I have a delima and this seems like the right place to ask this question.

I have a home in Las Vegas which I am trying to short sale, which I believe will ultimately end up as a Foreclosurer. I lost my job 10 months ago when my industry took a crash due to the economy and have been burning through my savings to support my family.

Now that I am working again my payments are the same but my pay check is 1/2 of what I use to make, so its a struggle. I have almost depleted my savings and come to a fork in the road. I have about 25K in credit debt and my credit card company just raise my interest rate so high I can’t possibly afford the new monthly payment. I have tried to get them to help and they said thats the way it is and when I check the internet, this is happening to millions of people.

So here is my question.

Since I will have a foreclosurer on my record, is it worth trying to work to pay off the credit card company or just file for BK and start over.

I have always have perfect credit (790) and this is really bothersome to me. I buy cars every 2 years and always got the best rates, so I want to try and save my credit, but with a foreclosurer on there, will it really matter if I pay off the credit card or not?

My credit is already shot and need to get on the road to rebuild it and I can probably get ,000 to pay off the card, but that will be my entire savings and would leave me in a more volerable state.

Sorry to ramble on and advice would be appreciated!

Technorati Tags: 10 months, bk, cars, crash, credit card company, credit debt, delima, economy, fork in the road, interest rate, job, las vegas, short sale, struggle

Last year my husband and I lost a home we purchased about 3 years ago. This house was to be an investment. We remodled the entire house and completed just as the market crashed. This past March the house was foreclosed on after being on the market as as short sale for 2 years. We want to file bankruptcy because this ruined our finances. We still have our home we live in but we now have 2 creditors suing us. How do we file for bankruptcy and include the taxes we will probably be charged for the house we lost in March 2010?

Technorati Tags: 3 years, bankruptcy, creditors, short sale

Im 9 months behind on my house and its in foreclosure. Suppose to be foreclosed on April 6th 2010. We have tried a short sale and we have an offer but the 2nd mortgage company is not going to take it. They want an extra ,000 on top of the offer. My real estate agent said they will probably take ,000 when it gets closer to the actual foreclosure. Im also upside down on my car ,000. Should I pay the ,000 and keep the car that is upside down or just file bankruptcy? If I file bankruptcy before the foreclosure date will both go on my credit? The lawyer suggests a chapter 7. Thank you in advance!!

Technorati Tags: 9 months, bankruptcy, chapter 7, foreclosure, lawyer, mortgage company, real estate agent, short sale

I dont think i would end up owing more money.
one is for the intrest i paid on the house i sold the begining of last year, it was a short sale, so i made no money. It says i paid about 4,600 in interest. The other is a payout from a retirement plan for .00.
should i wait till after i get my refund to file and amendment.
what does a short sale or bankruptcy do to your taxes??

Technorati Tags: bankruptcy, begining, intrest, money, retirement plan, short sale

If the bank won’t accept a short sale, and someone is forced to foreclose, how likely is it that the bank will file a lawsuit against them to collect the debt? At what point should a person decide to file for bankruptcy?

Technorati Tags: bankruptcy, short sale