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Jeez-Loo-Eeez | Is bankruptcy right for me? |
I am really considering bankruptcy but since it is a major decision, I would really appreciate some feedback from people. Heres my situation:
1. I am 22 years old (23 in 10 days, 33 years old when this is all over)
2. I make $25,000 annually at the most
3. I owe $20,000 in credit cards from cash advances which I used to pay my mortgage
4. I owe $430,000 for owning my home and pay $2800 a month for mortgage (I'm paying interest only, nothing on the principal; 2 loans by the way) not including utility bills
5. I receive $1400 from my room mate to pay my mortgage
Now with all these facts given, is it worth filing bankruptcy and having it last 10 years on my credit and finally having some peace of mind? Or, or, should I just get a second job, stress out, struggle my butt off to pay the mortgage and credit cards on top of that, and hope that the real estate market changes in a few years in order to get a refinance to lower my payment?
What do you guys think? Thanks!
Additional Details
Please note:
If you must know, I went into this predicament thinking that 2 other room mates were going to help me pay for the house, but they took off and left me by my lonesome self.
The house is entirely under my name.
Also be aware that bankruptcy lasts for 10 years before it completely clears up on my credit (or so I've heard).
Utility bills range from anywhere from $200 to $500 for me, depending on the season.
It just seems more reasonable to give it up now because if the real estate market doesnt pick up in a few years, all that money, effort, and most importantly time will be lost to something that never really was going to pay off in the long run.
Yes, I have been paying the house on time but keep in mind that I've been only paying interest and I still owe and will continue to owe the same $460,000 unless I start making payments that are close to $4000 a month, which is just, simply impossible for me.
The principal has not gone down at all! |
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sukbunny
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Well I would never recommend bankrupcy to anyone..it's gotten much harder to file for it. But you're never going to pay those debts making $25,000 a year. All of your money is going to interest. I'm not an expert, but this is a bad situation. Even a second job probably won't help you. Talk to a financial counselor and see what they say. |
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Monica S
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To be honest its not worth it. Why don't you get few more room mate. If you file bankruptcy it will affect you for 10 yrs thats a long time. I will really suggest NO to bankruptcy. |
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redenz40
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I work for a bankruptcy attorney. Yest bankruptcy does miss with your credit but if you are already in trouble, which its seems you are, using credit to pay the mortgage, you are digging a hole that you won't get out of, and this too can end up hurting your credit, non payment, late payment etc. So you have to decide what to do!!! Talk to a realtor see what is selling in your area, see how long houses are setting on the market. If it is unreasonable to sell I suggest you see an attorney. You can file a 7 and surrender your home back to the mortage company or file a 13 and keep paying either way your unsecure debt can be discharge if you are below medium income. |
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may s
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Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts. |
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LB The Definition of Lovley
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Filing for bankruptcy is NEVER a good idea. It's srews up your credit and can mess you up for at least 7years.
If your finances are really that bad, talk to a financial planner and get another source of income. They can help you get back on track w/o taking it to that extreme. |
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Magnum
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Sell up and get something cheaper. Youve got the money possibly or how would you get a mortgage? Bankruptcy is a bad credit rating |
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La Vie Boheme
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Filing bankruptcy does not mean you can just forget about debt. Your assets are at stake here. You also have to be approved for bankruptcy. I suggest either getting a second job, getting another roommate or selling your home and getting something you can afford. |
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kelly
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all that you will be saving is 20,000 b/c bankruot. will not dismiss your mortage, i would get another room mate or get a second job or find a job that pays 50,000 a yr. |
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loanquest
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You earn $25k per year and owe $430k on a mortgage? I don't know what criteria your mortgage underwriter used but if you want to keep the home you should move into the basement and rent all the rooms out including put a door on the living room and dining room and rent those out too.
You could get a secong job as well to help with the $20 k in credit card debt but your biggest asset is the home so use it to your advantage and get your bills under control.
Don't do bankruptcy. Why suffer for 10 years when you can correct the problem on your own?
You do want to refinance before the interest only part of the loan is over. Have your home appraised and see where it is now in value in the current market compared to what it says on your tax assessment info on the state website where you live.
You can beat this if you act quickly and think "money now". |
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