Yes I cant afford any garnish on the 4000 will bankruptcy help?

Question

I just got back to work from my fathers death my house payment is 3600 we cant sell and in Nov we owe another 2000. I hate to whine but this has been horrible year Im not sure how much more I can take
can you imagine we have been paying a 1000 a week to get caught up in are house payment we barley have money for anything the computer sometimes is all I have so sorry about the all this I really dont think there is help just needed to tell someone

Answer 1

sorry for your loss. well, i'm not sure why you can't sell. that really would be your best option. even if things get back on track, you are "mortgage-payment poor". you need to find something more inside your means. hopefully you don't owe more on the house than its worth. if you do, maybe bankruptcy is your option. a chapter 13 allows you to setup trustee payments for the deficiency balance, and resume normal payments once a month. that way you dont have to worry much about the past due amount.

have you tried refinancing? there may be an option there. if not, maybe you can talk with your mortgage company and setup a forebearance agreement (a payment plan BETTER than the one you have, that would help you get caught up). do you have equity in your house to do a 2nd mortgage and consolidate any other debts you have? maybe doing that would save money monthly from your budget. i don't know, just some suggestions for you. good luck... it will work out eventually.

Answer 2

I am sorry for your loss.I have been there, I know it can be very difficult. If I were you I would call a few mortgage brokers and check into doing a rate/term refinance or if you have credit card debts, you could do a debt consolidation. Also, I would call your lender and explain your circumstances. If you had a good payment history with them up until recently, they might would let you refinance through them, saving you some money on fees. I would call them as soon as possible though. If they won't work with you, at least let them know that you are trying to remedy this situation. I would surely try to refinance, because you can't keep going like this, it is too much stress.

Try to refinance before you file bankruptcy. Filing bankruptcy will mess your credit up for years. Keep the faith and good luck!

Answer 3

The irony is your missing the original point of bankruptcy......You very well may need to file, but........before that's even an option you must complete a trustee approved financial class.

Bankruptcy was designed to keep creditors at bay while a debtor tries to fix things.......You might do very well in a Chapter 13. In a 13 you set up a repayment plan, and get the emotional relief of creditors not being allowed to call and harass and ....

it can stop garnishments (except child support)......don't delay, you need help.

Answer 4

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