We owe 45kish in cc debt.
Our house was foreclosed on for 50k less than we owed.
My husband makes more than the median income for a family of 4.
I feel like if we file, we'll be paying back 100% over 3-5 years, and not be able to handle the ups and downs of life. (our rent will go up by about 800 bucks in May next year. We had problems with our old apartment so they moved us and gave us a cheaper rate) Not only that, but I don't know what the allowable for rent is in my area or how to find it. I'm scared that it will have us living in the slums with terrible schools, etc.
I also feel like I could work out an arrangement with each of the creditors for less than 100%. If discover wanted 40% I could pay them 550 (and still be able to put some in savings) a month for 6 months and be done with it. Right? Done. done.
Then one by one, pay off the other 3.
But what about the foreclosure. I read here- http://www.foreclosurelaw.org/Kentuc...losure_Law.htm
that if we responded to the case they can't come after us for the difference. Something is telling me I'm reading that wrong. They have to be able to come after me, right?
Our house was foreclosed on for 50k less than we owed.
My husband makes more than the median income for a family of 4.
I feel like if we file, we'll be paying back 100% over 3-5 years, and not be able to handle the ups and downs of life. (our rent will go up by about 800 bucks in May next year. We had problems with our old apartment so they moved us and gave us a cheaper rate) Not only that, but I don't know what the allowable for rent is in my area or how to find it. I'm scared that it will have us living in the slums with terrible schools, etc.
I also feel like I could work out an arrangement with each of the creditors for less than 100%. If discover wanted 40% I could pay them 550 (and still be able to put some in savings) a month for 6 months and be done with it. Right? Done. done.
Then one by one, pay off the other 3.
But what about the foreclosure. I read here- http://www.foreclosurelaw.org/Kentuc...losure_Law.htm
that if we responded to the case they can't come after us for the difference. Something is telling me I'm reading that wrong. They have to be able to come after me, right?
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