Legal Question in Bankruptcy in North Carolina

Not necessarily. You should consult counsel, preferably bankruptcy counsel, to plan for all contingencies. Of course, it could be in your best financial condition and circumstance to immediately or even later file a bankruptcy, but a lot must be known prior to suggesting you do so. Merely because you do not want the property is not enough. First I would explore the possibility of a short sale or deed in lieu. You may end up with a no deficiency or a small deficiency which you can negotiate or pay off without bankruptcy. If dealing with the property by itself does not cure the situation, then you should know that the creditor has only 1 year after foreclosure to bring suit and may not do so at all. If, on the other hand, you would benefit from a fresh start out of bankruptcy, independent of the possibility of deficiency bankruptcy may offer relief useful to you. In all events, the purpose of a consultation is to give you the options, benefits and detriments with each course of action you could consider in order to end up with the best result.

It depends upon how much other debt that you have, what your income is, and what your future financial situation looks like. There are many qualified bankruptcy attorneys in your area who will give you a comprehensive assessment for a reasonable fee.