Is selling and then leasing back my home that has no mortgage owed a good idea when filing for bankruptcy? I would be financing the home. And then renting it in order to keep my place of residence. Can they take your furniture and everything in the home to pay back the creditors?
My dad owe ,000 to credit cards, lines of credit etc..
It all started when we bought a house. My dad was the only one working. After two months purchasing the house, my dad lost his job. So, hoping the he’ll find another job, my dad kept on paying the mortgage, property tax etc from his credit cards.
He did not find any job. My mom found a job but not a good paying job.
After 3 years, we couldn’t afford it and sold the house.
Right now, we live in an apartment. My dad is diabetic and has other medical problems and can’t find any job. Also, his language difficulty is preventing him from finding a job.
My mom works and its enough just for rent and food for our family.
My dad keeps getting phone calls from credit companies and stuff asking him to pay. My mom gives him 50 or 100 bucks per month to pay his credit cards but she can’t do this every month because she only earn that extra if she works extra hours. She has arthritis and her doctor told she shouldn’t work much.
My parents’ first language is not English, hence my dad has difficulties with English.
I received a letter in the mail from an attorney. My lender wants to start the foreclosure proceedings. At the moment, I am 11 months behind on my mortgage. I want to dump the house as I owe 20% more than it is worth. What happens if I file for bankruptcy right away? Does that cover the foreclosure too?? Or would the bank come after me after it sells my condo for the difference? I have a 10,000 in credit card debt and 9000 auto loan. I have been unemployed for quite sometime without having luck finding a job. Even my unemployment has ran out at the moment. I don’t have any assets unless furniture counts? Bankruptcy is a must for me but I cant decide if I should do it before or after the foreclosure
I live in Illinois
My husband and I want to start the process of buying a house but we’re afraid that his bad credit will ruin our chances. We recently got married within the year and I have a credit score of 672 and his is probably really bad. He had a lot of debt (about ,000+) from when he was 18 and stupid but now he’s 30. He never paid back a single dime and they just stopped calling. So, I’m guessing the creditors wrote it off after so long but I do know that it’s still an unpaid debt on his credit report. And I know that’s horrible. I’m a stay at home mom right now so I have no income, we live solely on his income, which is a pretty decent amount. I guess I have a couple questions. Should he file bankruptcy? If not, what would you suggest? And, would anybody give us a mortgage with his bad credit? Would they include my credit in the mortgage? Would it help?
I have received a modified loan (yes it actually happened) because I lost income through a divorce. My ex-husband is no longer on title, but is still attached to the mortgage. I want to assume the loan and remove him, but now the bank tells me the modified mortgage is not assumable. My ex has defaulted on all his credit payments because he was sent to jail. I presume when he is released he will file bankruptcy. Can his responsibility for the mortgage be discharged and leave me remaining as the sole responsible entity?
I had a 3 year lease, my landlord lived out-of-state, he stopped paying the mortgage on the house I rented, used my rent money to pay on his home in TX and filed for bankruptcy when the IL house I was renting went into foreclosure.
I sent him notice that I was moving out in 45 days when I found out he was losing the house. I was current with rent, left the house immaculate (took pics, videos, and a statement from this real estate agent that I left the home in beautiful condition).
He agreed in writing to my move-out date, and also put in writing that HE broke our lease. I did not pay him the last month’s rent (00) because he owed me the 00 security deposit and another 5 in lawncare expenses and some smaller maintenance expenses (I have that in writing from him, too). As he had filed BK I did not feel he would pay me those monies which I why I did not pay the last month’s rent.
LOOOONG story short, he sued me for the last month’s rent, added on another 00 for the 5 days extra I took to finish moving out (he was not offering the home to rent to anyone else, no one was viewing the home – he lost no money as a result of those 5 days).
The day of court, I showed up with my attorney, all my paperwork, receipts, etc and my landlord did not show up but his attorney did. 11 months later I missed a follow-up court date as I was NEVER served or sent notice of the appearance and of course, a default judgment was made, plus fees for his attorney and court costs.
