Is that bankruptcy for me?

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I’m really bankrupt, but since this is an important decision, I would really appreciate some feedback from people. Heres my situation: 1 I’m 22 years old (23 in 10 days, 33 years old when all this is over) 2 I höchstens3 $ 25,000 per year. I have $ 20,000 in cash advances on credit cards that I used my mortgage bezahlen4. I have $ 430,000 for the purchase of my apartment and pay $ 2,800 per month for a mortgage (I am only paying interest, nothing on the two major loans as) without Stromrechnungen5. I get $ 1400 from my roommate, my mortgage, the case of pay now with all these facts, it is the failure of dollars after 10 years on my credit card and, finally, some peace of mind? Or, or, should I have a second job, stress, struggle against my ass to pay the mortgage loan cards and credit in addition to that, and hope that changes in the housing market in a few years to get refinancing to lower my payment? What is it? Thank you Please note: If you need to know, I went through this difficult to believe that 2 other housemates tried to help me pay for the house, but she refused and left me by my Selbst.Das detached house is totally under my Namen.Auch be aware that bankruptcy is 10 years before it is fully authorized on my credit card (or what I heard). electricity bills go anywhere from $ 200 to $ 500 I think, depending Saison.Es only more useful, they give up now, because when the housing market does not pick up a few years, all the money , effort and above all, time lost to something that has never really wanted to pay to run werden.Ja long ago, I paid the house now, but remember that I have so far only pay interest and I still and will remain the same $ 460,000 if I have the payments are almost $ 4000 a month to start, is simply impossible for mich.de client did not go at all! * **** The second detail of paragraph I said $ 460,000. Sorry, I meant to $ 430 000. Sorry for the confusion .*********** One Last Thing *** After so much money per month to pay very stressful, especially trying to find money. I can not take it anymore. I just want to go to college and study and an apartment and leave all that debt, which, unfortunately, I myself have to get it. The attempt to come, with $ 2,800 per month is not easy and it takes a toll after a while, especially if you can not afford. It is the most important reason for me to bankruptcy, is my life.

9 Comments
  1. Reply
    sukbunny
    May 1, 2011 at 11:51 pm

    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.

  2. Reply
    kelly
    May 2, 2011 at 12:26 am

    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.

  3. Reply
    Monica S
    May 2, 2011 at 12:35 am

    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.

  4. Reply
    Lovley Brwn
    May 2, 2011 at 12:52 am

    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.

  5. Reply
    loanquest
    May 2, 2011 at 1:07 am

    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”.

  6. Reply
    Magnum
    May 2, 2011 at 1:41 am

    Sell up and get something cheaper. Youve got the money possibly or how would you get a mortgage? Bankruptcy is a bad credit rating

  7. Reply
    VeggieDoodle
    May 2, 2011 at 2:21 am

    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.

  8. Reply
    redenz40
    May 2, 2011 at 2:59 am

    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.

  9. Reply
    may s
    May 2, 2011 at 3:18 am

    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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