Bankruptcy in Pennsauken
Pennsauken, New Jersey, has been one of towns hardest hit by this economy downturn. The real estate prices have plummeted and because of that fact, many have left their homes. Or many have been forced to sell their homes at a short sale for a loss. These people are now being sued by their mortgage companies and are filing bankruptcy to protect themselves against the banks.
Pennsauken real estate prices increased greatly back in the early part of the 2000’s. But because of the housing market crash, certain towns have been hit harder than others. Pennsauken is one of the worst towns to take a hit.
Also, many living in Pennsauken have lost their jobs and have no income. They are turning to bankruptcy for help. They are able to wipe out debts, including mortgage debt, if they have left their home.
Some are able to save their homes through a Chapter 13, but many have what we call “upside down equity” which means the house is worth way less than what is owed to the bank. In many of these cases, residents of Pennsauken are leaving their homes and filing bankruptcy for protection. The home goes into foreclosure and then the bank sues the resident[s] for the loan balance. By filing bankruptcy, the resident can wipe out what they owe to the mortgage lender as well as wipe out other unsecured debt if they qualify for a Chapter 7.
Some residents are wiping out second mortgages through a Chapter 13 in Pennsauken. It depends on the value of the home and the amount of the first mortgage.
If you would like to learn more about filing for bankruptcy call Lee Abt today. In fact, Lee grew up in Pennsauken, New Jersey and is very familiar with the area. We are only about 10 minutes from Pennsauken and would be happy to discuss your options by phone for free.
Call us now to discuss your Pennsauken Bankruptcy options
at (856) 914-5100.
We look forward to speaking with you.