If losing your home is imminent then you may be considering bankruptcy as a way to forgive all of your debts and start with a clean slate. However there are many negative aspects to filing for bankruptcy. Any credit cards that are included in your bankruptcy claim will no longer be valid. Any cars that are in the claim will be repossessed. You will be evicted from your home if the mortgage is included. Your credit will be completely ruined and a bankruptcy will remain on your record for ten years (three years longer than a foreclosure). Therefore bankruptcy should be your very last option if it is at all avoidable.
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The difference between bankruptcy and foreclosure is that bankruptcy will forgive all debts and a foreclosure will forgive debts associated with your mortgage. You can include whatever debts you want to be forgiven in a bankruptcy. You would also need to get a bankruptcy lawyer which will cost around $3,000 and you would have to go to court. You do not have to file for a foreclosure as a foreclosure is just when the bank takes back the property and you are evicted.
If you are interested in saving your home there may be a few viable options if you have a steady income. Mortgage companies lose a lot of money in a foreclosure so it is to their best interest to try and work out a loan modification or refinance your loan to more affordable monthly payments.
If you need help with negotiating with your mortgage company it may be a good idea to hire a foreclosure assistance company.
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