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Sintori
Which way should I go bankruptcy or reposession?
Due to the economy I am no longer able to afford my mobile home note. We have made the decision to move in with my mother to consolidate living expenses in a traditional house that is already paid for. I have had a history with my lender of paying late. We have two credit cards that total $1500 and a few medical bills for about $400. We owe $20,000 left on our 2000 single wide trailer. The trailer is in poor shape and not worth what we owe on it. We do not own the land it's sitting on. Would I come out better letting them repossess it outright or filing bankruptcy and wiping out all of our debts. I know this is going to hurt my credit either way it goes. But which would be less detrimental? Additional Details Some more info: Niether my husband nor I are college graduates and make under 50K/year. We have one child together and he pays child support to two other children. Between court ordered child support and insurance and my daughter's after school daycare we pay over $1000/mo. I'm having to go back to school to better my situation so I'm also dropping to half-time so I can finish my education quicker in order to help more. I have been offered federal loans for school which will pay for all my education, since they are federal they are not based on income or credit. I don't know what other options I have. Some of you may have 20K laying around somewhere but I've worked my butt off for practically nothing--that's why I'm trying to go to school to make something of myself and help my family.
If you simply let them repo the trailer, they will come after you for the balance of the note anyways and could seek wage garnishment to collect. The property owners could sue for rental of the property if you have signed a long term lease.
It looks like you would be better off to file for bankruptcy. You could go with either Chpt 7 or 13.
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left
You would have to take a means test to see which one you qualify for and also complete some courses before discharge of debts and after.
Here is a link to locate a debt counceling organization that has been recognized by the FTC in your state. You would have to start here first.
You should seek legal council to determine which type would best suit your needs.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
DiscountStoreGenie.com
In my experiences as a mortgage loan officer, I have seen many cases in which a poor economy has forced hard working individuals to make sacrifices in order to make ends meet. In your particular case, you might be better going to the mobile home dealer and see if you can surrender the home as a first resort. If that is not possible, then let them repossess it. At lease that will look more favorable on your credit report than a bankruptcy, which should be you last resort.
M. D.
With bankruptcy you are not allowed to own property for some time and you are limited to the amount of money you can have as savings . Having said that, you need to pay a fee to declare it but remember that any income above a certain amount gets taken for your creditors . If you can find good credit counselings services in your area they would be best able to advise you on your situation . Without knowing your spending habits and income I can not advise.
Kate Bourland
I would attempt to do what is called a deed in lieu of foreclosure. This will harm your credit the least.
Avoid Bankruptcy, it has the longest effect on your credit.
misskitty
Personally i would sign it back over to the lender. They can always fix up and sell. Your credit cards are not worth bankruptcy. This would stay on your credit for 8 years. While you are living rent free just try to make the payments or even a little extra each month. Most defiantly pay off your medical bills. You may need to go to the doctor again. Call your credit card company and see if they will come down on the rates. Then tell them you want to close your account. This way you will no longer charge items on these cards.
golferwhoworks
tim is right but if determined to screw up even more then you file a bk on all and walk away as that sounds like what you want to do any way
Tim
How about a 3rd choice.
Honor your obligations. You do not owe that much. Get a second or third job to pay off your debts.
Any mobile home loses value over time if you do not own the land.
You only have about $22,000 in total debt. It is not that much!
AARon S
Let them repo! 2000 dollars is not worth bankruptcies. Living at your moms you pay that off in 2 months. If the house sells for 10000 dollars you will still owe 10000 dollars with no mortgage it should be surmountable in a year. I am assuming you have decent income.
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