I am going threw alot of financial issues since my ex has left me with all of the bills and 3 children to raise. If I file bankrupcy what will happen. Will i be able to keep my house and sell it in the future. If I was to sell it can i keep the money that i would make off of it?? just need to know what to do...
2006-11-09 03:30:07 · 8 answers · asked by maggie 1 in Business & Finance ➔ Credit
If you own a house and a car, you will be forced to sell them both first to pay off your creditors. You aren't allowed to own any assets when filing bankruptcy. It also takes about seven years before it's removed from your credit history, so think about that too as it will affect your ability to get a loan/car/house in the future. Have you thought about a consolidated loan?
2006-11-09 03:36:35 · answer #1 · answered by tipper 4 · 0⤊ 1⤋
Don't know where you are, but geenrally if you file for bankruptcy, they will make you sell your house to pay your debts.
If you own your house, can you not approach your bank and ask to consolidate your bills into a new mortgage instead? If you file for bankruptcy, you're screwed for credit for at least 7 years, and even after that it's going to be VERY difficult to get any credit. That's a long time, and I know what it's like with kids...money pits.
Why not sell the house before all the crap happens and pay off what you can from those profits? Get a smaller place, maybe an apartment? Just a thought!
2006-11-09 11:37:52 · answer #2 · answered by dazedandconfused 4 · 0⤊ 1⤋
First of all, in most states both of you signed the deed of trust and the note. If you file bk then he will have to pay the note or it will go into foreclosure unless you re-affirm the note. At this point in time it will depend on where you are in the divorce. Just getting him to sign a quit claim deed will not excuse Him from the mortgage payment. With children you should be getting support at least pending the litigation. If you refinance the property prior to a final decree of divorce he will at least have to sign the deed of trust, right of rescission and the settlement statement. Then you can obtain a quit claim at the final decree and the house becomes your responsibility. If you sell the house then he will get 1/2 of any profits at this point. Never allow this with out an agreement in hand to pay all outstanding debts off. If you have that much equity I would refinance now and pay off the debt at closing. The title company will do the checks. If there is no equity left then he gets nothing at the final decree, just child support to pay if they are his children.
2006-11-09 11:40:47 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
You can absolutley keep your house and car. It's called re-affirming a debt. They will be included in the bankruptcy but will be listed as paying as a greed. Good luck. I know times are tough and I had to go through it all a year and a half ago. It's alot to go through but at least gives you some breathing room
2006-11-09 12:14:07 · answer #4 · answered by bizzie 2 · 1⤊ 0⤋
1. Go to domestic relations to get a child support order issued against your ex...and they can garnish his wages....and/or make him go before a judge!
2. Call the credit card companies and explain your problems....ask them for the lowest credit card rate and for the lowest payments possible. Tell them you want to work with them so you won't have to declare bankruptcy.
3. Yes you can lose your house and get liens put against you house....and with 3 children you need good credit.
4. Ask the state for help - sometimes they have programs to help mothers wil children....free medical insurance and such.
5. Take whatever help you can get from the local and state authorities to help the children and yourself.
6. Try to keep up with the minimum payments, and don't forget to call each credit card and other billing company for their help..............and tell them you don't want to lose your credit because of him.
My best prayers are with you and your children.....for a happy life!
2006-11-09 12:07:25 · answer #5 · answered by May I help You? 6 · 0⤊ 0⤋
Before you do anything let me recommend Dave Ramsey. He gives great advice about this kind of thing and will help you make the right decision.
Glenn Kawesch
2006-11-09 11:35:05 · answer #6 · answered by glenn kawesch 1 · 0⤊ 1⤋
Please contact me. I can assist you in this matter, save you a lot of time and money. I will get you in touch with the best Law Firm in your State. Hope to be of service to you.
Good Luck,
JD
2006-11-09 11:39:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Plenty of good advice here.
2006-11-10 12:53:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