Bankrupt? tell me all you know about doing it?

[sonew123]

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I know my DH business's has suffered -hes a contractor and part time real estate agent-those businesses have both gone to pot! Im so sorry about your circumstances too:-(

whats re-confirming to the mortgage compnay mean?

Re-confirming your mortgage means that the mortgage company agrees to keep your mortgage, and continue on with you. Most do and that way the judge ok's you to keep your home. He rules that the loan is "Reafirrmed".

Construction has been hit hard!! Hopfully it picks back up for you soon. Signs are that it just might soon!!!

We own a tree service. And what is sad is that even if you are lucky enough to get a call, you have so many other tree services bidding on the same job. Awful! They only thing that will save us now is if people smarten up before huricane season. After Katrina, you would think they would learn about those pine trees slicing throgh homes.Its supposed to be a bad year again for the tropics.

Makes sense--I dont know if our mortgage will do it or not-I would hope so because we have called them everytime we cant make the payments and we will be in forclosureDH gets a big check from a job and bang we drop 10 grand on the last 3 months mortagage payments-we are 2 months behind right now-I think we are just going to let the other 2 go and warm the renters what we are going through-IDK we'll talk to an attorney first but Im not letting this house go without a fight! Crapola-all my chickens are here! Where the heck would I bring my 100 birds?? The only extra money I spend is for chickens and such..when I sell eggs I buy fertile eggs I want and buy their food-they have been paying their own way for months! I only buy when I sell enough to-I dont touch $ for the house and 2 kids! All 3 mortgages we are still paying are all from different banks too-making matters worse! Il let everyone know what is going on so others can learn from this thread too...thank you for all your help too-I knew I needed to bite the "Pride" bullet and ask you guys!

 

[sonew123]

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no homestead laws:-(

 

[Elite Silkies]

I would concentrate on paying the house payments that you are living in now. If the others go into foreclosure, then you have better chances of keeping the one you want. If they take the other two, then basically you only have one house. So, letting the other two go is probably your best bet.

They can't garnish self employment payroll either

 

[sonew123]

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with the economy the way it has been renting anything has been tough in our area-we tried renting the houses for what the mortgages were but months went by and nothing-we were hosed until we dropped the monthly rents-we needed 1200$ for one house -we get 800$ we need 1100 for the other we get 700$ so you can see we just lose every month. NO before I get ripped for the next one-My DH bought this house when we were on the "verge of seperating thinking it would be the best for the family and hoping it would help "us" ... nope I left anyway wasnt happy with that at all!!!... 2800$ a month. Thank goodness Im over that and love the property because of what it provides for my family...now if we didnt have any other bills with cc's and other mortgages we could do it but right now--uhhhh it sucks. Like Im going to chickenstock in PA and I have been saving for months to go-before I used to just have the extra cash and take off now I really have to scrip and save---it sucks but Im used to it-

 

[sonew123]

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very true..very true...My salary can get garnished:-( I already get 600$ every paycheck ( I get pd 2x a month) taken out for taxes and health ins!

 

[sonew123]

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thank you --you guys are making me feel so much better that I feel "normal" amongst people who have gone through it and can help me and my stress!

 

[Elite Silkies]

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very true..very true...My salary can get garnished:-( I already get 600$ every paycheck ( I get pd 2x a month) taken out for taxes and health ins!

I knew you worked, I just had a moment............ and well, forgot. I have those moments alot here lately.

Well, forget that idea! I think they can take half your paycheck on garnishments too, so that would be bad.

 

[sonew123]

Funny thing is we dont give two hoo-has about our credit reports or credit right now-if we have bad credit the rest of our lives we are ok with that for sure. If it means we can get rid of all those debts and just live a simple life with just 2 car payments and a mortgage we'll be fine -If we can't afford to "buy" whatever with cash-we don't "need" it..Im sure things will pop up and well need chunks of money

 

[jerseygirl1]

PLEZE be careful with this - the bankruptcy laws have changed - there are different steps now in bankruptcy than just Chapter 13 - which wiped out all your debt except for your pension plan - you will have to pay everything back - though it may be reduced, it is not all forgiven - you will most likely have to take financial classes, etc. to get some of your debt reduced. Talk to a bankruptcy lawyer - it is free. I filed years ago and it wiped out all my debt. Then the laws changed. It doesn't do that anymore.
Get a free consultation from a bankruptcy lawyer - they need the business because no one is filing since the laws have changed. Just remember - federal and state income taxes that you owe are NEVER forgiven - they ALWAYS have to be paid back. It took me ten years, and I finally paid back my old taxes from my first marriage.
If anything, like someone else said, pick your priority and let the others go. Maybe you can do a short sale on the two houses.
Please, document everything in writing, names, dates, what they said, etc. It is so important since truthfully - the banks just don't give a crap
Also............good to know..................IF you get anything in the mail that says they are going to garnish your pay..................it's a scare tactic, PM me and I will tell you what to do. I've been there many, many times. It's a legal maneuver and you will need to do some simple steps to fight them. PM me if you need anything. I also have pre-paid legal, which means I can call an attorney and get free advice, so if you need anything, I can call them and ask.

edited for spelling

 

[Chook-A-Holic]

I would talk to an attorney first and file if you need to. I would not tell any of the creditors about anything. At least if you end up filing and releasing one of the properties you will be under the bankruptcy blanket and be protected from responsibility if the house "Short Sale's". If you have all the properties financed by the same mortgage co., it could also get sticky. If you are already 2mos. behind on one of the properties, you really need to act quickly. My sister just went through this and she says it the best thing she could have ever done for her situation. A lot of people are out of work right now, and hurting. Good Luck!!!