Legal Question in Bankruptcy in New Jersey

forclosure , bankrupcy , separation?

I am currently married and we are separating, we have a houe that is already in pre forclosure that there is no way we can afford.

I want to know what will happen if we just stop paying the mortgage completly. would bankrupcy be better


Asked on 5/12/09, 7:02 pm

1 Answer from Attorneys
Michael McCulley McCulley Law LLC

Re: forclosure , bankrupcy , separation?

If you stop paying the mortgage, the bank will sue you for foreclosure. You can contest it and fight the foreclosure by answering the complaint or you can ignore it and give up the house. After the judgment of foreclosure is entered the property will be scheduled for sheriff�s sale.

You may be able to stop all of this from happening by filing for bankruptcy, or by negotiating with the bank.

If you would like to discuss this matter further, please email me to setup a consultation, or call me at 215_546_4700.

Read more
Answered on 5/23/09, 1:24 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New Jersey