I lost my job just under two years ago & have been struggling to keep up with bills ever since. It’s actually somewhat amazing that I’ve lasted this long, but it’s coming to a point where there’s no way I’m going to be able to keep my creditors from filing for foreclosure and repossessing the vehicle.

I’m considering bankruptcy, it would probably be better for me to go ahead & do it now while I still have enough money to pay for the lawyer and filing fees, but I’m still worried that this isn’t the best way to go. I realize there are different types of bankruptcy, and that I may be able to keep the house & car if I have enough steady income & can work out some kind of deal with the creditors (I’m really vague about how this works, but that’s my basic understanding).

Is bankruptcy really the better alternative? Should I hold out until foreclosure begins to file for bankruptcy? What’s the best way to handle a situation like this?

Technorati Tags: amp, creditors, enough money, foreclosure, job, lawyer, types of bankruptcy

I filed for chapter 13 two years ago because my house was going into foreclosure… I was able to seel the house a few months after and the chapter 13 was discharged… can I dispute this through my equifax, credit union, etc to get it remove from my credit? what are the changes it will be removed?

Technorati Tags: chapter 13, equifax, equifax credit, foreclosure

I don’t really know what does happen. My friend is under water on her house in Las Vegas, can’t rent or sell it & has decided to file bankruptcy. So what happens to her house now?

I tried asking last night & did not get much help, all any one wanted to do was tell her to do something other than the bankruptcy – I don’t want any suggestions about short sale, or any other alternative options. She has decided on the bankruptcy & I am ONLY trying to figure out what this means for her house.

One person said that she could give the bank possession of the house during the bankruptcy & it would turn into a foreclosure? I’m not sure I understood that correctly or not. Is that right?
Yes. she has other debt. She has been living in Las Vegas for 10 yrs – of course she has other debt. She works 3 jobs & still cannot pay all her bills.
Ok so when she files bankruptcy, it does not automatically get foreclosed on…right? She has to contact the bank to start that process…. Right?
The kid – I know that. She is NOT trying to get away with anything.

Her current jobs don’t give her any time to research. I sit in front of a computer all day & sometimes I’m not busy. I’m just trying to figure out what all she has to do – like if there is another step – like what acermill said.

Technorati Tags: amp, bankruptcy, foreclosure, jobs, las vegas, one person, possession, short sale, what this means

My dad has no idea how to handle money. He has made our family go bankrupt. We got a lucky break inheriting money from his parents but instead of paying bills like on our house thats gone into foreclosure he bought an expensive new car that he didnt need. I cant even register for college classes because we owe ,000. How do I forgive him and help him spend more wisely? He wont listen to me.

Technorati Tags: dad, foreclosure, inheriting money, lucky break, new car, parents

My mortgage was included on a chapter 7 bankruptcy 2.5 years ago. I continued making payments until recently and now have decided to walk away from my home. Will a judgment of foreclosure be added to my credit report even though the debt was discharged?

Technorati Tags: chapter 7 bankruptcy, credit report, foreclosure, judgment, mortgage

SO my wife and I purchased our first home in 2006, and shortly after we had our daughter. Due to a lot of time off from work due to complications in my wife’s pregnancy, and me losing my job we fell behind on the mortgage. We struggled with paying what we could until the economy got really bad in 2008 and we couldn’t afford to even pay the morgage at all. Then in June of 2008 we lost the house to forclosure… Now my credit score is in the low 500′s and I can’t get approved for ANYTHING. I know from researching that both foreclosure and bankruptcy stay on your credit for 7 years, but which is better to deal with??

Technorati Tags: bankruptcy, credit score, economy, foreclosure, job, morgage, mortgage, pregnancy

I’m a 23 year old single female at a loss…Here is a rundown of my debt. A ,000 FHA loan that got foreclosed on, ,000 second mortgage, i’m guessing about 25k in credit card debt and another 30k at least in hospital bills. And here’s a kicker. One of the credit card companies is suing me.

The house is already foreclosed on and i don’t have a car so i don’t need to do the one where they save your house and car.

I’ve heard that a bankruptcy on you credit follows you for the rest of your life, but a foreclosure will fall off in a certain number of years. I want to eventually be able to buy a house again and have credit!

Technorati Tags: 25k, 30k, bankruptcy, credit card companies, credit card debt, fha loan, foreclosure, hospital bills, kicker, rest of your life, rundown, second mortgage

The owner rented us the house knowing it was in foreclosure. We signed a 3 year contract last june. He says he is going through a bankrupt.(sp). So the bankis taking the house. My question is how long do we have to stay in the house? Do we have any rights because we have the signed lease?

