For those that aren't aware of my situation.
- Live in Florida.
- Over median to file for 7 right now. I am quitting my job to be a SAHM in 4 weeks (I am waiting to collect a large bonus first, which we need for some dental work and other needed car repairs, etc).
- Will wait 6 months for income to drop below median and then we will file. Also, baby #2 is due in June so we will be a family of 4 instead of 3. Helpful since we will be close to median income.
-All credit cards were in a debt management program and the last payment to them was in November. They have JUST all gone back to the banks and they are starting to call me but nothing too bad yet. I think I can hold them off until late summer before I get sued. Reasonable expectation?
- We stopped paying the mortgage in November, moved out in December and are renting a place for now. Mortgage company seems desperate to work out an arrangement but we have already decided to let the house go. We owe about $200K more than it's worth. Foreclosure hasn't started yet at all.
- Stopped paying homeowner's association dues in October.
My concern is that we NEED to wait for our income to drop off so we qualify for Chapter 7. However, the HOA sent a letter stating they are going to put a lien on our house for the unpaid $275 in fees and then they will tack on legal fees. I am afraid they will start pushing up the foreclosure process and force me to file sooner than I should because lawyers are getting involved. Should I just go ahead and pay the $275 to keep them at bay?
I have picked out a lawyer but not paid the retainer yet - waiting for my bonus check.
- Live in Florida.
- Over median to file for 7 right now. I am quitting my job to be a SAHM in 4 weeks (I am waiting to collect a large bonus first, which we need for some dental work and other needed car repairs, etc).
- Will wait 6 months for income to drop below median and then we will file. Also, baby #2 is due in June so we will be a family of 4 instead of 3. Helpful since we will be close to median income.
-All credit cards were in a debt management program and the last payment to them was in November. They have JUST all gone back to the banks and they are starting to call me but nothing too bad yet. I think I can hold them off until late summer before I get sued. Reasonable expectation?
- We stopped paying the mortgage in November, moved out in December and are renting a place for now. Mortgage company seems desperate to work out an arrangement but we have already decided to let the house go. We owe about $200K more than it's worth. Foreclosure hasn't started yet at all.
- Stopped paying homeowner's association dues in October.
My concern is that we NEED to wait for our income to drop off so we qualify for Chapter 7. However, the HOA sent a letter stating they are going to put a lien on our house for the unpaid $275 in fees and then they will tack on legal fees. I am afraid they will start pushing up the foreclosure process and force me to file sooner than I should because lawyers are getting involved. Should I just go ahead and pay the $275 to keep them at bay?
I have picked out a lawyer but not paid the retainer yet - waiting for my bonus check.
Comment