It is not unusual in this life to fall into financial hardship. But before you file for bankruptcy, it's important to arm yourself with facts so that you know what you are getting into.
When you file for bankruptcy, your property is handed over to a bankruptcy trustee who handles your assets on behalf of your creditors.
What happens then? Do you lose all your property or do you get to keep part of it?
Facing foreclosure is stressful enough, but depending on the state you live in, you may not even get a date in court in order to defend yourself. This is possible in states that allow for a non-judicial foreclosure, which is over half of the states in the country. But it's not just the type of foreclosure favored and allowed in the state, but also what's written in the mortgage paperwork you signed when purchasing the home.