I have always been on time with payments and now find myself falling behind even on mortgage because of all my C/C and the slow down at work. I figure I would be better off filing for b/k. I need to get a number to someone out here in Phoenix Az that would be able to help with a b/k. I would like one of those discount lawyers that work for non-profit. Anyone able to help that would be great ..Thanks!!!
I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?
This debt is for a credit card that I have had for 22 years. Prior to now I have always paid off my balance each month in full.
Last September I was in a terrible car accident, I was in the hospital for over one month, and have since had 4 reconstruction surgeries on my legs. I lost my job, and my husband barely makes enough to pay our mortgage and keep the utilities paid each month. We had to use the card to pay for some of my doctor visits, medicine, groceries, etc now the card had about 00.00 on it. My doctor says that I will probably never be able to work again due to the extent of my injuries, and I should file for SSR. We have been unable to make any payments on this card.
Yesterday I received a notice from the CC company wanting to settle the debt. Has anyone ever settled a debt? How should I proceed? Will the CC company want a lump sum, or will they take a minimum payment each month. Honestly I do not want our credit ruined, as we had perfect credit, but I would only be able to make a very small monthly payment, does anyone know if they will accept the payment?
I’ve been renting for 3 years now after filing Chapter 13 in 2007. I’m converting to a 7. Will I be able to get a mortgage once the 7 is filed very soon after? My lease is up in May. I don’t have anything for a down payment or closing costs.
we have 14,000 cc debt, our checking acct. is frozen, wife gets unemployment(280 a week) due to plant closure, she is going to start school in a week.we have a 2nd mortgage and the equity right now is about 00,car loan for 16,000 my truck is paid for. do we qualify for either ch.7 or 13 bankruptcy?
I am considering filing for chapter 7 bankruptcy. I qualify based on the means test, but I purchased an investment property with a business partner 2 years ago. there is no mortgage on the property and it’s only worth about 40k. How would a trustee normally handle this property since there is another owner who is not filing for bk and is not my spouse? does that make that property exempt?
I am contemplating filing bankruptcy but my husband will not be. He is on the mortgage with me, Will this be a problem?
Over 50,000 dollars in credit card debt.
We are current on our mortgage and have about 50,000 in equity. Our credit is too low to get equity line of credit!
Obviously, if a person here in the United States can’t pay off their mortgage for their house, it gets taken over by the bank and that person’s on foreclosure.
Or if a person’s company goes bankrupt and they fall into debt, the creditors can legally take their home, car, etc.
But if an entire nation went bankrupt, how would our creditors take stuff from us as collateral, in any way short of a military invasion?
How long do you have to wait to try and purchase a home after filing Chapter 13?… What or where are the banks that will finance a mortgage while in a Chapter 13?…
Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?
My wife and I do not want the house anymore, and we need to relocate to be with family. If we give up the house in a Chapter 7, are we relieved of all liabilities pertaining to the mortgage?
This may be a dirtball question, but here goes; we are filing for ch. 7 because of excessive debt and cannot afford the expenses of our present home. We are current on our mortgage and our bills as of today, but in no way can keep it up (borrowing from Peter to pay Paul basically), we will need to find alternative housing(renting) and incur moving expenses and have no savings or cash on hand to do so, my question is, is it so horrible to stop paying crediters and our mortgage and just let it all go if we are going into ch. 7 anyway? And use the monies saved to pay for moving and renting expenses ?Our home has no equity and we are well aware that our credit will be devastated for a 10 year period. Sadly, we really do need to start from scratch or a clear plate due to poor judgement and unforseen circumstances. We are hiring a lawyer for the filing process, but have many unanswered questions that we are a bit embarressed to ask him, such as the one above. Thank you for your insight.
it seems that I have exhausted all avenues in trying to salvage my home. I have tried to refinance or modify the loan to no avail. So now even though until 2 months ago I had never had a late payment I am going to have to let the house go. It is no longer worth anywhere near what it was when purchased and needs too many repairs to make sense of a huge mortgage and tax payments. Do I have to file bankruptcy also or is there any other way to go about this?
I want to file Chapter 7 to totally get rid of my debt. The only problem is my spouse doesn’t agree with this, so I would have to file by myself. I have 5 credit cards in my maiden name and 1 credit card in my married name. My medical bills are in my married name. As far as my assets, my name is on the house but not on the mortgage. My name is also on the two cars that we own.
Can I file Chapter 7 bankruptcy without the cars and the house being affected? If I can’t file by myself then what else can I do?
Four of us have given 25K each to a business which is run by three people for last 2+ years and for past 9 months, they have stopped paying interest and now they are not giving our principal back. Two of three are filing bankruptcy. They have all given personal guarantees but now refusing to pay back. They claim that the business is closed and bank is after them as they have taken a huge mortgage. Please recommend some good collection attorneys and also advise alternatives.
H.R. 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable one. At this time the wealthy can put a vacation home, boat and airplane into a bankruptcy.
I am 71 years old diabetic with congestive heart failure. I have lived in my home for 36 years. 10 years ago I went to my bank asking for a business loan. The banker suggested I take the equity out of my home and and change my loan to an adjustable loan. For the first 3 years it was fine. However my business failed and I’m on social insecurity. I have emptied my savings, sold my furniture and jewelry to pay the ever increasing mortgage. My monthly income is 3.00 a month and my mortgage now is 23.00 per month. If I cannot get help from the courts, my only other alternative is suicide.