Technorati Tags: foreclosure

Ok, please don’t judge. These decisions were not easy, I did not make them lightly.

My wife was injured in a serious car accident 2 years ago, has had multiple surgeries. She will be receiving a settlement from the other driver’s insurance company within a few months, it appears. And we are moving back to our home state to be closer to family. Because of her injuries and all, we could not afford our house any longer. I recently received a notice of foreclosure. Also, she had about 25,000 in credit card debt, that has not been paid in about 6 months.

What can I do? She will need that settlement money for future medical care, moving expenses, etc. I don’t mind settling SOME of the credit card debt, but no way we can pay it all off now. Also, the house: If they foreclose, so be it. I can’t worry about that, I will just move on. But I don’t know how long that will take, and we are probably still a few months away from settling with the insurance company. Plus, our house is VERY upside down, so I can’t afford to short sale it and pay the difference.

Should I get an attorney, and what good would they do? Could they help us settle those debts and still keep some money for my wife’s future medical expenses?

Technorati Tags: accident 2, car accident, credit card debt, debts, decisions, foreclosure, insurance, insurance company, medical care, medical expenses, moving expenses, settlement money

if a chapter 13 bankrupcy is dimissed by a judge is there a 7 or 10 day waiting period before the lender can have their foreclosure sale.

Technorati Tags: bankrupcy, chapter 13, foreclosure, waiting period

My house went into foreclosure in Nov 2010 and the bank immediately put a lock on the door. I would like to know if filing bankruptcy will relieve me of this burden?

Technorati Tags: filing bankruptcy, foreclosure

In Virginia, what is good advice filing Ch. 7 bankruptcy? We will need to do a quick file to try to beat a foreclosure coming up soon. What are the steps? We consulted with a lawyer but read his disclosures and found that we don’t have to be represented but wondering if that is a good idea or not. We have counted up all assets and written down every liability we can think of, and gathered 3 months worth of bank statements for both myself and my husband (both of us need to file). We have titles to vehicles and gotten Kelly (NADA) blue book values on them. I guess we need to get credit reports?? not sure. Also have gathered 2008 and 2009 IRS tax returns. We have already taken the first debt counseling session and received certification for each of us. We have the deed to our home. Are there any more docs to be gathered and what would be the papers to file with which court? Please be as detailed in your answer that you can. This is greatly appreciated.
I have gone onto the official federal website to get forms, fee info, and general instructions about the steps to take to file a petition with the court. so far, this has been the most helpful. But I did consult with an attorney one time to decide which chapter would be recommended and to answer some specific questions for our particular situation.

http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx

Technorati Tags: aspx, assets, bank statements, bankruptcy, blue book values, ch 7, credit reports, debt counseling, disclosures, docs, federalcourts, foreclosure, good advice, irs tax returns, lawyer, nada blue book, nada blue book values, petition, uscourts gov

I am renting a home that is in foreclosure but the owners filed chapter 7 bankrupcy. I thought you could not keep investment properties if you were filing chapter 7. They are screwed when it comes to equity and they have been trying to modify the loan for a couple of months now.

I just need to know if I am going to have to move during the holidays.

Technorati Tags: filing chapter 7, foreclosure, holidays, investment properties, renting a home

I am 25, married, and own a small home. Due to very slow payment (I pay mortgage with student loan monies when they arrive), my house is going into foreclosure. I also have a lot of debt from medical expenses, and hubby has major debt (car, credit cards) from his teen years.

I have enough money to reinstate my mortgage without filing some type of bankruptcy. However, that would leave me with no lump sum of safety money. I do work, so I could feed myself – but I never seem to have enough income to pay for regular expenses AND my mortgage. So, if I don’t file bankruptcy and I catch up/reinstate my mortgage…I know I’m going to fall right back into the "non-payment" category again.

Is catching up my mortgage better than filing bankruptcy? What about the other debts that I have? How is credit affected?

(I’m going to grad school, so I have many years of being a poor college student left. I just need to know what I should do about my house and other bills in collections)
Husband is college student too. Together our income is still VERY tight on making all payments on time.

Yes we have cell phone – but no cable/internet/home phones. I don’t know what else to cut.

Technorati Tags: cable internet, car credit, cell phone, collections, credit cards, debts, filing bankruptcy, foreclosure, grad school, hubby, loan monies, lump sum, medical expenses, mortgage, poor college student, student loan, teen years

Hello. I am in foreclosure so I am taking this time to work hard and pay off all my other debt. I already called my 3 credit cards that I owe ,000 each on and got on a payment plan with 0% interest. Do you think I can call them and offer them say ,000 just so we can close the account? Thank you.

