I hope I am posting in the correct area. This is quite complicated, but the formun has been a tremendous amount of help and support. We moved forward to file a Chap 7, keeping the house. We have 21 year twins in college utlizing total loans. We received and reviewed our petition to file from the attorney in 05/09. Some of the medical expenses will occurr this year so I don't think we can claim, which puts us around $100 DMI. We had to tell the kids has there isn't any way for them to obtain private loans without co-signer for college. Our son has one more year, daughter 2 more years. Also, our daughter rolled her lease forward at school prior to discussion about BK with us.(which we had signed off on in 2008). I now think we are liable for the $365/mo. This then puts us in a negative DMI. I am thinking at this point we should just surrender the house (payment is $1333./mo including taxes and insurance.) The loan is set to go adjustable in 2 years and we are upside down in value but current. If we are to ever get a fresh start we should just give it all up. We need to get the kids in school fulltime to keep them on our health insurance and get finished to they can become independent. In order to really get a fresh start all living expenses need to be cut drastically as even if we were to keep the house and survive a Chap 7 the private loans will start to come due 06/2010. We had co-singed those and with little to no income until the kids finish we will have to pay those. Also, my husband is 58 and the job situation is not firm, we have very little in 401k in addition to 2 loan against the 401k.
My questions: if we surrender the house to the trustee in a Chap 7, we need to find a rental. I know it is difficult with BK but can use my brother with very good credit to co-sign a lease. Do you think we will have an issue finding a rental? How soon will we have after filing or after the 341 to move and find a rental?
We live in cleveland ohio and see that the housing costs allowed are $1000/mo for a family of 4. We would like to find something to rent lower than that but not sure how this will affect petition and DMI
However, even with a Chap 13 we would want give
The biggest fear...no place to live. My biggest fear is no place to live and my anxiety and panic are growing by the day. If anyone has suggestions we would appreciate. thanks.
My questions: if we surrender the house to the trustee in a Chap 7, we need to find a rental. I know it is difficult with BK but can use my brother with very good credit to co-sign a lease. Do you think we will have an issue finding a rental? How soon will we have after filing or after the 341 to move and find a rental?
We live in cleveland ohio and see that the housing costs allowed are $1000/mo for a family of 4. We would like to find something to rent lower than that but not sure how this will affect petition and DMI
However, even with a Chap 13 we would want give
The biggest fear...no place to live. My biggest fear is no place to live and my anxiety and panic are growing by the day. If anyone has suggestions we would appreciate. thanks.
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