tvillane2004
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Don't listen to anybody with all that stuff there talking about. Anyway, this is what I would do if I were you and you should difinetly take my advise because I have a credit score of 830(yes 830, don't hate). Ok here it is: Sell your house, take the money you make from the house to pay off all your credit cards bills and the balance on your house. Move in with your parents for the time beeing, forget what everybody says. Taking some garbage from your folks from time to time or everyday is better than getting bad credit. I'll rather get shot than get bad credit! LOL. After you've paid for all of your credit cards bills and balance on your house(if you have a balance on it). Then take the ramaining money you have from the house(if you have any left) and then work on a new less expensive house and stay with your folks for as long as it takes to build up the money again to purchase a new home. Don't go buying a house that out of your means after all is fixes, it just makes no sense. Try to buy as cheap as possible. Its just to live in(think about the people is Africa living in the street. Just figured to add that :-))). Just have a sit down with your parents(even if there not the most understanding people) and tell them the situation i'm telling you about and tell them look if I get bad credit and get my house taken away from me then we'll have to stay with you forever LOL instead of helping you out for a short to mild time period. Anyway, I hope this all makes sense to you because this would be the best move for you guys :-) Hope I helped :-) Happy Holidays :-) |
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slobberknocker_usa
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Wow! This is tough because bankruptcy really screws up your credit making it very difficult or near impossible to borrow money for a very long time. Plus, moving in with your parents can make problems. Get a credit counselor, consolidate all your credit cards, and form a very strict monthly budget. Buy only what you need; resist spending money on a whim. Make all your meals at home; a lot cheaper than eating out. Basically, you'll be pinching pennies until your debt is gone. Pay only in cash; credit accrues interest. Keep gift-giving cheap and to a minimal or don't buy gifts altogether. Pay more than the monthly minimum towards paying off your debt (pay as much as you can for that month). Do whatever it takes to decrease that debt. |
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Voice
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Credit card rules have changed in the past few years. It no longer takes away the debt and still makes you repay it. I highly suggest talking to someone knowledgable about the laws in your state pertaining to bankruptcy.
Also, remember, this follows you for 7 years and will effect your ability to get loans or even rent a new place. No one wants to rent a house to someone that's filed bankruptcy. |
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ontopofoldsmokie
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Bankruptcy should be used only as a very last resort. If you can sell the house and start over then do so. Your husband must swallow his pride and get help from others. I suspect he wants to declare bankruptcy in secret and start from there. The problem will be years of really, really bad credit. In fact, you will destroy your credit for years to come. If his ego is smarting now wait until he finds he can't even rent a hotel room for the next several years. It's just not worth it. Also, I haven't read in your message that the problem has been fixed-meaning, why have you found yourself at you wits end? If they hasn't been fixed, you'll be in the same place in a year or so. You have to start living on less than you make. |
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Pure_Alpha
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Don't file bankruptcy. The laws changed about two yrs ago. You'll end up paying it all back anyway. Sell the house. Move in with your parents and pay everything off. Save up and start again. Bankruptcy will haunt you for years and years and years to come. If you file BK it will be very hard to get a car loan, another mortgage, credit cards, etc. |
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the dream
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I am surprised nobody suggested to refinance the home you are in? I don't think bankruptcy is a viable option. What if you could refi and settle out your credit cards for about 50 cents on the dollar? Check out www.totaldebtsolutionsllc.com |
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mhp_wizo_93_418
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consider credit counseling, there are reputable counselors that can get consolidation for your debt,
avoid consolidating all debt into one loan, has the potential for disaster.
there are many credit counselors that can negotiate with card companies to lower the staggering interest rates this is far better than bankruptcy although it will have lasting effects on your credit, it shows that you did pay it back, |
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Imaka
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Before you do anything get some professional financial advice. Maybe both of you could take a second job for a while - there may be all kinds of options. Will you make a profit if you sell the house? Is the house more than you can afford anyway? If so, sell it, but that doesn't necessarily mean moving in with your parents. Live somewhere cheaper.
From the perspective of a parent with several grown up kids, consider the comfort and well being of your parents. Do they REALLY want you guys to move in with them???? Will you pay them a fair rent? Will you make sure you don't intrude on their lives? |
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beach bum
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Moving in with parents and paying things off would be best. |
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Phoenix, Wise Guru
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YOU DO NOT WANT TO FILE BANKRUPTCY. That would devastate your credit. Besides, you racked up the debt, you should make every attempt to pay it. |
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scottFL007
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Wow, this is a difficult question. In some ways, I wish you would each look for further alternatives. I think you probably need to sell the house, because bankruptcy will be a disaster for your future. However, moving in with the parents could cause your own family some stress. It sounds like it will be difficult for your husband to feel like a man when he knows his in-laws are supporting him, so psychologically, that will be tough on him.
Are there any other alternatives? Could you sell your house and find a cheaper one? Could one or both of you take 2nd jobs for a while? There's got to be a better solution. |
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Fool in the Rain
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I agree with you. Filing bankruptcy destroys your credit. By paying off your mortgage and your bills you'll be helping your credit score not hurting it. Don't take this the wrong way, but maybe your husband doesn't want to live with your parents. Bankruptcy is a last resort. |
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Gravity145
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Bankruptcy is a very bad thing, do whatever you can to avoid it. In the UK we have something called an IVA which is an alternative to bankruptcy: read about it here: http://www.breadmarket.co.uk/debt-consolidation/iva-advice.php
Do some research and findout if you have something similar in the U.S |
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nickivalle
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If you bought your house keep it! If you file bankruptcy it will be a long hard struggle to get a house again. So do whatever you have to do not to lose your house. |
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aggressive L
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Have your parents take out a mortgage on their house, loan you the money to pay off your credit cards, and you sign a promissory note to pay them back. That way - you guys get out of debt without bankruptcy, your parents get a mortgage deduction, and you get a loan at a lower rate of interest.
AND you cut up the credit cards.
AND by paying the monthly payment on their mortgage, THEY aren't supporting you (like they would be if you moved in with them) - which is a one-way ticket to divorce-land.
and CUT UP THE CREDIT CARDS. |
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NONAME
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think of others - does your husband want to live with his in-laws - he would be the first --- file bk and dont lean on others |
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