Sorry, long-winded – but here is my question: Can I sue the landlord for return of my security deposit, the lawncare service fees, etc – all the things I have in writing that he owes me? The attorney I had initially hired cost me 0 to show up in court the day my landlord did not. As he already filed for bankruptcy, if I won, he would have to pay me, correct? He is working – I know what company he is now at.
I am in IL and he is in TX which I understand has some kind of homestead rule where creditors cannot put liens on property or garnishee paychecks.
Thank you for advice!
Thank you both very much for replying.
The ex landlord filed his BK over a year ago, so I would think it would be completed by now. I figured anything he gets sued for after it is discharged, he would need to pay? I am certain the money he owed me was not included in his filing – I was never contacted by the court as a creditor.
I do not have funds right now to pay my attorney additional money (got laid off a few months back). So…no money for him – no help from him.
Regarding my getting served about the second court date – no I did not move. When I called the landlord’s attorney, he stated he sent me a notice via regular mail to my correct address. Did not get it. I am working on getting the judgment set aside, but as I found out about the default judgment more than 30 days after the fact, this is a bit difficult.
You are good folks for helping me out – thanks!
I’ve been out of job for long time, plus medical bills and I am facing foreclosure, as well as months of unpaid c/card and one unsecured loan bills. I don’t think I can pay both mortgage and c/card bills. I want to keep the house and the only way out of this situation I see is to file for bankruptcy. I finally have good job offer in my field that i am about to accept. I wonder if I should file while I am still unemployed, or when I have a job. Thank you
I was told by an attorney that foreclosure and bankruptcy on a mortgage is 2 different things. I know that you can not apply for another mortgage for 5 years after a foreclosure and that after a bankruptcy you can apply in 18 – 24 months but does it make a difference if there was a mortgage involved in that bankruptcy. My mortgage was never reaffirmed after my bankruptcy neither.
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?
We owned a house, two cars and 1 credit card together. We leased to own our house and relocated to another part of the county. I had yet to find a job when our tenants bailed on their contract and ex-hubby cheated on me.
I moved in with a male friend and it took awhile find a job. I could not afford to pay for our mortgage, cars and credit card in time. He refused to sell or rent out the house, but would not pay on it either. I did not have the money to bring him to court before the house got forclosed on. So we lost the house, the cars have been repossed and the credit card charged off.
I am now looking to try to repair my life and possiblly buy a home in the future, but I don’t know where to begin? Should I file BK? I can’t afford to pay back the money.
I own a home in which I am willing giving up due to my circumstances. I became deaf. Since then, I have been unable to find a job. I have been living off of unemployment which is not enough to pay my mortgage. When I tried to send partial payments, they returned my payments. I was given a forbearance but that did not waive the amount I was behind which is over 12 months now. My unemployment is running out and though I am capable to continue to work in my field with reasonable accommodations, or even outside my field, I am not getting any job offers.
I have 20K to use towards prepayment for rent, food, etc, for a little while….to help by more time for me to search and find a job.
I have a few credit cards, one is up to date on the payments, several medical bills, student loans, unemployment payments that I need to repay in a different state, about 00. Back when my credit was good, I was a victim of identity theft which is why internet accounts, credit cards and wireless phone accounts were opened in my name. I tried disputing the items that were not mine but only 1 thing was removed.
Will Chapter 7 Bankruptcy help me? Will they try to take the little money that I have to live off of. I also have 3 paid off vehicles.
I AM NOT YELLING. JUST WANT TO MAKE THIS MORE CLEAR FOR ALL TO READ. I DO NOT HAVE A JOB, I DO NOT HAVE MONEY TO MAKE MONTHLY PAYMENTS ON ANYTHING RIGHT NOW SO CONSOLIDATION IS OUT THE QUESTION. GETTING SIDE LOANS IS OUT THE QUESTION. NO NEED TO SUGGEST SUCH. THANKS.
