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Bankruptcy a Good Step for Underwater Homeowners?

November 27, 2012

What do 11,000,000 Americans have in common? They represent the more than 20 percent of all homeowners who owe more against their residence than the home is actually worth. For many, this life investment has become a millstone around their necks.


When is the right time to declare bankruptcy and surrender this underwater asset? It’s a tough choice for many people. Hope that a meaningful recovery is just around the corner or that a bounce in home prices will restore their solvency causes many homeowners to continue to make payments against their mortgage. Sadly, however, many Americans forgo necessary expenditures, including health care, to pay for the debt on their home.


America’s economic recovery after the financial crash of 2008 has been infamously anemic. Just as housing was at the center of the crisis, it remains at the center of the slow recovery, too. Many homeowners keep hoping that the good times will return, despite the fact that experience suggests that many would be wise to recognize their losses, endure the frustration of bankruptcy and re-start their financial lives fresh.


Do you want to find out how Chapter 7 or Chapter 13 bankruptcy might help your family recover more quickly after the financial pain caused by 2008 and the years that followed? The attorneys at the Dallas firm of Fears Nachawati are prepared to answer your questions. With years of experience and dedicated expertise, we’re ready to help you.


Use the form below to send us a note, call us at 214.890.0711 or chat with us live. We are eager to help with your legal needs. Please keep in mind that any unsolicited information sent through our website cannot be treated as confidential. Contacting us through this site does not create a representation relationship with Fears Nachawati.

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With offices across Texas, and attorneys licensed in Texas, Florida, Arkansas, New Mexico, California, Illinois, District of Columbia, Missouri and Oklahoma, Fears Nachawati is dedicated to attaining the best possible solutions for our clients’ business and personal needs. We strive to be professionals who are creative, empathetic and reliable.

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