Hello,
I'm new to this and am in need of some advice.
I am currently separated from my husband, and will file for divorce, once I'm done trying to straighten out my finances.
All of our accounts were in my name only, and he was added as the second user on the credit cards. Since the separation, he has not paid anything, and I had been barely able to make all of the payments (but I was able to make them, scraping by, and was current on all credit cards, loans, bills, etc., except for the mortgage payments).
The mortgage for the house was also in my name. There were two mortgages, one for about $260K and one for $60K. I did not want the house, and was fine letting it go into foreclosure. However, the second mortgage company, Citi, sold the mortgage to another company, who sold it to a collection agency (DCS), and the correspondences from them referred to the debt as a collection for $60K, and no mention of the house, as if it was not a mortgage debt. Also, on my credit report, it was not listed under mortgages.
With that $60K, I wouldn't be able to pay my bills (at least I wouldn't be able to pay that one). I went to meet with a consumer credit counseling agency, and I referred to the $60K as a debt that seemed to no longer be tied to the mortgage, and the counselor seemed to take what I said and included that payment in what would have been a debt repayment plan. Well, it was undoable, so she referred me to a bankruptcy attorney.
I've gone through a lot of issues with my bankruptcy attorney, and at one point before the actual filing, interviewed other attorneys as I considered switching, but she convinced me to stay. Anyway, she calculated my repayment, and came up with $510. After my first hearing, the trustee ordered several changes, and the attorney admitted she made some mistakes, and the newly calculated amount is $1214, and I'll have to pay back 100% of my debt. The second/confirmation? hearing is coming up, and I don't know what to do. Seems like the only benefit is the car payments are reduced.
I only sought bankruptcy because of the $60K, which now it seems is not included in the repayment (only the CC's and personal loan and a few misc bills). Should I cancel the whole thing and just make the payments I was making initially (and hope that the creditors will work with me again) and not pay the $60K (I'm guessing they could file a judgement against me, then would I be back at square one)? Now that I've filed, am I already screwed and should I keep going down that path?
Sorry for the rambling...thanks for any advice you can offer.
I'm new to this and am in need of some advice.
I am currently separated from my husband, and will file for divorce, once I'm done trying to straighten out my finances.
All of our accounts were in my name only, and he was added as the second user on the credit cards. Since the separation, he has not paid anything, and I had been barely able to make all of the payments (but I was able to make them, scraping by, and was current on all credit cards, loans, bills, etc., except for the mortgage payments).
The mortgage for the house was also in my name. There were two mortgages, one for about $260K and one for $60K. I did not want the house, and was fine letting it go into foreclosure. However, the second mortgage company, Citi, sold the mortgage to another company, who sold it to a collection agency (DCS), and the correspondences from them referred to the debt as a collection for $60K, and no mention of the house, as if it was not a mortgage debt. Also, on my credit report, it was not listed under mortgages.
With that $60K, I wouldn't be able to pay my bills (at least I wouldn't be able to pay that one). I went to meet with a consumer credit counseling agency, and I referred to the $60K as a debt that seemed to no longer be tied to the mortgage, and the counselor seemed to take what I said and included that payment in what would have been a debt repayment plan. Well, it was undoable, so she referred me to a bankruptcy attorney.
I've gone through a lot of issues with my bankruptcy attorney, and at one point before the actual filing, interviewed other attorneys as I considered switching, but she convinced me to stay. Anyway, she calculated my repayment, and came up with $510. After my first hearing, the trustee ordered several changes, and the attorney admitted she made some mistakes, and the newly calculated amount is $1214, and I'll have to pay back 100% of my debt. The second/confirmation? hearing is coming up, and I don't know what to do. Seems like the only benefit is the car payments are reduced.
I only sought bankruptcy because of the $60K, which now it seems is not included in the repayment (only the CC's and personal loan and a few misc bills). Should I cancel the whole thing and just make the payments I was making initially (and hope that the creditors will work with me again) and not pay the $60K (I'm guessing they could file a judgement against me, then would I be back at square one)? Now that I've filed, am I already screwed and should I keep going down that path?
Sorry for the rambling...thanks for any advice you can offer.
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