Technorati Tags: credit cards, foreclosure

As a last last result is it possible? I can no longer pay for my mortgage. I have been trying to sell my home and I will next try a deed in lieu , should it fail I will have less options. i want to know all teh options besides foreclosure. And please dont tell me to stay in my home. I need real answers from realtors or people who have been in my shoes.

Technorati Tags: deed in lieu, foreclosure, last result, mortgage, realtors, shoes

I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. I have put in another $ 50k in upgrades and remodel. Fast forward to 2009, laid off, no income I resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. I’m up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. Year and a half later, house is in foreclosure; credit card at max limit. No job, no car (sold it to pay credit card debt), ..and now living like a deadbeat.

Credit card companies still call and say "hello". Same story told to them over and over, no income, no job, no money etc. They "understand". Then they sell the debt to collection agency, same thing again. I told them my story..and they don’t care. "When are you gona pay?" I say with what? I can sell my t-shirt and underwear, but that might be worth 25 cents. What good will it do? So now, they are suing me in court. Went there and told the same story…judgment for the plaintiff. Okay, now they want to garnish my wage…but I don’t got no job. They want to freeze my bank acct…I have none. They want to..probably kick my ass..that they can definitely do..but that would hurt them, because if I get hurt and sue, they probably owe me money.

So here is my dilema, should I file Bankruptcy ..as there are other creditor waiting in line to sue me. Or should I go to court and and plea guilty but have no way to pay?

Yeah, I know..I’m a deadbeat, but I don’t blame my misfortune on no one except myself. Lost my life savings and people are laughing at me. What a cruel world this is. To file BK or not to file BK? If I do, I will have a fresh start says a friend. If I don’t, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years…meaning that I can call the credit reporting agency to remove it, but they have a right and probably will repost my balance…as nothing had been collected. Is this true? I thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? Please help. Thanks in advance.

Technorati Tags: bk, credit card debt, credit cards, creditor, creditors, cruel world, dilema, foreclosure, fresh start, judgment, max limit, misfortune, plaintiff, plea, realtor, remodel, should i file bankruptcy, t shirt, underwear, waiting in line

I was looking to buy I house that some friends of freinds owned. I had been told they were going to lose the house due to foreclosure. They ended up filing for bankruptcy. What happens with this house case? Are they just forgiven for missed payments and late fees or is there a chance they can lose the house after all? I am still interested in the property. I don’t know them well enough to bring this up with them personally. From what I understand thgey had already made alterntive living arrangments. I’m just trying to gauge what my chance of acquiring this property is

Technorati Tags: filing for bankruptcy, foreclosure, late fees

I am 25, married, and own a small home. Due to very slow payment (I pay mortgage with student loan monies when they arrive), my house is going into foreclosure. I also have a lot of debt from medical expenses, and hubby has major debt (car, credit cards) from his teen years.

I have enough money to reinstate my mortgage without filing some type of bankruptcy. However, that would leave me with no lump sum of safety money. I do work, so I could feed myself – but I never seem to have enough income to pay for regular expenses AND my mortgage. So, if I don’t file bankruptcy and I catch up/reinstate my mortgage…I know I’m going to fall right back into the "non-payment" category again.

Is catching up my mortgage better than filing bankruptcy? What about the other debts that I have? How is credit affected?

(I’m going to grad school, so I have many years of being a poor college student left. I just need to know what I should do about my house and other bills in collections)
SideNote to a response on student loans: Student Loan money can be used for any of the following reasons, not limited to: tuition, educational supplies, food, housing, clothing, misc. necessities / personal items, technology purchases (hardware & software), etc. My lenders are VERY aware of the fact that I am investing in my future by paying for current expenses with loans. Hence, the reason that most lenders always mention "housing or room & board expenses" and are very inclusive on those types of expenses.
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Forget to add: Hubby is also college student (not a bum in case you’re wondering).
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Again, mostly just wanting to find out which Bankruptcy would be beneficial considering my other debt.

If I pay up the mortgage/reinstate – how long will it take of on-time payments to have good standing / good credit again?

Technorati Tags: amp board, board expenses, bum, car credit, educational supplies, filing bankruptcy, foreclosure, grad school, hubby, items technology, loan money, loan monies, lump sum, medical expenses, necessities, student loan, student loans, technology purchases, teen years, time payments

Home owned by unmarried parties. one party no longer inhabits home or pays mortgage, bought different home independently and is now in foreclosure on that property. Is my home in jeopardy to settle their debts? How do I protect my interest in my home? who do I contact, how do I proceed?

