Should I file for bankruptcy?
Ok I have around ,000 in credit card debt. I also co-signed with my mom to buy a house 4yrs back and it is due to go in foreclosure soon due to the fact that her husband lost his job (construction) and I couldn’t make the payments by myself which is why I defaulted on my mortgage and credit cards.
I also suffered a broken ankle in December and upon returning to work in May I lost my Supervisor position which was nearly a / per hour pay cut. To top it all off they decreased our work-week to 32 Hrs.
So my question is can I get away without filing for bankruptcy and just wait til everything clears up in 7 years or do I have to file?
Unfortunately my injury happened at home so I was receiving Disability insurance which was about %60 percent of what I made normally.
My mom or her spouse haven’t been able to find a job and their unemployment ran out 2 months ago.
I don’t have anything of value that I see the court selling off to pay back some of my debt. I am really broke and don’t have much in the way of assets. I only have about ,000 in my 401k other than that I am broke
being a co-signer they will come after you for the mortgage if your mom can’t make the payments on that house so get that solved first. Maybe it could go into one of those government programs that are out there right now. If her husband lost his job could he be collecting unemployment comp? And could she work to pay for the mortgage as well?
I don’t know how much time you lost from the job but you didn’t way if your ankle was broken on the job or not, if the insurance paid, if you got an attorney, if it was in an auto accident, or what other money from this would be coming into your household because of the broken ankle.
I would suggest that you not file bankruptcy, at least not unless and until you get stuck with the house mortgage. Wait for that to occur or try to solve it. Have they tried selling items from the home, have they tried working on the internet, or have you?
If you owe over $65,000 then you "could" if you wanted to or needed to, file for bankruptcy but there was a law that went into effect a few years ago that the judge will change most Chapter 7 bankruptcies to a Chapter 13 and make people pay at least part of their debt. So see if you can find additional work in the meantime, wait to see if your mom and her husband bring in additional money, try to get that mortgage redone or payments added onto the end of the mortgage (call that bank and discuss it with them), and then in several months call an attorney and have them do the bankruptcy for you. The reason to call an attorney is because someone will have to do it on the proper forms (and include cars to be saved) and that takes expertise. If you file for bankruptcy that might injure your job. And I heard somewhere that before you can file for Chapter 13 that you need to go thru Consumer Credit Counseling first…so CCC might be the next place you should check out, then try the attorney.
July 7th, 2010 at 9:30 pmContact a bankruptcy attorney and see what your options are. Usually the first visit is free.
July 7th, 2010 at 9:30 pm