HHM, you are my hero, I have read a lot of your posts and have some questions. I am about 70k + in debt because I lost my job a couple years ago. I am guessing 20k on credit cards, 40k on home equity loan and the rest on my missing mortgage payments. I am a week away from getting my bachelor of science degree, which not having this degree prevented me from getting much better jobs. Now I could potentially break the 6 digit barrier when I get a job. I am also running out of cash, just enough to hire a BK attorney.
I live in California and went on a forebearance plan for a temporary modification to my loan which the final payment is due next week.
I was scared about filing bankruptcy because of interviewing with large corporations due to the credit check. My previous credit was excellent, but now I have a bad credit rating from one credit card for not making payments, plus my home equity loan not making payments, plus my mortgage is listed in foreclosure on my credit report. My credit card company calls me a dozen times a day. I just need a fresh start. I took all the actions necessary to prevent this crisis from happening again, including living very cheaply and getting a college degree.
So I am thinking about declaring bankruptcy, then I can apply for jobs, then I don't know how long until I get kicked out of my house, then rent a house closer to my family and a job.
1. So you believe BK will look better than having all that bad credit on my report?
2. If I filed August 2nd in California, do you have a rough estimate how long the BK process takes until I am discharged?
3. What happens if I find a job offer in the middle of the BK proceedings? Will this cancel my BK or throw it into a chapter 13 instead of my chapter 7 I need to file? Or how long after filing bankruptcy can I start hardcore job hunting again and hopefully get a job offer?
4. My home mortgage is ending my loan modification program I set up at the beginning of August, so if I stop payments and my foreclosure continues forward again, do you have a rough time estimate of how long I can stay in my house until I am evicted? I understand the BK proceedings will stop the foreclosure process during BK, but when the BK ends, do I still get a few months left to stay in my house while I look for a job and another home to rent?
5. Any advice for employer interviews and to a home owner whom I want to rent a house from?
Thank you so much for reading all this, plus this excellent board.
I live in California and went on a forebearance plan for a temporary modification to my loan which the final payment is due next week.
I was scared about filing bankruptcy because of interviewing with large corporations due to the credit check. My previous credit was excellent, but now I have a bad credit rating from one credit card for not making payments, plus my home equity loan not making payments, plus my mortgage is listed in foreclosure on my credit report. My credit card company calls me a dozen times a day. I just need a fresh start. I took all the actions necessary to prevent this crisis from happening again, including living very cheaply and getting a college degree.
So I am thinking about declaring bankruptcy, then I can apply for jobs, then I don't know how long until I get kicked out of my house, then rent a house closer to my family and a job.
1. So you believe BK will look better than having all that bad credit on my report?
2. If I filed August 2nd in California, do you have a rough estimate how long the BK process takes until I am discharged?
3. What happens if I find a job offer in the middle of the BK proceedings? Will this cancel my BK or throw it into a chapter 13 instead of my chapter 7 I need to file? Or how long after filing bankruptcy can I start hardcore job hunting again and hopefully get a job offer?
4. My home mortgage is ending my loan modification program I set up at the beginning of August, so if I stop payments and my foreclosure continues forward again, do you have a rough time estimate of how long I can stay in my house until I am evicted? I understand the BK proceedings will stop the foreclosure process during BK, but when the BK ends, do I still get a few months left to stay in my house while I look for a job and another home to rent?
5. Any advice for employer interviews and to a home owner whom I want to rent a house from?
Thank you so much for reading all this, plus this excellent board.
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