in financial trouble now is beyond your control, then talk to someone at the bank which holds your mortgage. They will often be willing to extend your time and/or reduce your payments.
Good luck!
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