Reaffirm vs just keep paying?
I have some questions about what it means to reaffirm...is that different from just continuing to pay your regular payment to a mortgage or auto loan?
I filed Chapter 13 and am waiting for confirmation. My mortgage and my car loan are current, and have never been late. I am keeping them and they are both being paid outside of my Chapter 13 plan (5 years). My issues causing bk are that when I got out of college I was stupid, naive and generous with family and "friends"(deadly combination) ,and credit cards that i used to help pay my moms medical bills.
I have no savings, no retirement, nothing. I owe more on my car than it is worth, but I need to keep it. I have a really high income ($128k), but with the bk monthly payment ($1500) and the mortgage payment ($1490), plus my other bills, it doesn't leave me much to work with. I know you are going to say that I should have plenty left, but I have very high medical copays and I have a heart problem that has me constantly at the doctor and on expensive medication.
I am nervous that I have no emergency savings....if I lose my job I am screwed. Plus I really HATE my career, and hoped to go back to school to get a PhD and pursue my passion, but now I feel like I am a slave to my paycheck and school is out of the question. I am so depressed.
I wish I never bought my townhouse, I have had it for 3 years. I got a 100% mortgage ( $170, 750) with a 7 3/4 % interest rate, plus I have PMI.
Is it the responsible thing to keep this house, or should I try to sell it and rent for a while until I have savings and a retirement account, and then try again to buy something in a few years? I am 33 years old, and single. I am determined to make this a learning experience, and don't want to keep making more financial mistakes. Is it a mistake to sell it? Is it a mistake to keep it? Argh!!
If I keep the house, and decide to sell later while I am still in the Ch 13 payment plan, can I do that? What would happen? Do I need to reaffirm something?
I filed Chapter 13 and am waiting for confirmation. My mortgage and my car loan are current, and have never been late. I am keeping them and they are both being paid outside of my Chapter 13 plan (5 years). My issues causing bk are that when I got out of college I was stupid, naive and generous with family and "friends"(deadly combination) ,and credit cards that i used to help pay my moms medical bills.
I have no savings, no retirement, nothing. I owe more on my car than it is worth, but I need to keep it. I have a really high income ($128k), but with the bk monthly payment ($1500) and the mortgage payment ($1490), plus my other bills, it doesn't leave me much to work with. I know you are going to say that I should have plenty left, but I have very high medical copays and I have a heart problem that has me constantly at the doctor and on expensive medication.
I am nervous that I have no emergency savings....if I lose my job I am screwed. Plus I really HATE my career, and hoped to go back to school to get a PhD and pursue my passion, but now I feel like I am a slave to my paycheck and school is out of the question. I am so depressed.
I wish I never bought my townhouse, I have had it for 3 years. I got a 100% mortgage ( $170, 750) with a 7 3/4 % interest rate, plus I have PMI.
Is it the responsible thing to keep this house, or should I try to sell it and rent for a while until I have savings and a retirement account, and then try again to buy something in a few years? I am 33 years old, and single. I am determined to make this a learning experience, and don't want to keep making more financial mistakes. Is it a mistake to sell it? Is it a mistake to keep it? Argh!!
If I keep the house, and decide to sell later while I am still in the Ch 13 payment plan, can I do that? What would happen? Do I need to reaffirm something?
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