Legal Question in Bankruptcy in New Jersey

Re: Is it worth it for me to file bankruptcy?

To cure the mortgage arrears and save your home, you could explore a Chapter 13. However, without a steady stream of income, you might not be able to qualify for Chapter 13 relief. You might also look into refinancing before a foreclosure is commenced, though again the lack of steady income is problematic. It is unclear as to whether Chapter 11 is an option for you. Just because the foreclosure may commence at the end of the month doesn't mean that you cannot, thereafter, following the settlement and before the foreclosure sale and deed conveyance (which could take months), stay the foreclosure proceeding with the filing of a bankruptcy petition. You could even list your home for sale and get some equity out of it and then perhaps rent until your financial situation stabilizes.

Re: Is it worth it for me to file bankruptcy?

It certainly sounds like your headed toward a bankruptcy filing. Chapter 13 is a process that allows a homeowner to get current with his mortgage payments if the lender files foreclosure proceedings. You should first check with your lender, as many lenders have loan workout programs that you can take advantage of. Your lender may not know your situation (out of work, etc.), so it would behoove you to contact your loan account representative and inform them about what is occurring. Sending a written letter to your lender is also suggested. If all else fails, you can always resort to filing for bankruptcy.

If I can be of any further assistance, please let me know. Glenn R. Reiser @ (201) 498-0400.