fbpx

We have found in our office that surrendering a home is one of the hardest things for clients to consider doing.  We all get emotionally attached to our home, often because that is where our children were raised or it is family property.  It is very difficult to consider letting your home go back, but it is often the economically sound thing to do for your future.
We would also add that in our area of Kentucky, we have many folks that have financed a manufactured or mobile home and land together and owe much more than the manufactured or mobile home is worth, even factoring in the value of the land.  Manufactured or mobile homes most often depreciate in value, thus never allowing folks to build up equity in them.  In these cases, surrendering the manufactured or mobile home is often the wisest thing to do.
A home can be surrendered to the bank or mortgage holder in Chapter 7 Bankruptcy and the debt owing on the home is then discharged, or eliminated.
Finally, often  a Chapter 13 Bankuptcy can be used to save a home where the debt on the home is behind, should you choose to.
To look  at your options in regards to your home debt, contact an  experienced bankruptcy attorney.