- Child SupportFor most people who own a house with a mortgage even if you are above the amount, you will pass the Means Test and be allowed to file a Chapter 7 Bankruptcy. A Chapter 7 Bankruptcy will discharge all the debt you have except most things owed to the government, student loans and child support. If you “fail” the Means Test, meaning the test shows that after expenses, then you will not qualify for a Chapter 7 but would for a Chapter 13.
- BankruptcyWhen you file a Chapter 7 Bankruptcy, you file a Bankruptcy Petition that lists everything you own, who you owe, what you earn and what your expenses are.
- ForeclosureSo you find yourself behind on your mortgage. That feeling can be scary. More scary is the bank starting a foreclosure against your house. However, while foreclosure is scary, there are good options on how to deal with it.