How does filing for bankruptcy impact my ability to do a short sale?
PEI can still help negotiate a short sale with your lender even if you file for bankruptcy protection. However, in our experience, bankruptcy is usually employed only as a last resort in a foreclosure situation. Typically, filing for bankruptcy only temporarily delays the foreclosure process (or in legal terminology, it provides a “stay”). Eventually the property is sold to satisfy debts to creditors. We strongly urge you to seek the advice of a bankruptcy attorney if you are considering this option.
