South Florida home - bankruptcy or foreclosure?

Bankruptcy is something you file to discharge debt on yourself, not on a home or other under-water asset. If you let the house go into foreclosure, you may find yourself with a deficiency judgment for the balance between what is owed and what the home sold for, and that may cause you to consider a bankruptcy.

Knowing how to proceed in your case is a difficult question that requires a careful analysis of ALL your circumstances. As for a general answer, I would say it best to fight the foreclosure IF you find an attorney that knows how to do so properly. A foreclosure will harm your credit, and other options really are no better. You own a property and the bank has to prove they have standing to foreclose...make them meet that minimum at least before you give up. With what's been going on in the securities business, it may not be all that easy for them to do so. Good luck.