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Caroline | I'm married and in my 20's with debt well up to $20k. If I file bankruptcy can I ever get a future home loan? |
Additional Details
I have secured and nonsecured debt. I called a counselor but the best they could do was take $600 worth of my bills and have me pay them $600 to cover them. I have like $1400 a month in bills. Two have gone to collections from credit cards and I have creditors calling for two loans I took out. My husband's credit is not quite as bad as mine but he has a $8000 credit card he can't pay off and his rating has gone down. We used to have two incomes and lived quite well, as soon as I stopped working to be a SAHM we can't make it. I feel like we'll be stuck in crap apartment after crap apartment and he wishes we could get a house but we couldn't find anyone to give us a loan.
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 |
 
RantingLover
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If your goal within the next 10-12 years is to own a home do not file for bankruptcy.
With reestablishment of 5-7 years you may be able to get a mortgage but at a ridiculously terrible rate.
And yes, your bankruptcy can affect your husband's credit, even if you're not joint on any debt, as long as you and he have debt at the same bank and live together.
I know you went to one credit agency, was it a none profit? Or was it a settlement company? Please, don't ever use a settlement company... the only one who wins in that case is the company. You pay them large amounts of money that they hoard until the bank is ready to settle (if it's a company with a reputation, sometimes banks will never settle, and not before 120 days delinquent, and they don't even use the whole amount that you sent them, most times less than half!), doing nothing but angering the banks and ruining your credit.
I would suggest trying another credit counseling service, they all offer something different. And find a none profit who can work with all of your debt.
If that doesn't work, try and pick up a part time job or something. You said that you had worked and lived pretty comfortably. You just need to get the payments down and working part time until you can pay off a couple of credit cards will make things a lot easier.
If nothing else works, call the banks, tell them you need a hardship program, explain that you went to debt counseling and they weren't able to help (but, in all honesty, sometimes the banks can't do anything that point either). |
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keith_dude
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I'm going to be the odd one out and tell you to seriously look at bankruptcy. Because you're not working, it's going to be almost impossible for you to pay off your debt. Remember, that you can file for bankruptcy on your own without your husband. This would eliminate all the debt in your name (except student loans, back taxes, child support payments) while leaving your husband's credit untouched. He would not be drawn into your bankruptcy necessarily, unless you had debt together. The ideal situation would allow him to focus on paying off his debt, you would file for bankruptcy, and over the next few years while he improves his credit, yours would be improving too as time passes.
Bankruptcy stays on your credit report for 10 years. It becomes a bit more difficult to get a home loan, but if after bankruptcy you keep your credit good, it is possible to get a mortgage within 3-4 years. Again, every situation is different. The point of bankruptcy isn't to be able to buy a house - it's to be able to save again, and that's what you need to do. A bank will look favorably on a person/couple who has a healthy savings. It would be better to put the money you send to creditors into a bank account for you and your family than to their pockets.
Considering your financial situation now, owning a home is probably the last thing that you would want to be responsible for. I know that living in an apartment can suck, but it's better than getting into a mortgage you can't afford, losing your house and then end up back at the apartment.
You might also consider returning to work if you can afford it - daycare is expensive and it might not be cost effective for you. But the added income will certainly help in saving and acquiring that home that you want to get.
I suggest that you talk with a credit counseling service and then talk to a bankruptcy attorney and weigh your options and go from there. I hope that my suggestions have been helpful. |
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I'm Done With this Sh1t
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well it will be a gamble it looks like they are going to redo all the regulations for loans to make it harder to get a loan for a home in the future because of all these loans people were taking and then foreclosing on because they could not make the payments. but as for credit cards they love the idea that you have had a bankrupcy in your past any loan they give you they know you have to pay back because you can not file again for bankrupcy. also they know you have a taste for credit.. my advice is to try and see it through make sacrifices to pay off your debts it want be easy but when you do this your credit will look great. good luck |
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Steve R
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At this time, banks are only giving loans to people who have a good credit score 700+. If you file BK, it may take years to get your credit score up to get a home loan. |
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Shanizzel
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yes you can. you will need to rebuilt your credit history though. and you have your husbands credit to help as well. |
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akamuu
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Yes, however due to your risky record they will charge you at a higher percentage, and may only loan you so much. |
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leezj17
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Simple answer no. DO NOT FILE BANKRUPTCY! especially being so young! I am only 25 and am married as well. You can get educated and get yourself out of debt.
I cannot stress enough how bad it is for your credit report. I know things may not look well right now but they will be better.
And when things get better you may not have the opportunity to see the fruits of your labor.
I am on a mission to help as many people I can get out of debt.
I will help you!
Please contact me. |
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Devil's Nephew
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Yeah after 5 yrs or so, You may after 3 yrs but the interest rate will be too high.
Never file for bankruptcy, tell the company that you cant pay, and even if you pfile for bankruptcy they wont get much, they will listen and decrease ur loan, seriously they would i had a loan of 15000 got it decreased to 4500. and with instalments been a yr still paying.
In the credit rating it does show default but much better than bankrupt |
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OH-EM-GEE!!
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I'm married, in my 20's, and going through the same thing. It sucks! I wouldn't recommend filing for bankruptcy. My husband and I are in a program through Freedom Debt Relief. You pay them a monthly fee, and it goes into a "savings account". They manage the money you put into the account, and work with your creditors to negotiate a settlement fee. They can get creditors to settle for half (sometimes more) of what you owe. When you have saved up enough money in your "savings account", they pay the creditor. We are still in the early stage of the process, but I know someone that went through the entire program, and it worked for them. Their credit was repaired, and they saved thousands of dollars by having these people negotiate for you. So you might want to look into something like this before considering bankruptcy. Check out www.freedomdebtrelief.com. There are other companies that do the same thing. Message me if you have any questions or anything. Good luck! |
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