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Bankruptcy?

I am a resident of New Jersey, and I have a house that is valued at $ 320,000. I have a mortgage of $ 240,000 and an embargo court of $ 60,000 in the house. They are forcing a foreclosure by a judicial and I somehow get rid of the embargo. Should bankrupt. Not sure if Chapter 7 will help because the sequestration is an insurance claim. Also, not sure if the Chapter 13 will help, I am going to have to pay back $ 60,000 and maximum allowed is 5 years payment plan, so I'll have to pay $ 1,000 a month. Anyway all this? Do I may pay less than $ 60,000 if you file chapter 13? "I can remove the lien in Chapter 7? Any help is greatly appreciated. Thank you.

Section 522 (f) of the Bankruptcy Code allows the removal of judicial foreclosure, a Chapter 7 case, if the embargo affects their homestead exemption. It may also be able to eliminate the burden of a court-approved Chapter 13 repayment plan. You should consult a local bankruptcy attorney who knows the laws of bankruptcy and exemption from the farm your state. Filing bankruptcy will NOT automatically remove this charge and must follow proper procedures. Most attorneys will give a per query initial.

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