Thank you for your question. I am happy to assist you.
No, you do not have to wait and I do not see the benefit in waiting. Let me explain.
I would agree with your lawyer if filing a Chapter 13 repayment plan were in your best interest. In that case you would want to wait in order to see what the deficiency was in order to include it in the Chapter 13 repayment plan.
However, a repayment plan of any type does not seem to be in your best interests. A Chapter 7 bankruptcy appears to be more beneficial with your financial problems.
A Chapter 7 bankruptcy could discharge (erase) all of your credit card and any other unsecured debt. It could eliminate any deficiency on the house in foreclosure. It could be an opportunity for a fresh financial start.
I hope that the information which I provided was helpful to you.
Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Thank you, Customer/span>
THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).