bankruptcy

A

adroit32

New Member
Hello I am currently in a grave situation. I purchased a home in for $320,000 and the current market value of the home is less than $220,000. I am not residing in that home as I had to move to a different state. The house is currently vacant. Since the value has depreciated so much even if the sell the house i have to pay the difference to the bank, which I cant afford.

So I am considerng to file for a bankruptcy. Now the question is does filing for bankruptcy affect my green card processing in any way? I am currently on H1B visa. Please reply with your valuable suggestions?

Thanks
 
I don't think it would. But i'm not a lawyer - anyone have any experience with this, I"m interested in this answer as well. Where did you buy this house?
 
I don't think they do credit checks for green card applications. Just make sure all your taxes are paid.

Bankruptcy could still require you to pay something from your other assets (however your 401k is protected by federal law). Consider renting it out rather than filing bankruptcy.
 
The house is in Winchester, Virginia. I did try renting it out for about an year.....well i got $1050 in rent for a three bed room townhouse and the payments increased to $2800 per month on that period. thats why i am considering filing for bankruptsy.
 
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