Is your house forcing you into bankruptcy?
If you’ve recently purchased a home and are contemplating bankruptcy, what can you file for — Chapter 7 or Chapter 13? Past a certain point, your only bankruptcy option will be a Chapter 13 bankruptcy, which calls for a repayment plan. Bankrate.com reports:
The logic is that once you have the house, it might be worth it to eliminate all the credit cards and start fresh. Granted, this is taking advantage of the bankruptcy laws and will undoubtedly upset your creditors (and anyone who believes you should not own a home if you cannot pay your other debt).
Read more: Buying a home, then filing bankruptcy