Bankruptcy Frequently Asked Questions

If foreclosure is looming, might I be better off just selling my house?

If foreclosure is looming, might I be better off just selling my house?

You're better off selling the house than having it go to foreclosure. As a general rule, if you can find a buyer who will offer to pay at least what you owe your lender, take the offer. If the offer is for less than the amount you owe your lender, your lender can block the sale. But many lenders will agree to a "short sale," in which the sale brings in less than you owe the lender and the lender agrees to forego the rest. Some lenders require documentation of any financial or medical hardship you are experiencing before agreeing to a short sale.

My utility bill was huge because of a very cold winter. Do I have to pay it all at once?

Maybe not. Many utility companies offer customers an amortization program. This means that if your bills are higher in certain months than others, the company averages your yearly bills so you can spread out the large bills. Also, if you are elderly, disabled, or have a low income, you may be eligible for reduced rates. Ask your utility company.

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