i јυѕt want tο know аѕ many pros аnd cons.
іf mу husband аnd i dο dесіdе tο take thіѕ іntο action wουld wе hаνе tο loose ουr house аѕ well? wе want tο keep аrе house. bυt аѕ far аѕ everything еlѕе, credit cards, οld loans, car loans аnd such wе јυѕt cant afford. аnd wе don’t want tο еnd up renting again.
whаt аrе ѕοmе pros аnd cons?
wіll wе hаνе tο give up ουr house?
аrе thеrе аnу legit debt consolidators wе сουld try first?
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Tags: BANKRUPTCYQUESTIONS
You can gain more bankruptcy information at their official website @ www. usbankruptcy. gov This is an excellent site which gives you a detailed description on each chapter of bankruptcy, personal bankruptcy either a chapter 7 or 13 is what you want to read up on. The chapter 7 if the mortgage is current and you qualify per the median household income, you still can keep the home, but the loan would have to be current. If you are behind on the loan and still want to keep it, you would do a chapter 13 and pay into a payment plan, either 3 or 5 years depending on your incomes. You can get in to see a bankrutpcy attorney in your area, most will see you on a free consultation the first time. The bankruptcy filing will allow you to keep your home. The down side if it’s a chapter 13, you are left with very little monthly money to live on while in the 13. A chapter 7, though the debts get discharged in roughly 5 to 6 months from start to finish, you can re establish your credit quicker than in a chapter 13. Once you have filed. Your credit will take a hit, but. . . with good hard solid work history and future good payments, you can re establish your credit. If you file and you are seeking a new job and they check credit, it could hinder the hiring because of the credit, some check, some don’t. Same if you were to say rent an apartment, if they check credit, you may not get the place. If you finance a new loan and someone is willing to finance you, it will be at a very high interest rate. Check the website out that I provided. It’ll give you a lot of insight as to how a bankruptcy work. I filed and discharged in 02/08 4 months after my discharged I was approved for a motorcycle loan with my hubby with so/so credit and just traded this past March for a brand new larger bike for more money and was approved without any problems other than proof of income and last years W2’s. . . . 2 months after I filed I was approved for a credit card, with a 500. 00 credit line, 3 months after good pay it was increased to 750. 00 There is life after bankrutpcy, it’s just a matter as how you treat it after. Good Luck!