here’s the situation, i am 26, my husband and i are forced to file bankruptcy because he was laid off twice last year and has just been laid off again, we have a new baby and i was forced to take 3 months maternity leave from complications. one of our cars was repossessed, so our credit is going to be shot either way. we bought our home when i was 21, they approved us for a 200,000 loan. at the time i didn’t know what i was doing and we purchased a home that cost that much. it has a fixed rate but the payments are 1500 a month. it is a 2 family and we get 750 rental income. it is a very large house and the utilities for one floor alone run us about 7-800 a month because of poor insulation and wiring,the home needs major repairs ( this is where i didn’t know what i was doing when i bought the house.) it needs a roof, it has old siding, the second floor bathroom is gutted, there is major water damage to one of the rooms due to the leaking roof, we started renovations and didn’t complete them because of finances so it needs major cosmetic work- it has old paneling and wallpaper in some areas of the house, old molding and plaster walls. old furnace, hot water tank the porch on the second floor is slowly deteriorating from water damage, since there is no awning above it and the previous owners had indoor outdoor carpeting on it.it is very weak and unsafe. the driveway is cracked and caving ( it is the size of 3 driveways. we fully intended to completely rehab the home when we purchased it and eventually use it as rental property. we would never get what we owed if we sold the way it is right now and we would need at least 50 grand to get it in selling condition. i still owe 192,000 and i am behind 4 payments from job loss. mortgage company is willing to work with me because of the bankruptcy but it would mean extending the loan and higher payments. i feel like i am drowning now! would it be better to just walk away from the property and claim it in the bankruptcy for a complete fresh start or would it be better to stay and try to fix it. i wouldnt even ask as i obviously know forclosure is never the best option but in my case with the house being worth so much less than what we owe what option be best for us in the long run. my primary concern is repairing my credit and creating a future for my family

um i asked question for help not criticism. yes he did look for other employment and did do small jobs until he found something but a fast food job would not cut the 62,000 a year he was making as a machinest, with two kid, 2 car payments and other misc bills. and i was on bedrest the last 6 weeks of my pregnancy from incompetent cervix so how is that hard to believe and what reason would i have to lie. i am only here to get some feedback on what would be the best option for my family in the long term.

Technorati Tags: awning, cosmetic work, driveways, fixed rate, floor bathroom, fresh start, hot water tank, indoor outdoor carpeting, leaking roof, maternity leave, molding, mortgage company, new baby, old furnace, paneling, plaster walls, poor insulation, rental property, siding, water damage

I lost my job a little over a year ago, I’ve tried catching up with bills working when and where I could but never caught up. I am recently married with a new son. I do not work and now cannot work with a new baby. I have 5,000 in school loans 3000 in credit card debt and a gym membership I could not get out of that wants 2,000+ dollars from me, I also have a few other bills. I have nothing in my name at this point, my car was purchased by my husband. I’d like a fresh start and see no way out of this at this point. Please if you have any helpful advice, I’d really appreciate it.

Technorati Tags: credit card debt, fresh start, gym membership, job, new baby, school loans

My husband and I are in over our heads in debt. We owe approx 88k with cars and credit cards. We obtained the debt when he had a good job but now his job has changed and we just can’t pay minimums. We’ve seen a bankrutpcy lawyer who we didn’t like very much and another who we liked. The one we like costs 1300 dollars more and we just don’t have it. We really don’t want to file bankruptcy but w/ a new baby, childcare expenses, a new job, no childcare for one of us to work part-time (due to conflicting schedules), there seems to be no way.

We’re already behind on credit cards… should we scrounge up 500 to pay the retainer and find some way to get the remainder for the good lawyer? Or use what little we have for the crappy lawyer and file there? OR should we just wait until it gets worse to file just incase life seems to throw us something great? HELP!
We haven’t used a credit card in 6 months..we dont go out to eat AT ALL anymore..we’ve realized we’ve messed up and we have 2.00 in our checking right now..we have a little saved but that’s going to go soon..we’re not overspending. I’m using a friend’s computer to type this as I don’t have cable or internet.
Selling the cars would be an option if we weren’t upside down in them

Technorati Tags: bankruptcy, cars, credit card, credit cards, good job, lawyer, new baby, new job, part time, remainder, retainer

my credit was stolen about five years ago, i was in hawaii with my husband who was in the army at the time, but my credit says i bought a car in Oh and a house in WV, the thing is my parents stole my credit. i can’t press charges against them, even though my husband wanted nothing more than for me to do that. they also got several credit cards in my name. basically my credit is shot. i refused to press charges on them because they are my parents, but w/o pressing charges i am responsible to pay back the debt, it’s been 5 years and the debt just keeps adding up, we’ve already paid several thousands of dollars to try and restore my credit. i was estranged from my parents for 8 years and we just started building a relationship before all this happened. is it wrong to file bankruptcy to get rid of the debt, my credit is shot, i still owe about 20,000 that i know of, nothing me and my husband own is in my name, but with a new baby and another child in the house and a car payment, we can’t afford to keep paying on stuff we didn’t even get. is it wrong to file bankruptcy in this case? or to press charges against your parents when they do that? they admitted it when they got caught, but never even apologized to me. what do you think? and which bankruptcy should i file? 7 or 13 thank you
my parents already made it clear they won’t pay any of it back. they said we should ignore the bills. we can’t do that. i’m just afraid of how it will look to my children, if i put their grandparents in prison, especially when they are older. and isn’t it mean to put your parents in jail, though they did ruin my credit, and our lives. we have had to cut back on so much stuff because we’re paying off their bills. so bankrubtcy is not an option, will my kids hate me later for putting my parents in jail?

Technorati Tags: 8 years, army, bankruptcy, car payment, credit cards, grandparents, hawaii, new baby, parents, pressing charges, relationship, thousands of dollars

Our loan was in a "modification" with the mortgage company and we were late on the payments. We sold one of our trucks on Friday for 00.00 to pay the 2 months behind and today we got the letter in mail saying they were continuing foreclosure proceedings.
We called and they said we don’t make enough, but we do so they are working on something, but I have a bad feeling that they are stalling. I want to sell the house, but my boyfriend does not want to. Our home is worth more than we refinanced for, but will be hard to sell quickly. Our credit is terrible and our score is very low. What about filing for bankruptcy or trying to sell fast..before foreclosure starts again?
I don’t think we can do much to get out of the mess we’re in.
(we missed the payments because a/c broke..we live in florida and have new baby so we had to buy window units.)

Technorati Tags: amp, filing for bankruptcy, foreclosure proceedings, mail, mortgage company, new baby, score, trucks