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bankruptcy (to keep home) or hang tough?

My ex skipped Texas to somewhere up north last month; no more child support and he was already behind on that. The AG is looking for him. Anyhow--this has left me to survive on my f/t slary alone, just enough to pay the basic nessities: home, Home improvement loan we lad gotten together which HAS to be paid or they'll take the house; 2001 car and car ins. This leaves me about $99 for utilities, gas, food, and medicine for a family of 4. My credit was shot to hell because he also left me with all the cc bills. So I am always turned down for refinancing/loans. Since my credit is already shot to hell, is it better to just wait things out until I get another better job with pay (i work shiftwork as it is) and I AM looking; or should I get a legal aid attny to help with bankruptcy so I keep my home? It it a modest hom, worth 67,000, but the Home Impro loan kicks up the cost big time. I owe $33,000 on my home and $35,000 on that loan! P/T jobs do not accept my avail hrs and only pay $7. hr- I have spoken to Consumer Credit and they advised me to file bankruptcy and keep the house, as I checked into renting and here it is more $ than buying a house; or to hang tough and pay the essentials, which is what I have been doing. Either way, I will have bad credit for the next 4-7 yrs. I was just wondering if filing and keeping my home would be better for my credit than bad credit in pieces and parts. thank all of you for your input; in the meantime still looking for a p/t job. I tried a bunch of places for loans but even the PAyday loans and the LAON SHARKS turned me down! God will provide.

Public Comments

  1. It's really hard to say without seeing an attorney to analyze your situtation, especially since the new bankruptcy laws. I would see a bankruptcy attorney. If you file, you can surrender the home in full satisfaction of the debt along with the relief of all the other debts.
  2. I would suggest trying to contact a local non-profit debt counseling service before you do anything. They may be able to help you without you having to file for bankruptcy. I would avoid that at all costs, it will effect your credit for years and with the new laws does not guarantee you will not still have to pay some of those bills. I wish you the best and hope things get better for you soon.
  3. I filed for bankruptcy in 2003 and it was the best decision that I ever made. I didn't own a house at the time, but I was able to keep my car. I think that you would need to file Chaper 15. You should see the attorney, it will be like a weight off of your chest. (My situation was a lot like yours, so I completely understand what you are going through)
  4. You probably should weigh the cost of renting vs. your current house payments. If it would be cheaper to rent, you should talk to your lender about doing a deed in lieu of foreclosure.
  5. PLEASE contact legal aid!!! If you have three children, you're going to feel SO much better not having the stress of overdue bills and debt hanging over your head.
  6. I am sorry to hear about your situation. I think I may have an idea that will help to keep your house and, possibly, help you build your credit back up. Provide me with a way of contacting you through e-mail and we can discuss this further.
  7. For your Bankruptcy issue, Try the following link - www.911-legalhelp.com/Bankrupt... You will not only get full information about bankruptcy but also get expert advice of affordable lawyers. Best of luckFor your Bankruptcy issue, Try the following link - http://www.911-legalhelp.com/bankruptcy.... You will not only get full information about bankruptcy but also get expert advice of affordable lawyers. Best of luck
  8. I went through a similar ordeal a few years ago. With your credit already shot, bankruptcy would actually be a good thing. It would clean up the credit crads, and other things, and you could keep your house. I did my bankruptcy 100% on line and saved the $1,200 attorney fees as well. It was a sad time, but it helped.
  9. I understand some of your situation. We are trying to sell a home after moving out of that city, and we have looked at bankruptcy but are trying another option now. As far as extra money goes, I believe I have something that could really help! I work at home and love it! I do not have any inventory to keep! The company is in excellent standing with the Better Business Bureau and has been recognized for its integrity and excellence. Everything, including the start-up fee, which is only $14.50 through the end of May, is 100% refundable within 60 days. I am able to be truly home with my kids, not out doing shows and such.There are many single moms in our organization who are able to fully support their families from home. You can work it around your time schedule too, which is great for someone working a fulltime job. Visit my website to learn more www.workathomeunited.com/ kdnewman (no spaces) Hope to hear from you soon!
  10. Try www.daveramsey.com. Great website...if you are in Dallas, listen to him on KLIF 570AM from 12:00 - 3:00p - his website has a listing for other radio stations carrying his program elsewhere in th state/nation. He has great free materials on his website and if you listen to his show you'll see there are people in a much worse situation. He has great tips on how to contact creditors to work out payent arrangements. SELL THE CAR! The creditor will take it anyway when you file bankruptcy, so in the mean time try to get out of it by yourself and salvage any part of your credit. You need a cheap car that gets you from point A to B. I live in Dallas and did the no A/C in the car for several years...it was horrible, but having a paid-off car means no car payment and cheaper insurance since you only need liability ($29/month) What is your FT job - do you need to move companies to make a little extra (everything/anything helps). Time for a career change perhaps? Find a way to make more money at your first job. There are tons of jobs you could pull that pay decent money. Pizza delivery makes alright money - boring and not too rewarding, but you'll be able to pay off some bills (1000 - 1500.month). Market your skill set - what is your FT job? Can you use those skills in a PT job? Other family in town? See if the can help watch the kids so you cna pick up extra hours.
  11. Bankruptcy will keep your home but then you are tied down to bankruptcy for the next 7 to 10 years. I did just that and it was a nightmare. I dismissed my own bankruptcy and have negotiated with all the creditors and the mortgage company myself. In the meantime after studying all the creditor laws I became a debt settlement negotiator. I just wanted to help people like you from the horror of the creditor world. There is many ways around what you are going through. I am also a Texan and this is one state they cannot do to much to damage to you," just your credit." If it is already damaged there is only one way to go. Better it. It takes time but it can be done. I wish I could give you my contact info but I am not sure if that is OK with Yahoo. I will check into that. Hope this helps. Just be careful there are many debt settlement companies out there that will take you down. They are just out to make money not to really help people, in need of help. God Bless and let the lord lead you in the right directions. My website is www.debtsettlementspecialistsllp.com you can contact me through the website. I possible can come up with some work you can do from home in your free time for extra income if you have a phone and a computer.