Posted on: 05th Aug, 2010 10:42 am
should I file bankruptcy? we are so far in debt, credit scores are poor/fair and now we are behind again on the mortgage. I am on perm. disability and my husband works construction. we do not have enough money coming in each month to even pay all the bills. have aabout $5,000+ in medical bills, $1500. credit cards, $200,000. mortgage on a home we built for $77,000. in 1990. please advise. I dont want to lose my home!! can i keep it if i file?
thanks so much :)
thanks so much :)
hi sandysbiz
from your narration what I conclude is that,you should opt for bankruptcy. now next question is which chapter you should go for? whether to opt for chapter 7 or chapter 13?
It is solely depend on you to choose the BK chapter.
In nutshell if you want to keep the home you should file chapter 13 BK and if you want to sell all your assets in one stroke and do not want any repayment issue then you should opt for chapter 7.
All further details about BK can be found out here
http://www.mortgagefit.com/bankruptcy.html
DIPA
from your narration what I conclude is that,you should opt for bankruptcy. now next question is which chapter you should go for? whether to opt for chapter 7 or chapter 13?
It is solely depend on you to choose the BK chapter.
In nutshell if you want to keep the home you should file chapter 13 BK and if you want to sell all your assets in one stroke and do not want any repayment issue then you should opt for chapter 7.
All further details about BK can be found out here
http://www.mortgagefit.com/bankruptcy.html
DIPA