considering filing chapter 13 bankruptcy due to new mortgage company not wanting to honor previous mortgage company agreement. going to foreclosure hearing on oct 05, 2006. all other bills are caught up except mortgage (close to 1 year out) but i don't have a way of getting 7k in one week. losing my house is not an option. _few more loops: currently drawing unemployment / single parent / house is an fha loan
2006-09-27 13:14:44 · 7 answers · asked by sally 1 in Business & Finance ➔ Renting & Real Estate
It sounds like Chapter 13 is the way for you to go since you just have the one bill. Filing it will immediately put a stop to the foreclosure proceedings. You probably know this--but you have to have a reguar wage to file Chapter 13 (no self-employ).
Bankruptcy is not going to wreck your life. It is likely your credit stinks already. The fact is that after you file bankruptcy actually your credit often improves. This is because (in the case of Chapter 7) after discharge you can not file again for 7 years and because they know you have no other obligations and will be able to repay new debts.
So whether it is 13 or 7--it looks like this is your only option since the mortgage company has chosen to be a pain in the butt.
Incidentally Chapter 7 would work in your situation--you would have to be able to reaffirm the debt with the mortgage company. But it might be easier in Chapter 13 just having the Trustee tell them what kind of payments they are going to take rather than try to work out an agreement in Chapter 7 with them.
2006-09-27 13:25:52 · answer #1 · answered by beckychr007 6 · 0⤊ 0⤋
Here you can compare different options try it is free LOANSVAULT.NET-
RE How damaging can filing bankruptcy be to your life?
considering filing chapter 13 bankruptcy due to new mortgage company not wanting to honor previous mortgage company agreement. going to foreclosure hearing on oct 05, 2006. all other ...show more
2014-10-02 10:02:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you file chapter 7 and are behind on your mortgage, you WILL lose your home. If you file chapter 13, you can keep it most likely. It is damaging, but sometimes, there is no other way. Filing bankruptcy will stop a foreclosure. You need to get to an attorney ASAP.
2006-09-27 20:23:37 · answer #3 · answered by First Lady 7 · 0⤊ 0⤋
If your not moving anywhere for the next two years file chap 7 if you can. Why repay if you dont have to- yes it will ruin your credit but so will all the collections if you dont pay your bills. It's better to have a roof over your head. Remember this- if you have running water, electricity, your health, a roof over your and your childrens head and clothes on your back your not that bad off. It sucks but life will go on- besides if your fico was at least 500 you had a job and equity I could do a loan for you 1 day out of BK, the rate sucks but at least you could get a loan!
2006-09-27 20:18:34 · answer #4 · answered by JAMIE M 2 · 0⤊ 0⤋
I can help you out on keeping your house without filing bankruptcy. If you would like another option, email me. I'll put you in touch with someone in your area able to assist you.
2006-09-27 20:23:55 · answer #5 · answered by Du Hast mich? 3 · 0⤊ 0⤋
not very damaging as long as you can keep the payments paid on time.will have to lose your credit cards to avoid adding anymore debit than you report.
was on disability retirement and single when i filed mine.
the hardest part is staying on a tight budget for the time specified by the bankrupcy judge.
2006-09-27 20:24:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
very
2006-09-27 20:17:54 · answer #7 · answered by ? 7 · 0⤊ 0⤋