To the best of my knowledge H.R. 1106 was passed by the senate and sent to the congress last week and is stil sitting there.
We are filing bankruptcy due to high debt. We own our home which we are going to try to sell…if not, then we are going to do a short sale. We’ve NEVER been late on any payment (both mortgage or bills) but are struggling each month and it’s ruining our lives. My question is, every one requires a credit check these days (to rent). How do we find a place to live? I want to keep my children enrolled in the school but the other alternative would be to separate living arrangements and move to our parents homes (I wont live with my in laws & my husband wont live with mine. We can rent a house for what an apartment goes for in another city. How do we get a landlord to look past the bankruptcy and see that before it, we made every payment on time (while struggling to do so). We could easily make the rent (minus all the extra debt we had).
I have acondo in Toronto, Canada and its management cost sky rocked to 00/month where as i am pay 450/month for the mortgage.
The property value droped to 000 compare to its normal value 110,000, its a real burden to me, can you explain what i have alternative to do other than bankruptcy. I tried it to sell for the last 2 yeras, oneone wanna buy such property with high manamgement cost. you suggestion will be appreciated, its a 2 bedroom condominium abt. 35 yr. old. thank you
I am trying to write a letter to my creditors. My husband and I want to keep from having to file for bankruptcy. We want to settle our debt and just recently modified our mortgage. We do not have the money to try to go through a service provider and do not want to go through a consolidation but want to work with settling our debts directly with the companies.
Is there anyone that is doing the same thing and can share their letters/tips and advice with us?
Thank you,
Heather
I lost my job a few months ago and my husband and I have been not been able to pay the mortgage. I was going to try to modify the loan before filing but it will be void if I file bankruptcy. My attorney says I can try to modify the loan after bankruptcy has been filed. Is this true?
I just found out that I will be loosing my job in 30 days. I will be job hunting of course, but it’s possible that I will have to declare bankruptcy if I can’t find a job that will pay the bills. If so, I will want to stay current on my mortgage to avoid loosing the house. But when should I file bankruptcy? Should I wait until I loose my income, or should I start the process sooner?
I filed chapter 7 and abandoned my mortgage back to the lender. My home is worrth more than I owe. What happens to the equity?
My husband and I are currently in a Chapter 13. We have made all our payments on time since 2005. My husband was laiod off in April 2008. And I was just laid off. Any suggestions? Do we have alternatives? There is no way at this point that we can continue to make those payments. We are barely paying our mortgage each month.
I am getting a divorce. The mortgage on my house is in my name only. The title is actually in both names. My soon to be Ex-Husband still lives here, he is refusing to pay the house payment. He wants them to foreclose on me. I want to sell the house and use the equity to pay off some debt. The total equity after selling the house would be about ,000. We have a total of other assets of ,000. The total assets we have are 0,000. The total debt owed is ,000. The equity and debt are supposed to be split 50/50, so 50% of the total equity left would be ,000. If I file bankruptcy would I be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? My soon to be Ex-Husband would not be filing for bankruptcy. How would all this affect him?
I make a good salary, but our home moretgage is too much for us to handle (it was a teaser rate and we are not even covering the interest). It is causing us not to have ANY money to do anything else. Considering I am the only one on the mortgage, would it be wise to go ahead and just file for bankruptcy and leave the home?
What happens to my other debts (credit cards, personal loans, rental property, etc)?????
Will it negatively affect my wife’s credit profile?
Will I still be able to finance cars, future homes, etc?
How long does it remain on my report?
I am in a bind… My wife left me and I cannot afford my mortgage without her salary. She does not care if we default on the loan. I don’t want to file for bankruptcy.
The house was built 2 years ago and is in perfect shape. It has been on the market for 2 months, but I haven’t received any offers.
Do I have any alternatives to filing for bankruptcy?
Thanks for the help.
i have several rental property, i am renting them and i am bearely getting enough money to pay the mortgage., this year i gota pay taxes insurance close to 36k in taxes, and i dont have that money., should i file for bankruptcy? should i let the houses just go foreclosure? what is worst? pls help
I’m considering filing for chapter 7. Long story short, I went back to school, have damn near lost everything and gained K in student loans, K in credit card debt and a K mortgage and I can barely keep my head above water. There are other factors too, but I’m trying to get myself back on track financially before getting married (my boyfriend and I have been together for almost six years). I’m 33, not some young pup, I know all the pros and cons, but since hindsight is 20/20, please tell me how it worked out for you. Whatever path you chose, are you glad you did it? Would you do it again? What suggestions do you have?
I’m scared and not sure which direction to move in. Any insight would be helpful. And remember the cardinal rule: if you can’t say anything nice, please don’t say anything at all. I don’t want someone to give me a false picture, but I also don’t need someone else telling me how terrible I am. I have creditors who call me every day to tell me that.
I did get a degree, but I’m a teacher, so my income is pretty fixed (as far as not being able to ask for a raise, negotiate, etc.), and with my own children in school I can’t move into a district that pays more at this time.
I just went to bankruptcy court; my house was foreclosed on and the irs sent me a 1099C form. Since I filed bankruptcy, and the mortgage was included in that bankruptcy, do I need to file the 1099C form when I file my taxes?