Being unemployed and out of savings- should I file chapter 7 Bankruptcy to rid me of all my debts?
If I do this will I lose my home? Its worth less than my mortgage at this point in time!
I have a Student Loan that is effecting my credit which is now Cal Aid my girlfriend says I should file for bankruptcy. What will happen if I do that? and who do I go to to get it done? Will it effect my good credit I do have or get? will effect my bank accounts I have? I do not have a house so i am not worry about mortgage. I can stay on my mother property until 7 yrs is up get a house,right? I just want to have my own apartment for now until I get my section 8 or when I get it, and I am waiting on my attorney to tell me my court date b/c I file for disablement so when I win my case I can afford to have my own apt or house.
What are the ramifications when you stop paying your mortgage ? Do you have to tell the bank before you do it ? How much does it hurt your credit score ? Is it a better to try and declare bankruptcy ? What are the requirements to file bankruptcy ? Please help, any and all information is helpful. If you could direct me to sites, that would also be helpful 
i have to file for bankruptcy because he stole thousands of dollars from me to buy drugs & video games. i had to take our daughter & move in with my mom because of this & his verbal abuse. he doesn’t take care of her, and never has (times when he was watching her she’s gotten into harmful things & never got diaper changes). he has a temper. he’s racist, sexist, selfish, etc. he of course can talk a good talk but it’s all lies. he’s unemployed & has no desire to get a job or training.
he’s still living in my house (he was never on the mortgage & never helped pay the bills) and he’s trashing it. i’d like to sell it, but with all the damage i don’t think i can (the dishwasher is smashed to bits, along with most cabinets & walls have holes in them). he smokes in the house, even if our daughter is there. he has a son older than our daughter & his parental rights to him were terminated.
should i cut him loose? i plan on divorcing him. should i also evict him & refuse to let him see our daughter until we get it figured out in court?
should i feel bad??
i meant not see her until the courts figure it out.
he doesn’t do anything FOR her either!
he’s NEVER come to see her in the 2 months we’ve been living apart.
and actually, he will smoke & do drugs in front of her if i’m not around. & i’m not wanting to be around him as he’s verbally abusive. (that doesn’t do her any good either)
yeah yeah, i know. I"M STUPID FOR EVEN GETTING WITH THE GUY. he’s a DAMN good liar & manipulator & i’m a pushover & a doormat.
thing is, this is my situation, and i’m doing what i can with what i got at the moment. can’t change the past or stupid mistakes but we can learn from them.
thanks Siggy
i think one of the worst things about this is that i just feel completely STUPID for believing what he told me aobut everything, from day one. "his ex & the courts screwed him over to terminate his parental rights" and falling for what i can only assume was his act with his son during supervised visits (since he isn’t nearly that great with our daughter, EVER). i believed he was going into jobcorps in a couple weeks, only to find a letter a few days ago that he stopped his application from even being sent. i believed he was sorry & loved us & had stopped doing drugs & stealing from me–until tonight when taking our toddler to visit him i found his stash (well, actually our DAUGHTER found it to my horror!) and then i checked & noticed 0 was missing from my purse; and when confronted he practically laughed & said something to the effect of "yeah, so? you keep coming over here"
i just feel so stupid!!! and like i’ve totally failed my daughter by conceiving her w/HIM
I borrowed 30.000 from a relative to buy a small house because we are losing our home in the bankruptcy. The mortgage had to be signed and recorded in 30 days. Because I can’t have more than 20.000 in equity n our home. My attorney had forgot to inform us of this and now the bankruptcy court has seized our new house. His excuse was he has too many clients and it was a simple mistake. We can now buy it back from the court for 30.000. We don’t have another 30.000 what can we do, is it our attorney’s fault. We hired him because we don’t know a lot about the bankruptcy rules.
