Stock comes and goes

[wallstreet]

I like to say hello first and now my question .

We have a home and rental property apt of two but can not rent apt for income because family needs to live in the apartments non income .

Kids going to school we dont charge them to live there sorry i take care of my kids .

Can we file a chapter 7 we own our home but pay 1300 a month payments on it .

We have no extra cash after pay check all money is spent on living expenses .

We dont have any cash to play with wife is out of work iam the head of house hold .

We owe 30,000 dollars on credit due to heath reasons but now we cant pay debt off
And collection folks now asking us for the money all of it . We dont have it but we can pay our bills on everything but that credit card .

Credit card went for medical bills that is the issue .

We can not pay it off we own our home and have no cash left over to pay for anything .

Now this is the best part we had the money to pay off the card two years ago but Fannie mae took it all .

We had more in Fannie Mae stocks dollar wise .

Funny part is the original total was 19,000 in two years of not paying it went to

30,000 dollars in interest you see if they didnt take my money back then i could have used that for the debt now they want more of the money they took .

What do ya think folks ?

[tobee43]

i would suggest you go to a FREE atty consult and see what they say and then make a decision for your family based on what is best for them and you.

welcome to the board!

[mountanddo]

I also used a credit card to pay off medical debt. Stupid decision. If you file BK you won't be in the position to take care of your kids. Any way they can contribute something to rent?

[wallstreet]

Thanks for the input if i can not pay will they put a lien on my house i can not take a loss on my pay check dont have any money in the bank zero.

I still have one hundred thousand to pay on the property which includes the two apts not behind with mortgage payment ever ive been in this home for 20 years .

I work and have a good job so income is ok but just dont have enough cash left over to pay any payment in addition to my bills now .

Can they come into my home and take any items .

Iam now going to be summons to court for this credit issue .


Will they force me to kick my kids out of the rental units which are on my property .

[tobee43]

again, i would sit down for a free consult with an atty and see what way be the best direction for you and yours. it really is the "best" first step you can make after you realize you situation may require a bk.

best of luck to you!

[wallstreet]

Well went to lawyer today chapter 7 took the credit course papers go in Monday what next lawyer says nothing will be taken from us but debt.This was a $30,000 credit card issue and medical bills on top of that in the range of $100,000.
We passed the means test by 900 dollars just me head of house hold my wife doesnt work.
My name was on card wife didnt file she never sign anything when i was in the hospital or the card .

He said they might try to collect later but its not going to happen in the real world its rare i dont have much to take so hopefull this works out .

[mountanddo]

Trust your lawyer and wait for your 341 to be scheduled Congrats on filing!

[wallstreet]

Trust your lawyer and wait for your 341 to be scheduled Congrats on filing!

Well we paid him well .