If you were $31K in credit card debt, would you file bankruptcy?
Hello! Today when I was surfing the web, I ran across this bankruptcy question. Check it out!
I’m ready to do a short sale on my house, but I haven’t met with the real estate agent yet. I could go into foreclosure, too. I’m behind two months in my mortgage due to being unemployed. I’m one month behind in my credit card bills, but I think I can find money to pay them. Even on Unemployment, I can pay my credit card bills, as long as I’m living w/my dad, which I will be. I can’t afford a mortgage being on Unemployment. Since I’m 46, wouldn’t it be best I file for bankruptcy as I’ll never pay my bills off, given the high interest? I’ll be retired and still owing the creditors! What if I run out of Unemployment, then I can’t pay my creditors at all. I would qualify for bankruptcy if I’m still unemployed for four more months. I’ve also heard it’s best to file bankruptcy once you file foreclosure, because that way your 2nd mortgage is covered and they don’t sue you? Thanks.
This bankruptcy question was exactly what was on my mind. The answers helped with my problem. I am glad the original poster shared.
Have a wonderful day!
Tags: bankruptcy
November 30th, -0001 at 12:00 am
See a lawyer first about your situation.
Meet with a real estate agent tomorrow, do not wait. You need real information on your house, and the market. You may be above, you may be below, you will not know until you meet with a agent. Get the house listed, and let the agent know it probably will be a short sale. Select a agent who has done short sales before.
If you are below water, stop paying the mortgage, but pay all your other bills. To loose a house through foreclosure is one thing, to be a dead beat is quite a different matter.
Prep the house for sale, a nearly empty house sells faster than a full house. And you may have to move on short notice. Keep the lawn mowed, the heat on. Don’t trash the house.
Banks understand that you can not get blood out of a turnip. By voluntarily giving up your house, they may agree not to pursue any further action. They will trash your credit rating, and that will be the end of it.
Now credit card companies may take it differently. They will treat you like you filled for bankruptcy. They may hike your interest rate, or cancel your cards. Because you are unemployed, you may need a emergency fund, but if the credit card companies start to jack you around. File for bankruptcy and be dammed.
November 30th, -0001 at 12:00 am
See a lawyer first about your situation.
Meet with a real estate agent tomorrow, do not wait. You need real information on your house, and the market. You may be above, you may be below, you will not know until you meet with a agent. Get the house listed, and let the agent know it probably will be a short sale. Select a agent who has done short sales before.
If you are below water, stop paying the mortgage, but pay all your other bills. To loose a house through foreclosure is one thing, to be a dead beat is quite a different matter.
Prep the house for sale, a nearly empty house sells faster than a full house. And you may have to move on short notice. Keep the lawn mowed, the heat on. Don’t trash the house.
Banks understand that you can not get blood out of a turnip. By voluntarily giving up your house, they may agree not to pursue any further action. They will trash your credit rating, and that will be the end of it.
Now credit card companies may take it differently. They will treat you like you filled for bankruptcy. They may hike your interest rate, or cancel your cards. Because you are unemployed, you may need a emergency fund, but if the credit card companies start to jack you around. File for bankruptcy and be dammed.