gc39
Full Member
Posts: 79
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Post by gc39 on Nov 7, 2010 16:57:55 GMT -5
have a family member going thru this now. i AM looking to help get some info for them. Is there a way you can file and keep your house if you can make payments on it?There issue is credit card debt, and they could pay for things if it was wiped out. Just trying to see what the best option would be for them, any advice or company to work with out of central indiana would help.
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Post by danf on Nov 7, 2010 17:07:46 GMT -5
Best bet is to talk to the bank that holds the mortgage and see what they can do. Things may have changed quite recently, but I know with most banks you had to be 2 months behind on the mortgage before they would even think about working with you on anything. The more local the bank the better off they are likely to be, I'm guessing.
I believe it's taking 5 years before a bankruptcy is "wiped" off the credit report, though I doubt those ever completely disappear.
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Post by Hoosier Hunter on Nov 7, 2010 17:12:22 GMT -5
Yes they do completely disappear like they were never there. My wife is in the mortgage business and deals with credit reports and agencies on a daily basis.
Talk with a bankruptcy attorney. You should be able to have a free consultation.
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Post by jabba on Nov 7, 2010 18:01:21 GMT -5
Gut it out. Work with the credit card people.
Suck it up. The credit card people will work with them to get something rather than nothing.
My wife and I were over $70K in CC debt. Plus house and cars. We gutted it out and are WAY better off for it.
Jabba
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Post by retnuhreed on Nov 7, 2010 23:01:01 GMT -5
Nice work Jabba! My wife and I ran with the Dave Ramsey plan and succeeded. If you do gut it out it will make you a better person.
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Post by tenring on Nov 8, 2010 5:47:14 GMT -5
I have to ask, how does one go about acquiring $70K of debt on a credit card?
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Post by Hoosier Hunter on Nov 8, 2010 6:16:54 GMT -5
I have to ask, how does one go about acquiring $70K of debt on a credit card? My wife sees this a lot when both halves lose their job and make house payments and pay bills with their CC. |
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Post by jabba on Nov 8, 2010 7:23:44 GMT -5
Part of it was bad choices. Part of it was my wife, who was an RN and making good money got in a car wreck that laid her up for the better part of two years.
It's pretty easy if you ain't careful. $5K here, $10K there. $12K on that one. Pretty soon... you're there bro. Like I said... it was bad decisions on our part. I accept that responsibility, and I was man enough to NOT declare bankruptcy. It was EASY then too. That was 15 years ago. It took me about 7 or 8 years to dig out of that. We have been credit card FREE for 5 or 6 years now. I have almost got both our cars paid off, and will soon be without car payments, hopefully forever.
Debt, and interest is poison. I believe it. Both personally, and Nationally. It's bad bad medicine, and the best thing you could ever do for yourself is to be rid of it forever.
Jabba
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Post by tickman1961 on Nov 8, 2010 10:53:32 GMT -5
have a family member going thru this now. i AM looking to help get some info for them. Is there a way you can file and keep your house if you can make payments on it?There issue is credit card debt, and they could pay for things if it was wiped out. Just trying to see what the best option would be for them, any advice or company to work with out of central indiana would help. YES! Certain bankruptcy plans allow you to keep your residence out of the plan and you continue to pay the mortgage holder. Bankruptcy attorny's can explain, I am not a legal advisor  |
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Post by retnuhreed on Nov 12, 2010 19:47:27 GMT -5
The borrower is slave to the lender.
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Post by duff on Nov 13, 2010 5:00:11 GMT -5
Not sure about the facts of filing or what you can or can't keep. I was in similar condition as jabba but not quite so deep. My wife and I piled it all up during our early 20's thinking we'd have good jobs to pay them off eventually. Pretty stupid but we finally saw the light and paid them off over the course of 6 years. Takes a heck of a sacrifice at times but freedom from debt is worth it and we didn't have to live with the penalty of filing.
Good luck to your family member, it's a tough row to hoe either way. Filing for bankruptcy isn't easy and living with the decision is hard too. I've watched friends and family members live through it and you pay for it in ways you would never expect.
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