Technorati Tags: debts, foreclosure, jeopardy, mortgage

A woman in our community has a history of lying to people to get money. Her stories conflict with each other so most people are onto her. However, prior to most people catching on, as most of us believed her, she had several fundraisers, claiming she had cancer. To some people, she then claimed to have a miracle healing. To others, she claimed to be on her death bed. She lost a lot of weight, but never her hair. The cancer she was claiming is rare. Only 78 people in the US have it.

She started going into the school and complaining about the sutures in her stomach opening and fluid leaking. She talked about how narrow her esophagus is and how it is hard to eat. She then got really super thin and said she had scar tissue in her stomach from her cancer surgery. she then explained, as if maybe someone found out where she was being treated and needed to cover in case that leaked out…."The reason I’m getting treatment on the bariatric floor is because the cancer specialists didn’t know how to deal with my scar tissue." She worked for the schools and, due to her history of lying, the principal told her she would need a pathology report. She refused stating it was none of her business to ask for something like that.

Is it possible that she raised over 30, 000 dollars from a poverty stricken community to have bariatric surgery? I should mention that she died a few days ago. Can you die from that? It may sound horrible of me because she died, but the people who donated their paychecks to her have since lost their homes. (We have the highest foreclosure rate in the county. Our town was hit hard by this economy). The church that donated 10, 000 dollars has since gone bankrupt. It angers me to think this was a scam.
oh and also, the reason her boss asked for the pathology report is because she said it was because she was holding a fundraiser through the school it was the policy. I’m not sure if thats a real policy but thats what she said.

Technorati Tags: angers, boss, cancer specialists, cancer surgery, conflict, death bed, economy, few days, foreclosure, fundraiser, fundraisers, miracle, money, pathology report, paychecks, poverty, scar tissue, stomach, sutures

I had very good credit. Two years ago, however, I was forced to lose my home to foreclosure. Actually, it was two houses. After that, my big credit cards were cut or reduced, however, I never stopped giving payments. I’ve always been in good standing. I always give more than the minimum payment. Things were okay after the foreclosures, I could still afford to pay my balances, and it was all just alright.

However, about maybe 3 months ago, I started thinking about filing for bankruptcy. My cards weren’t maxed out, but I was still finding it a little bit harder to make payments. Then, business started thriving again, and that’s where I started spending more. I’d never maxed out my cards. Now, they are full. So, basically, three months later, I find myself in the same situation. Business has gone down once again (even worst than the first time) and now it’s getting tougher and tougher to make payments. Up until this month I still made some big purchases. A dslr camera, and somethings because I could still afford it. 2 months ago I bought me a fridge (2,000) dollars. Business is completely dying, but I’m afraid of filing from bankruptcy and having my things taken away… How long should I wait before I file for bankruptcy? I’m also afraid of being charged for something I honestly had no thought of doing (stealing the banks so much money) I would say I’m about 10,000 dollars in debt (i know it’s not a lot, but for me at the moment it is…)

What should I do? How long would it be reasonable to wait so the court doesn’t think I went and maxed out my cards before i filed for bankruptcy? (seriously, that was not my intention) A couple of months would be good? With my small savings I think I could still afford to make the minimum payments… HELP
I don’t know what I was thinking when I said I’m 10,000 (I was thinking just about a few cards) dollars in debt. I am about 50,000 dollars in debt. If not, more. Like I said, I had great income, and very big cards.
Spalmer: I’ve always known how to manage my credit. I’ve never been a big spender. My business was a thriving one for 14 years. I’m a wedding planner, and believe it or not, I made the big bucks there. Somehow, things are not the same. I also had another business, a small landscape designs. Things happen. At the end, yes, I might have spent much more than I should have, but i DID have the money to do so. Its just that you never think something bad is ever going to happen to you.
I’m sorry not saying what my income was. It’s about 100,000 but, like I said, I’m nowhere near making that. I do not own expensive car. The home I recently (2 yrs ago) purchased I bought cash.

Technorati Tags: banks, credit cards, dslr camera, filing for bankruptcy, foreclosure, foreclosures, intention, little bit, minimum payment, minimum payments, much money, three months

We going to file for bankruptcy to stop a foreclosure but only one could do it. I wanted to know what are con and pros in filing for bankrupcty?
Thank you so much!

