After getting some advice here we are now in the process of setting up appointments with a few bankruptcy lawyers.
I did want to ask here about the mortgage that we are now considering to lump into it.
From many we have been told to include the house to get a fresh start, with the way the market has went we are now $80K upside down in our mortgage.
I tried the means test and it said we didn't quailifty for a chapter7.
My question is what are the options for obtaining a house afterwards. We were thinking of renting as we could actually get a bigger and better house for the same monthly payments.
I have also heard that some have gotten approved loads to buy a new house after their bankruptcy has discharged! How is that possible?
I have seen that you have to wait 3-7 years til you can buy a new house if you short sale or have a foreclosure.
As of now we are 1 month behind on the mortgage and a few months on the credit cards. All utilities, cars and insurance are current.
Our jobs were OT predictable in the pass but now the hours are being cut down alot. Usually for those overtime months we would pay utilities, insurance and other bills up for 5 - 6 months. Now things have caught up we would be in the negative each month to pay the bills so that would leave no money for food, gas or emergencies.
Thanks
I did want to ask here about the mortgage that we are now considering to lump into it.
From many we have been told to include the house to get a fresh start, with the way the market has went we are now $80K upside down in our mortgage.
I tried the means test and it said we didn't quailifty for a chapter7.
My question is what are the options for obtaining a house afterwards. We were thinking of renting as we could actually get a bigger and better house for the same monthly payments.
I have also heard that some have gotten approved loads to buy a new house after their bankruptcy has discharged! How is that possible?
I have seen that you have to wait 3-7 years til you can buy a new house if you short sale or have a foreclosure.
As of now we are 1 month behind on the mortgage and a few months on the credit cards. All utilities, cars and insurance are current.
Our jobs were OT predictable in the pass but now the hours are being cut down alot. Usually for those overtime months we would pay utilities, insurance and other bills up for 5 - 6 months. Now things have caught up we would be in the negative each month to pay the bills so that would leave no money for food, gas or emergencies.
Thanks