Chapter 7 Bankruptcy or just Foreclosure?
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A 72-year-old woman owns a home worth $85,000 with a $120,000 mortgage and no other debts. Her monthly income from social security and a pension just covers her mortgage and other housing costs, and she has been using her small savings to pay living expenses. She is considering either declaring Chapter 7 bankruptcy or allowing the home to go into foreclosure to get relief from her underwater mortgage.
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