Technorati Tags: bankruptcy, foreclosure

I’ve heard bankruptcy can affect someone’s credit upto 10 years. My home is my only debt but it’s a big debt I can’t pay at this time and as a result is in foreclosure. I don’t have anywhere to go and I’m afraid my credit is bad as a result of this foreclosure process. I fear I won’t be able to even rent an apartment. Will filing bankruptcy delay foreclosure or the bank selling your property so I can stay in my house longer?

Technorati Tags: 10 years, apartment, filing bankruptcy, foreclosure

In the most tactful way. I am 21, My parents recently got divorced and my father was the one that filed. He cheated on my mom over the internet for 2 years prior and finally filed. All my life growing up he was condescending, insulting and patronizing to my mom. He also was unemployed and refused to get a job for almost 10 years, thus forcing us in to foreclosure and making my mom go bankrupt twice. I know he has mental health issues and my mom began to pity him so she stayed but i dont believe thats a good enough reason. Granted, he never layed a hand on any of us(i have younger brothers) but he used to scream, insult my my mom and when he was in a bad mood it would wreck havoc on the entire household.Even neighbors and friends of ours from CHURCH were suggesting and offering to help my mom finacially get a divorce. To me that speaks volumes if christians whom are taught not to divorce are even suggesting. He now has a new gf that he is verbally abusive too imo and i also think he cheats on. I dont want to hurt my mom but i cant help how i feel. Please give me suggestions this is taking so much out of me I cannot concentrate on my studies.
ill add there was a summer about 8or 9 years ago she did really attempt to leave with the assistance of a friend/ neighbor, but my dad said he wanted to go to counseling instead
wow very good insightful answers
i feel guilty for my choice of words, i dont resent as many of you said she tryed to keep her marriage vows and what was best for us kids

Technorati Tags: 10 years, bad mood, choice of words, christians, counseling, dad, divorce, foreclosure, gf, good enough reason, havoc, household, imo, insightful answers, marriage, mental health issues, mom, neighbor, neighbors, younger brothers

My husband owes banks line of credit ( bad advise from financial person now nowhere to be found) and personal credit at about 15K, what should we do? We have managed to find a buyer for our house for 250k house is worth at least 329k we have good equity of about 160k but due to the market we will loose about 40k and walk away with about 90k. What should we do? should we file bankruptcy at 0.00 per week as per bankruptcy lawyer chp 13 ( we can not manage that hubby only earns about 600 per week average) so we could loose everything maybe end up in chapter 7 i do not want to end up with foreclosure on my credit as well because my name is on our house also. H-E-L-P I have heard that we could get someone, maybe a lawyer to negotiate for us with the banks as they would get about 50 cents on the dollar in bankruptcy anyway?

Technorati Tags: 50 cents, bankruptcy lawyer, banks, chapter 7, financial person, foreclosure, hubby, personal credit

I just received a letter of foreclosure on my house. I’m not going to be able to come up with the amount of money needed in the time allotted to stop it. So I’m considering filing for bankruptcy. If I do this, will they take my house anyway? I understand there are several different types of bankruptcy. I’m not trying to get out of my debt completely *unless that’s an option* so I don’t know if this effects whether we could keep our house or not. I need to know because if they are going to take it anyway, then I’d need to decide whether it’s better to have a foreclosure or bankruptcy on my credit.
I live in Texas. We have only owned this house since last September.

Technorati Tags: amount of money, filing for bankruptcy, foreclosure, last september, several different types, types of bankruptcy

Im 9 months behind on my house and its in foreclosure. Suppose to be foreclosed on April 6th 2010. We have tried a short sale and we have an offer but the 2nd mortgage company is not going to take it. They want an extra ,000 on top of the offer. My real estate agent said they will probably take ,000 when it gets closer to the actual foreclosure. Im also upside down on my car ,000. Should I pay the ,000 and keep the car that is upside down or just file bankruptcy? If I file bankruptcy before the foreclosure date will both go on my credit? The lawyer suggests a chapter 7. Thank you in advance!!

Technorati Tags: 9 months, bankruptcy, chapter 7, foreclosure, lawyer, mortgage company, real estate agent, short sale

If the house sells, do we have to vacate before our original lease ends? To prevent foreclosure, how would we go about taking over the loan our landlord had?

Technorati Tags: foreclosure, landlord

My house is in foreclosure and I’m three months behind. Will I still have to pay that all at one time if I file bankruptcy or just the upcoming mortgage?

Technorati Tags: bankruptcy, foreclosure, mortgage, three months