still unemployed can i file for bk?

[goingbrknj]

I have tried to find a job but no one would call me, I owe $280k in mtg, $30k cc debt, $50k in personal loan. I would like to give up my home now just file and rebuild. I own the house with my boyfriend, he is also unemployed. I solely hold the mortgage and he is on the deed. How will this situation play out? Does he need a quit claim? He is not filing for bk. Thanks

[fltoo]

Yes, the quit claim deed can be done since he is not on the mortgage.

Will the job you eventually get be below the level of income on the state means test? If so, I would wait to file BK until you are employed and settled. Even if the creditors get a judgment, there is nothing to garnish and the judgment will go away in the BK. But, yes, you can file with no job. But... you also need a way to support yourself after BK.

When creditors call, tell them you are unemployed and in foreclosure. That should hault judgments until you file.

Hopefully, both of you will get jobs soon and you can start over.

[JRScott]

I agree with fltoo, best to wait until after you get a job. There could always be an unforeseen expense between now and then and if you did bk first you'd be stuck with it, but if you wait and file after you get a job you could eliminate it as well.

[allavdj]

For the sake of echoing...I agree totally with JR an fltoo. Get jobs, get some income going, and make sure you can live...then file your BK. The creditors aren't going anywhere and if you don't own anything and have no reliable source of income, judgments from the creditors are basically worthless.

Take care of the important things first, focus on finding work (any work), make sure you have groceries and utilities, and get a little bit of cash saved up (under your states exemption for cash allowances), then worry about the banks, etc.

[goingbrknj]

thanks for the responses

I was working in the mortgage industry and as we all know if there are jobs its been filled within 24 hours. Also I had an interview last month and they pulled my credit and I was told that I have to show them proof of satisfying my debts if I was offered a position. We even posted rooms for rent since we have extra rooms (maybe people are also unemployed so they cant rent), I even look for babysitting jobs (maybe parents are home to take care of their children) I even applied for a barista position @ Newark airport because I used to work in a coffee shop. I`ve been looking for retail jobs and have no luck either, I even had to lie about my work experience so I maybe considered. I am still looking and I will try until we figure out something.
Is it different outside the NY-NJ area? I am not the type who would stay at home all day. thanks again for your responses.

[endisnear]

Well CA is no better than where you're at, i'm sorry to say. My husband was laid off (mtg sales) last Nov, and here we are a year later and he is yet to find permanant work. He was even told by a temp agency that the companies that have contracted with them to fill positions are not interested in anyone with mtg experience because once the market turns back they'll just jump ship to work back in mtg. UHHHHHH HELLO! Apparently they don't know much about what's going on, because it's going to be a long while before there's an upturn (mind you this was back in June that he was told this). He was so mad i thought he was going to hit a wall! So here we are with 65K in cc debt and home we can't afford that we are $120K upside down on....

[goingbrknj]

Endisnear you are so right

A few months ago I saw a forum, just cant find it again, it was about a temp agency and the agency inadvertently posted a job indicating no mortgage pros and that temp agencies who receives resumes with from mortgage pros goes right into the garbage bin, my resume right now is such a red flag to any employer and yes we are being discriminated although its such a strong word and hard to prove. I also think some employers think that all of us working in that industry has contributed to this crisis unwillingly or willingly. I always say to myself party is over, I must get up and keep going.