Posted on: 13th Mar, 2011 10:51 am
I live in Illinois and in the last couple years I've had to add a new roof to my house at a price of $11,000 and had to have some major dental work done to the tune of $9,000. That's in addition to already having 6 hand surgeries done, put those on a cc, had to take out a debt consolidation loan after my husband died- should've filed bankruptcy then, but didn't. Now due to high payments, $650/mo, on the debt consol loan, I've fallen way behind and it has now been turned over to a collections company. I've been offered a settlement, but I don't have enough money in savings to take advantage of it. My main question is, can I take the $17,000 that's in home equity out to pay off my car loan, a couple small cc bills, and have some minor things fixed on my house; then file for chapter 7? I was going to let the house foreclose, because I'm going to be moving in with my dad who can't drive anymore.
welcome memphistnin,
if you don't have the required credit score, you won't be able to get a home equity loan and cash out the equity in order to pay off your other debts.
if you don't have the required credit score, you won't be able to get a home equity loan and cash out the equity in order to pay off your other debts.