The first thing a person must understand is just what's at stake. First consider what a bankruptcy will do to your credit for the next 7-10 years. If your home is at risk and you want to avoid or stop foreclosure then this creates another set of questions to be answered. Take an active role no matter what else you do. As hard as it may seem at the time educate yourself. Learn about your various debt options and be a part of the decision making process. An attorney may try to push you toward a bankruptcy filing while consumer agencies lean against it. Understandably an attorney specializing in bankruptcy stands to profit the most if he can get you to file. If most bankruptcy attorneys were doctors they would operate on every patient who came in with an upset stomach, while consumer agencies would treat the symptoms of the illness and never operate even if it meant having the patient on medication for the next ten years. Don't let either talk you into a solution just because they say so.
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I am not trying to advocate a "do-it-yourself" mentality. This is fine for painting the living room, but could be disastrous when it comes to handling a bankruptcy filing. If bankruptcy happens to be the only way out then by all means hire an attorney. If you hire an attorney and think you're not being properly represented don't be afraid to switch lawyers or hurt their feelings. Losing a client they never should have advised in the first place won't change or interrupt their life. Losing your house or filing an unnecessary bankruptcy will surely change yours.
Below are a few simple guidelines to consider:
o If you are not making mortgage payments or they won't accept your checks save the money. Don't spend it on other bills. You may need it to save the house. The ranks as one of the worst mistakes people make when finding out they cannot stop foreclosure.
o Do not make promises you won't be able to keep. Tell creditors what you can really do, not what you think they want you to say.
o Do not spend money on house repairs if you may be losing the house.
o Explore all options but be ready for the worst.
o If home foreclosure looms then ignore the collection agencies from the unsecured creditors. You have more important things to worry about. Don't let them bully you into giving them anything. You may need every cent to avoid foreclosure and save your home. If they persist tell them you are exercising your rights in accordance with the Fair Credit Reporting Act and they have to communicate with you in writing.
o Do not file for bankruptcy unless it's really the right thing to do. It's not the only option as there are many alternatives to bankruptcy awaiting your exploration. If your attorney doesn't explain the other options get a new attorney. If the bankruptcy option works the best for your situation don't be afraid or ashamed to do it.
o Make the time to deal with this problem. If your house matters to you, this is more important than almost anything else. If you hate the house anyway, don't pour money in to save it, explore other residence options.
o If you have been able to save some money don't leave it at a bank you owe money to. They might be able to take it from you without notice.
o If you really want to keep the house be prepared to work for it. This may mean getting a second job, or doing away with unessential expenses like cable television or high speed internet.
o Perhaps the most important, don't lose hope and don't give up.
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