Do I have to file bankruptcy if the only debt I have is the mortage?

While a Chapter 7 bankruptcy filing may help stall a foreclosure proceeding, it will not enable you to "discharge" the mortgage. However, a bankruptcy filing where the only real debt is a mortgage may be beneficial where the property is "under water" and the foreclosure is inevitable. Where a property is worth less than the amount of the mortgage, a deficiency judgment for the difference can result after sale. While the mortgage itself generally cannot be discharged in bankruptcy, the liability for a deficiency judgment can be discharged. A qualified bankruptcy practitioner can educate you on the potential benefits of a bankruptcy filing and to what degree a foreclosure proceed might be delayed by a filing. The foregoing is provided for informational purposes and should not substitute for a consultation with counsel.