is it worth going through bankruptcy after foreclosure

More likely than not, it is absolutely essential to file bankruptcy after a foreclosure. The bankruptcy will eliminate the deleterious effects of have the judgmemt on your credit. If you don't file, your debt to income ratio will be really out of whack, which means your credit score will always be low. Just because the foreclosure takes place, it does not necessarily mean that you do not owe money on the loan. Most people will owe money as the money that the bank receives from the sale of the property will not cover the amount that is owed to the bank. Such difference is called the "defficiency" and I suspect that there will be a new market created for law firms and collection agency to purchase this debt for pennies on the dollar and the squeeze dimes on the dollar out of the debtors. If you qualify for bankruptcy, you would be able to discharge the debt and never worry about being attacked due to the defficiency.

The best time to consult a bankruptcy attorney is before the forelcosure even begins. However, at any point in time, consulting the bankruptcy attorney is better than not at all.

Each situation is different. You need to know your specific options, and the specific benefits you will achive by filing.

There is no simple answer to this question - it depends on many things. There are some attorneys who are effectively defending people in foreclosure, and by doing this, able to make agreements with the bank that either resolve the issue of foreclosure, or resolve the risk to the borrower after foreclosure.

If your foreclosure is not yet completed, do yourself a favor and speak to an attorney who is knowledgable in foreclosure defense. There are often numerous possibilities that the borrowers have no idea exist.

The National Association of Consumer Advocates (NACA) is a non-profit consumer advocacy organization. NACA maintains a web site at www.naca.net where it lists geographically consumer law attorneys all over the US. If you don't already have an attorney, please look there for someone in your area who can help you.