Ok, so unfortunately we are so far upside down on our house because of this crappy economy…and not to mention there is a TON of work that needs to be done on our home. We bought the house 2.5 years ago and were blindsided by the crap that has happened to it! It needs about 20K worth of work done to it, so even if we could fix it we would never get the money back out. The neighbor hood has gone down hill really bad…drug dealers moved in next to us, a sex offender behind us, and we are on a MAJOR road, which was ok when it was just my hubby and I but now we have a baby. my question is, is filing bankruptcy just slowing down the foreclosure process..meaning if we file to get out from our house (have been told foreclosure is worse than bankruptcy by 4 different ppl) are we filing to get rid of our debt only to have the house foreclosed on anyways? No bashing please trying to make a hard decision for our family. We dont want both on there. Thanks for all the help!

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I bought a BMW Z4 2 months ago. I have yet to make my first payment on it after a downpayment of 1500. i don’t have good credit(low 600) and i have a few charge-offs and i applied for more than several cash advances just to pay my bills and i don’t even remember i owe who and who and i never answer the calls from them or from collections. I figure sooner or later i will either file for bankruptcy or let it row for 7 years. I do have a second car(my mom’s car) that’s paid for and in her name that i use. coz my mom got her own camry(also paid for).

I am wondering if i should just keep driving that Z4 for a few months without paying till they eventually repo it. (to make my downpayment 00 worthwhile) and when they sold it and ask for the difference, my payday loans and others will be over 90 days and i will include everything i owe and file for bankruptcy.

or should i keep paying for it even though i might eventually give up the car anyway after one year? my credit is already pretty damaged(low 600).. what should i do?

P.S. if i do decide to just don’t pay.. i can use the money for my horse-riding lessons and other fun stuff..and get my laptop back from my pawn shop which i will do eventually anyway.
For all before you start judging me(and i know you guys will) i owned a biz at the age of 21 and I used to the luxury of things i had money for… and never care much for credit. since i had enough cash. after the biz ran to the ground, i have been trying to figure out my next biz venture. (i hate to work for ppl).

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