Foreclosure is a common problem most of the debtors face while filing for bankruptcy protection. Yes, judicial foreclosure on your homes can be expensive, time consuming and poses other problems. Let us understand the foreclosure process in general. When you borrow money from a bank to buy a home, you need to sign a promissory note. This is an agreement or contract, where you promise to pay the loan... 

Bankruptcy is perhaps the last resort for debtors when they fail to make further payments to clear debts. Bankruptcy helps you to break free from the debt trap and make a fresh new beginning. Once you are declared a bankrupt, your non-essential assets as well as your excess income are used to get out of debt. In this process, you can be sure about a fair distribution of assets among your creditors....