Foreclosure, Deficiency, and Bankruptcy

[cluelessgirl]

Illinois

My house is getting foreclosed on with a court date of Feb. 20. There will be a deficiency judgment because I took out a big loan on the house, and the bank probably won't be able to sell the house for enough money to cover the loan.

Should I file bankruptcy before or after the court date?

Thanks for any advice.

 

[bigun]

Personally, I'd file bk before a judgment is returned. While a bk discharge will make the underlying debt uncollectable, once the the bk is discharged you and your lawyer will need to get the judgment vacated and that's just another set of legal fees.
Most bk lawyers give free or lowcost initial consultations. Speak with a few and get all of your options explained.