My husband and I have been trying to buy a house for 2 years. We both pay our bills on time and make decent money. The problem is that a few years ago he co-signed for a house for his sister. She moved out and quit paying for it and no one informed him until 3 days before it was supposed to foreclose in his name. They said we had to pay ,000 when he only cosigned originally for ,000 or the mortgage company was going to sue. She had put all her credit card debts and her car loan on the mortgage. So he filed bankruptcy to avoid being sued for ,000. Now all debt and credit is in my name which brought down my credit score and he has a bankruptcy on his credit report. We can’t seem to find any bank that will loan us the money to buy a house because they say my debt versus income to not good enough and his name can’t be on the house because of the bankruptcy. What can we do to buy a house?
It’s been 3 years since the bankruptcy. They did try to contact us many times, but they were mailing it to the address that he cosigned for. We lived somewhere else and didn’t know his sister moved out. They finally found us last minute. He had signed when she did refinancing at one time, but he he didn’t realize how much it was for and didn’t think his own sister would screw him over.
The worst part about it is that even with a bankruptcy he still has an awesome credit score and hardly any debt. He always has been very responsible when it comes to paying bills. One lender at our bank knows that we always pay off our loans, but he can’t seem to convince the other guys that don’t know us that they are safe to loan us the money for a house. So some advice to people: don’t ever cosign for anyone. Even if you think you can trust them. It gets honest people like us into a lot of trouble.

Technorati Tags: 3 years, bankruptcy, car loan, credit card debts, credit report, credit score, decent money, last minute, loans, money to buy a house, mortgage company

I’m thinking about filing Chapter 7 but do not know if im eligible. Here’s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car’s creditor and that’s the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don’t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don’t want to do Chapter 13 for my credit card debts– this will waste my time, money and get a ruined credit report.

I’ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
My question is if i’m eligible to file for CHAPTER 7.

Technorati Tags: 10 years, attorney fees, best solution, chapter 13, consequences, credit card debts, credit cards, credit report, creditor, deadbeat, education, filing chapter 7, full time, median, property assets, time money

my property has too much Equity, my attorney filed a Bankruptcy Chapter 7, & later on after filing for ch 7 our attorney realized that our equity is high so then he asked me & my husband 2 convert 2 Bankruptcy CH 13, this alarmed us, We are so comfused & scared more than ever, We are current with our primary Mortgage & 1st & 2nd Loan with our Bank that is tied up with our property, our balance is $ 129,000.00 & our Appraisal is for 5,000.00 & we are current with our Property Taxes/Homeowners Insurance. & we are current with our car payment & auto insurance. Our reason 2 File for Bankruptcy in the 1st place was because of personal credit card debts, we were told from our attorney that we do qualify for CH 7, Now our attorney tells us we do not qualify for ch 7 so we have to convert to CH 13, but he says our home is not secured with the 0,000.00 Home Exemption. our children are all Adults, even though they live with us, & we support them financially the court does not reconize my college children as our dependents under the law and because 2 of them file for thier own tax-return for years now so I only have one adult dependent age 18 who is still a full-time student in High School. another thing the lawyer said 2 us when after we signed the forms for ch 13, last week friday. that we qualify for a 100% Pay Back Plan. not reduced like they do for Consolidation, & not even once did the lawyer mention anything about consolidation so I am really comfused, I even asked an attorney at the Pro-Bono work shop @the Santa Ana Bankruptcy Court House 2 weeks ago & I asked if its safe to convert my case to a ch 13 to keep my property & personal property safe they said yes, & that I would have to pay what I could only afford a month from my husbands income for a 5 year plan"so I thought ok, this is good" But, when I saw my lawyer last week 2 sign 4 the convertion to a CH 13, she said my minimum payment would be around ,000.00 a month 2 pay back my creditors & that’s the lowest payment the court would offer according to our attorney 2 start with & it will go higher in a couple of months "We can’t afford this" what should we do? this attorney is confusing us, my English is fluent but, the legal terminology is very confusing" if you have been through something like this before (or) if you know someone that had gone thru this in CA we would really appreciate any feedback you may offer, I tried 2 call my attorney again & she does not return calls I am scared for me & my family. Thanks 4 listening hope 2 hear from someone that would have knowledge to give us feedback that is true no matter how bad it ism we want to know what to expect & what we should do.
Mary:
Orange County, CA, USA

Technorati Tags: age 18, auto insurance, bankruptcy chapter 7, bankruptcy court, car payment, ch 7, convertion, court house, credit card debts, dependents, homeowners insurance, minimum payment, personal credit card, personal property, pro bono work, property taxes, reason 2, santa ana, tax return, time student

in-laws have seller financed mortgage because of 100k plus credit card debts completely quit paying on all them several years ago can the credit card companies put a lien on their house?how will i know?if so will they take the equity from their house if they sell it ?If they die and i am willed the house now will i have to pay their debts after their dead ?if no what if I sell the house later will they take the equity from me for their debts?

Technorati Tags: 100k, credit card companies, credit card debts, seller financed mortgage

Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” He has told my father to immediately seize all payments, even though he is not his lawyer yet. However, my father is determined to give him the 00 and sign a contract with this guy, soon. I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash…

Technorati Tags: bankruptcy, court appearance, credit card debts, credit cards, debt forgiveness, debt problems, first mortgage, home evaluation, lawyer, money, radio station, second mortgage, southern california

By filing personal bankruptcy (chapter 7) including business credit card debts with personal guarentees; do I also have to file for business chapter 11 bankruptcy because of these same credit cards or will the pesonal filing take care of them without involving my business?

