Lost all $s, loosing health and still don't know what's coming!!!!
In advance, thanks for reading my post since its lenthy.
Well, I live in CA (Bay Area - East Bay). Pls help me out with this delima before I get schizophrenia (brain disorder).
Item #1: Bought one house in 2005 for 730k, RE value depreciated by almost 55%. Paid 20% down when I bought it, lost all of that. Stopped making payment in Jan 08. Didn't (couldn't) pay property tax.
Item #2: Bought another house in 2007 for 830k (for better school and neighbourhood), RE value depreciated by almost 20%. Paid 10% down when I bought it, lost all of that. Current on all payments.
Item #3: Own four Credit cards, pull money from those cards for about 98k and lost all of it making house/loan payments, and some on stocks.
Situation as of today: Hired a third class lawyer, after trying to find good one for 7 months (well, it seems there's a shortage of lawyers here), and couldn't find a good lawyer. Or no one willing to touch my case because of the $s/debts are too high. So this guy came forward and I'm going along with him.
My plan is to file chapter 7 (passed mean test), planning to keep one house (#2) and get away from all other debts/property. All other lawyer told me that I can neither do chapter 7 nor 13. The only alternative is chapter 11, which is for corporations, and requires re-organization of debts (because of the minimum limit of $1.2M secured debt and 120K unsecured debt - I dont qualify for 13, even if I want to). Chapter 11 costs about 15k to file... and there's no guarantee of settlement.
My spinning head has following thoughs/concerns, which I'm undecided upon and would like you folks to chime in pls...
- Anyways I can avoid bankruptcy?
- Shall I foreclose one house (#1) and try to settle debts (#3) with creditors? This is going to ruin my credit for 7 yrs anyways, whereas b/r will be for 10 yrs.
- How can I trust my lawyer? he says I can easily file chapter 7, whereas I make more than double of median income in the county I live in. Though I'm running negative every month by $1800.
- Shall I file chapter 7, and if discharged, stop making payment on my current residence (#2), and then try to negotiate interest rate with bank? is it possible?
Pls folks, help here if you can... thanks for reading this long message.
Well, I live in CA (Bay Area - East Bay). Pls help me out with this delima before I get schizophrenia (brain disorder).
Item #1: Bought one house in 2005 for 730k, RE value depreciated by almost 55%. Paid 20% down when I bought it, lost all of that. Stopped making payment in Jan 08. Didn't (couldn't) pay property tax.
Item #2: Bought another house in 2007 for 830k (for better school and neighbourhood), RE value depreciated by almost 20%. Paid 10% down when I bought it, lost all of that. Current on all payments.
Item #3: Own four Credit cards, pull money from those cards for about 98k and lost all of it making house/loan payments, and some on stocks.
Situation as of today: Hired a third class lawyer, after trying to find good one for 7 months (well, it seems there's a shortage of lawyers here), and couldn't find a good lawyer. Or no one willing to touch my case because of the $s/debts are too high. So this guy came forward and I'm going along with him.
My plan is to file chapter 7 (passed mean test), planning to keep one house (#2) and get away from all other debts/property. All other lawyer told me that I can neither do chapter 7 nor 13. The only alternative is chapter 11, which is for corporations, and requires re-organization of debts (because of the minimum limit of $1.2M secured debt and 120K unsecured debt - I dont qualify for 13, even if I want to). Chapter 11 costs about 15k to file... and there's no guarantee of settlement.
My spinning head has following thoughs/concerns, which I'm undecided upon and would like you folks to chime in pls...
- Anyways I can avoid bankruptcy?
- Shall I foreclose one house (#1) and try to settle debts (#3) with creditors? This is going to ruin my credit for 7 yrs anyways, whereas b/r will be for 10 yrs.
- How can I trust my lawyer? he says I can easily file chapter 7, whereas I make more than double of median income in the county I live in. Though I'm running negative every month by $1800.
- Shall I file chapter 7, and if discharged, stop making payment on my current residence (#2), and then try to negotiate interest rate with bank? is it possible?
Pls folks, help here if you can... thanks for reading this long message.
