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| Sun, 08-31-2008 - 12:25am |
Hi, Im new and found this message board and need advice extremely bad. Me and my husband are about to file for bankruptcy. Our bills got too out of control. We have a choice of going on Chapter 13 and only having 50.00 left out of his check, or filing Chapter 7 and losing the house. My husband is the only worker between the two of us, we just had our first child 3 weeks ago and whatever money we get goes to him. That 50.00 would have to stretch to pay for water, electric, phone, gas, food, and things for the baby. And if we lose the house my husband refuses to rent, he says we would be throwing our money away and would never be able to save up to buy in the future. I have no clue if any mortgage companies would approve us for another loan or not. My husband is a wreck and Im in a wreck because hes in a wreck. I love him so much and it hurts seeing him upset. He said he has failed at providing for his family but I think he has done great and that this is not his fault. I told him several people have gone through the same thing but it doesnt help him feel any better.

As long as the Bankruptcy is on your credit report and the current state of affairs in home foreclosures It is going to take you all I would say at least 7 to 10 years to even think about buying another house. You are going to have to build up a good credit record that will take you at least 2 years with a new landlord.
If it were me, I would get out from under the house.
All my best,
Danni
I sit possible to get help from any other family members? Maybe you could work part time while they could help watch the baby. Sounds like you really need to get some more income coming in. Maybe you could do daycare out of your home?
You can look into Money Management International, google them, they can give you advice over the phone.
Take care
Also, if you file chapter 7 your house is usually excluded.
Jennifer
Hi,
Was it your bankruptcy atty who gave you Ch 13 repayment numbers that left you with $50 to pay all those utilities and food - or was it a debt counseling service?