Technorati Tags: bankruptcy chapter 7, business chapter, business credit card, chapter 11 bankruptcy, credit card debts, credit cards, filing personal bankruptcy, guarentees

With subprimes coming to an end (about time), Now it’s time for the Option-arms and Alternative A-papers, which will tack on another trillion or so in write offs for companies which are already tinkering on bankruptcy (even with the bailout)

then in about 2-3 years, we’re going to see the credit crash as those millions of americans who have tens of thousands in credit card debt and other non-mortage loans default, especially if they start to lose jobs / give up as buying power decreases.

Heck, In my ranked MBA program, a vast majority of my fellow students have 10-25k in credit card debts which they just plan on paying off with their "high paying" MBA jobs- which they aren’t getting because everyone has hiring freezes. If these are supposed to be some of the "smart ones" among us, what do you make of the rest?

Although in the financial discussions, there seems to be backlash against the media for saying that the "majority of americans" are in MAJOR debt, as in fact it’s only a "very small percentage" (44%). Now, these articles are literally stating 44% is a small percentage- and that 55% are being very good trying to pay their bills off in time. However, I also read that the majority of bankruptcy’s are people who "do not spend wildly, but are in debt to to other reasons such as loss of jobs or health problems". If the job market turns downwards, buying power decreases, and salaries don’t keep up with inflation would that not suggest that even those who "try" are likely to rack up more debt? and isn’t it likely that this 44% is likely to increase to 50, 55%? In this case we are saying atleast almost 50%, and potentially more than 50% are likely to run into major credit and debt issues?

Then with credit card companies such as American Express already tinkering on bankruptcy, a CC card company going under would only add to the fun.

That in itself could be the next great depression. What do you think?

Now I could be taking this a little far, and I don’t expect anyone to agree with me beyond this, however, I raise yet another question- If over 1/2 of america loses their buying power and credit-worthyness all together, based on what I see in the Government now, I would presume that they would feel the need to step into action, and bailout the individuals- and in this situation, it seems like the only action which they could do is to take control over many aspects of the country, essentially creating an extreme socialist culture overnight.

Although I have my savings spread in Euros, Rupees, and Dollars, the intense globalization occurring as of the last 10 years means that money isn’t safe anywhere. So now I’m thinking maybe I should just rack up 30k in debt since I’ll be in the doghouse with everyone else anyway, and 5-10 years from now we’re all going to be in the same position whether we have 000 in the bank, or -000 in our credit history.

Technorati Tags: 25k, 3 years, american express, backlash against, bailout, credit card debt, credit card debts, debt issues, fellow students, freezes, great depression, health problems, heck, inflation, mba program, mortage loans, option arms, salaries, smart ones, trillion

If not what should I do? I just feel like, Why pay my credit card debts if my credit is already jacked up? I want to do whatever is best for my future?

Technorati Tags: credit card debts

Here is the situation. The couple just got married almost a year ago, both have horrible credit. The wife’s is due to not having insurance and has had major health concerns and piled hospital bills for the past 2 years. Also 2 credit card debts from years ago that equal no more than 3,000 owed on them.As well as a recent accident that has gone to collection in the claim amnt of approx 8,000. The husbands is from misc. small hospital bills( say no more than 2,500) , outstanding cable bill 600, repo’d car approx 7,000, cell phone close to 1600.. so im probably figuring a little high with the 25,000.. but lets just say 25,000. They don’t own a house , currently renting, The husband is active duty ARMY, she is doing online courses and doesn’t work. Their vehicles are paid outright, do not owe for them at all. And have no credit cards in their name . What would you advise??

Technorati Tags: amnt, cable bill, cell phone, credit card debts, credit cards, duty army, hospital bills, insurance, major health concerns, repo

I need to know if I should file bankruptcy. I have read online that IF you do not have ANY valuable assets, and limited pay, meaning NOTHING by law that a creditor can take from you that there is no need to file bankruptcy? Amount owed is all credit cards (about ,000 maybe a little more) and also a home morgage that I would be happy to include. Is it better to just let them charge off the cards or to file bankruptcy? I have NO valuable assets at all and also get a SMALL amount of help from the state. I will answer any questions… I need TRUE advice on this PLEASE!
i also forgot to mention… these debts are already about 1 to 1 1/2 years old… some are already charged off… and others still contact me. It has gotten out of hand. Some credit card debts that had a 0 limit are now at over 00. Thanks all for answers!

Technorati Tags: assets, bankruptcy, credit card debts, credit cards, creditor, home morgage, true advice

I am a single mom, own a house, my son’s father is not paying a penny, and I just lost my job. Obviously, I can’t afford to paying my mortgage any more. So what can I keep when I file bankruptcy in CA? I have some 401k, a car, 30K of credit card debts, and student loan, no savings…

Technorati Tags: 30k, 401k, bankruptcy, credit card debts, job, mortgage, single mom, student loan

My mother is in a bit of a financial pickle. She has credit card debts, I’m not sure of the exact amount, but over ,000, at least, most of it from a failed person business. She feels that the best option right now is to file for bankruptcy. However, she cannot even afford to do that! It costs somewhere near ,600 for the various court and lawyer fees. She cannot save up because we’re already living paycheck to paycheck. I’m only sixteen, so any job I manage to get won’t do much good. None of our relatives are capable of lending her the money. I don’t think self-filing is a possibility. The whole situation seems kind of hopeless. Any ideas?

Technorati Tags: bankruptcy, credit card debts, job, lawyer fees, living paycheck to paycheck, money, paycheck to paycheck, person business, pickle, relatives

If major banks go bankrupt then what will happen to their debt? In other words, if a person owns couple thousands of dollars in credit card debts and the banks go under, is there still obligation to pay the debt?

(This is theoretically question)

Technorati Tags: banks, credit card debts, obligation, thousands of dollars