I have been reading this forum for few weeks and so grateful that I found it! You are all great. I'm still confused, but ready to ask my questions. Short story: I lost my job last February, My husband lost his job this Jan. We have 2 kids and mortgages ( both First and second) and they are with the same lender (BAC) which is about 10 % up side down, or who knows? Per Zillow we still have some breathing point. We already retained BK attorney and he said that we are simple chapter 7 case, However we made about 110K last year, and 145 K on 2008 and 2007. He said that once we fill fill out the papers he will figure out when to file, perhaps March or April. We are just waiting to see if we will have any Tax Refund. My questions are:
How accurate his prediction may be that we are Chapter 7 case ?
What to do with the mortgage ? He mentioned that we will have a chance to walk away if we want.
Can we keep the house but discharge the 2-nd which is about 27K. We are also trying to modify the Mortgage, we are not behind yet, and expecting some modification papers by Mid March. HE said that we must first clarify with the mortgage, so if BAC is not willing to deal with us we will just file as is. I have been trying to modify since last year but we"maid too much money for them", despite our huge debts 85K). We stopped paying credit cards (just cannot do it and all creditors are calling us 25 times a day and we are ignoring those calls.
What happen if my husband will find a job which will pay less than previous job but more than unemployment?
And the last questions is how possible it is to find a job after chapter 7?
We are not in finance, but software and services. I know it is too much to ask...
Will appreciate any input.
Thank you,
How accurate his prediction may be that we are Chapter 7 case ?
What to do with the mortgage ? He mentioned that we will have a chance to walk away if we want.
Can we keep the house but discharge the 2-nd which is about 27K. We are also trying to modify the Mortgage, we are not behind yet, and expecting some modification papers by Mid March. HE said that we must first clarify with the mortgage, so if BAC is not willing to deal with us we will just file as is. I have been trying to modify since last year but we"maid too much money for them", despite our huge debts 85K). We stopped paying credit cards (just cannot do it and all creditors are calling us 25 times a day and we are ignoring those calls.
What happen if my husband will find a job which will pay less than previous job but more than unemployment?
And the last questions is how possible it is to find a job after chapter 7?
We are not in finance, but software and services. I know it is too much to ask...
Will appreciate any input.
Thank you,
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