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BK before or after foreclosure

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    BK before or after foreclosure

    I have two houses that are causing my bankruptcy filing. They are both about to go into foreclosure and I am curious if it is advantageous to declare before or after the foreclosure.
    We are not living in either of them and never plan to again. We have no other debt besides these houses and short sales have not proven fruitful.

    FWIW, we did not get into these houses as speculators or anything remotely like that. Job losses forced us to move and here we are.....not sure why I added that but it's killing us. My wife and I have worked so hard and now it's all gone.

    #2
    I have asked a similar question about this. From the responses I got and the rearch I have done, the only resaon to do it before they actually get forclosed on would be to stop the foreclosure process. As you have stated though you don't want the houses so it wouldn't matter.

    I believe that if you wait until after the houses are out of your name (sherif sale/bank buys home back) there is less info needed to put on your BK forms but I may be wrong so hopefully someone else can give a better answer.

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