I am really considering bankruptcy but since it is a major decision, I would really appreciate some feedback from people. Heres my situation:
1. I am 22 years old (23 in 10 days, 33 years old when this is all over)
2. I make ,000 annually at the most
3. I owe ,000 in credit cards from cash advances which I used to pay my mortgage
4. I owe 0,000 for owning my home and pay 00 a month for mortgage (I’m paying interest only, nothing on the principal; 2 loans by the way) not including utility bills
5. I receive 00 from my room mate to pay my mortgage
Now with all these facts given, is it worth filing bankruptcy and having it last 10 years on my credit and finally having some peace of mind? Or, or, should I just get a second job, stress out, struggle my butt off to pay the mortgage and credit cards on top of that, and hope that the real estate market changes in a few years in order to get a refinance to lower my payment?
What do you guys think? Thanks!
Please note:
If you must know, I went into this predicament thinking that 2 other room mates were going to help me pay for the house, but they took off and left me by my lonesome self.
The house is entirely under my name.
Also be aware that bankruptcy lasts for 10 years before it completely clears up on my credit (or so I’ve heard).
Utility bills range from anywhere from 0 to 0 for me, depending on the season.
It just seems more reasonable to give it up now because if the real estate market doesnt pick up in a few years, all that money, effort, and most importantly time will be lost to something that never really was going to pay off in the long run.
Yes, I have been paying the house on time but keep in mind that I’ve been only paying interest and I still owe and will continue to owe the same 0,000 unless I start making payments that are close to 00 a month, which is just, simply impossible for me.
The principal has not gone down at all!
*****On the second detail of paragraph i said 0,000. Sorry, I meant to say 0,000. Sorry for the confusion.*******
****ONE LAST THING***
Having to pay that much money a month is very stressful, especially trying to come up with the money. I really cant take it anymore. I just want to go to college and study and get an apartment and just get away from all this debt that unfortunately I have got myself into. Trying to come up with 00 a month is not easy and it takes a toll after a while, especially when you cant afford it. THAT IS THE MOST IMPORTANT REASON FOR ME FILING BANKRUPTCY, getting my life back.
I’ve searched 19 pages of answers, did not find anything. My wife & I have jobs. We have 2 kids. Wife has amassed lots of medical bills, due to 4 hospitalizations. Had Credit-card debt also, but not enormous. We have not paid hardly ANY medical bills in about a year, and no payment on credit-cards in that same time. We had retained an attorney, because we wanted to file for bankruptcy. Now…almost 1 year later, (still have not used c.cards, or paid med bills) we want to include the house in the bankruptcy. (Unfortunately!) I’ve just re-financed several months ago, and can afford the mortgage…however, our home is 20 years old, in need of many repairs, (roof, siding, windows) and insurance is not covering some damage we have to our house….Our mortgage is not quite 1 month late. Any advice? We just want to "let it go", take the hit, and downsize to a town home. In the months ahead… I know we need to SAVE $$$$ When should the lender be notified…if at all? WHAT NEXT?
I am filing ch 7 bankruptcy and should be discharged in about a month….I would like to point out that I got in bankruptcy due to medical bills and being left with a 3K mortgage in my lap….boyfriend bailed. I truly need to make a fresh start…I wont have a lot of $, but there has got to be a better way to pay bills, save a little and have some "cush" when things like unexpected car repairs come up. Any advice?
Hi.
We have a joint mortgage and I (husband) filed Bankruptcy last year and was discharged on January 2010. However on my credit it is reported as "INCLUDED IN BANKRUPTY & DISCHARGED" when on my wife’s it is showing current on payment. We are still making payment but mine does not report when hers is reported.
We filed out tax separately where I claimed the mortgage as I am the primary. We are now worry that we might not be able to get the 00 credit since mine does not reported as pay on time.
Our quesiton is should we worry about this or it is fine?
By the way in the bankruptcy 7 I filed there was a stipulation where any tax return shouldnot be kept to pay the creditors.
I have already received my South Carolina tax refund and just waiting for the Federal which was done together with the 00 tax credit.
Also what can I do to report the mortgage current on my credit?
Please let me know.
Thanks