Everyone feels good when they own their dream home because they will live independently and enjoy their desired level of privacy. That's why most people apply for a mortgage to speed up the home-buying process. However, foreclosure can crush your dream because it means your home is now a bank's property. Actually, foreclosure is a nightmare for many homeowners because it makes them lose the home they have sacrificed a lot to own.
Chapter 7 bankruptcy is a legal tool that people use when they need a way out of debt. Bankruptcy is not the only way out of debt, but it works well for many people. Before using it, you should learn as much as you can about it. You might also want to research the consequences of filing for this branch of bankruptcy. Here are some of the ways a Chapter 7 case will treat your debts when you file.