Insurmountable debt leads people to stress and frustration. Bankruptcy is an option that can help, but it is a process that few people fully understand, and most people view as a type of surrender. In trying to find the best solution to alleviate the situation, many people contemplate selling their home, especially if they have a significant amount of equity in it: After all, they assume that they are going to have to give it up anyway, and if that is the case then they think they will probably get a better price if they sell it themselves, and then be able to use the money or find a way to shelter it.

The truth is that if you are even contemplating a bankruptcy filing you should not make any major financial moves until you’ve spoken with an experienced bankruptcy attorney. Not only is there a very good chance that your home is one thing you will be able to keep, but there is also a chance that if you sell your home and go about it the wrong way you will end up losing any profit you realize and might even be in jeopardy of being accused of fraud.

The first and most pertinent and important question you need to ask yourself is whether you want to move out of your home or not. If you would prefer to stay but feel like your financial situation is preventing you from doing so, bankruptcy might help. By eliminating your other debts via bankruptcy, you may find yourself able to afford the costs of your home. If, on the other hand, you were planning on moving anyway, then it is important that you know how to time the sale and what to do with the proceeds. If you use the money to pay for things that are necessary for your health and welfare then you will likely be fine, but you will need to keep all records in order to prove that is what you did rather than trying to shelter the money from your creditors.

It is vitally important that you keep a paper trail of any financial transaction that you pursue within six months of filing for bankruptcy. That includes depositing money into the bank upon receipt and keeping records of all purchases that you make. Failure to do so can result in your bankruptcy filing being denied or your being accused of trying to hide money. For help navigating the complicated rules surrounding bankruptcy, contact our experienced, compassionate attorneys today to set up a time for a consultation

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