Our situation, advice?

[bull]

Hello. I am married with 2 kids and have been playing the refinance/consolidate game for almost 8 years since a job loss/change. We have finally gotten to the point of nowhere left to turn. We are not making it check to check and have even had to resort to gorceries on the credit card more than once. Here is our situation:

1st Mortgage - owe $59,000
2nd Mortgage - ose $30,000
(house is worth appox. $68K)
Truck - owe $19k (worth $9k)
Van - owe $15k (worth $7k)
credit card #1 - $13k
credit card #2 - $2200
Personal loan - $20k

We are in IL and considering chapter 7. We have stopped using the credit card in mid-december (once we realized that we were screwed). There were a couple major charges (transmission went on van and we took cash to repair it and try to keep up). We are willing to walk away from the vehicles (hoping to be able to buy much less expensive replacements). We would like to try to keep the house, as we don't want to relocate the kids who are both in grade school.

What do you see as our options and what can we expect? Any help would be greatly appreciated.

[mmcconn2]

I went through the exact same situation and finally filed ch7 BK, my advise would be to seek a free counseltation from a BK attorney and they can give you all the answers based on the state you live in and your exact situation, you can reaffirm your house as long as you are current on the mortages, you can also do the same on your vehicles, you will have to check the exemption laws for your state to see how much of your personal properties and items fall under that. This site has some very good advise on it, you could read here and there are alot of good people here that have gone through the same thing you are. Good luck!

[bull]

Thank you very much. We plan on talking to a lawyer very soon. What one of my biggest concerns is that we have used the credit card to get the van fixed and such in december. Will that hurt?

[JJA]

Have you tried at all to refinancing you house to consoladate your debt? When was the last time you had your house apprasied and what did it come out at? How does your credit look now? Please let me know if I can help you out financial with your refinancing needs. (email address removed by Todd) Please No Advertising

Jason

[EdytaHome]

I think that if you have a receipt or can get one for the car repairs, you're fine. Was it over $600? It sounds like in financial hardship, so don't worry, file a chp 7 and get on with your life.

[bull]

Have you tried at all to refinancing you house to consoladate your debt? When was the last time you had your house apprasied and what did it come out at? How does your credit look now? Please let me know if I can help you out financial with your refinancing needs. (email address removed by Todd) Please No Advertising

Jason

We did that 8 years ago to save from BK. We have refinanced and combined. We have just finally hit the wall.

[bull]

I think that if you have a receipt or can get one for the car repairs, you're fine. Was it over $600? It sounds like in financial hardship, so don't worry, file a chp 7 and get on with your life.

That we have (>$1400). We took other money just to keep our heads above water though.