finances looking bleak--anyone here filed bankruptcy?

[tar heel]

I don't have any advice, but just want to say I'm thinking about you and sorry to hear this is happening.

There is someone who posts on the boards who is a credit advocate of some kind -- does anyone know who I'm talking about? Maybe he'll show up and give you some advice.

 

[KarenB]

Hi Robin,

I don't have much advice, but I want you to know that we are thinking about you. I know what it is like to have a worry like you are going through, maybe not on the same level, but I know it is tough.

I just showed a friend the Captain Marvin's DVD and people always get a smile when your son is the captain of the boat! Even though these are hard times, just remember that great trip we all had this summer!!!

Please keep in touch and let us know how things work out!

Karen

 

[ladydancer]

I can totally understand your situation. We have a business ourselfs and barely holding on. BIL had to go out of business 2 years ago. He just got out under the gun so as to not have to file. I just hope things pick up and turn around.

We noticed things going down hill the spring of 2000. So we have been hanging on since then. Our business is our only income so it is hard. It takes a toll on the whole family. Dh has had a heart attack and 2 bouts with cancer. I believe it is due to the stress.

Good-luck

 

[tinatark]

You said you are able to pay bills + extra every month? On just your income? If so, you can file bky Ch 7 ("straight liquidation"), re affirm on everything except the line of credit. BUT, since that LOC is secured by your home, you may have to file CH 13, where you pay to the trustee and they pay your bills. It is much easier to recover from a Ch 7 bky, which makes NO sense, as you stiff most creditors; than a CH 13, where creditors file against you and you have to repay at least part of those bills, over 48-60 mos.

Unfortunately, in cases where you are trying to "save the house" the Ch 13 is usually the answer.

BTW, even though you will be contacting the attorney tomorrow, it will be at least a week, likely longer, until you actually file. Your attorney will probably time the filing with the 30 days the back gave you to pay the loan, so you can get the best benefit of the automatic stay once you file.

Good Luck!

 

[wuv tigger]

Definitely get some legal advice. This is very dependent on the laws. Usually you will not be able to save your house, even with bankruptcy unless State law prevents it. This is why it is "collateral", they will take it and sell it eventually. Had several friends in the same postion who lost their homes through business failure even though they went bankrupt.

It might be better to sell the house yourself and make a settlement with the bank if you can keep everything else OK. You will net more money and keep better credit and avoid a bankruptcy.

Hope things work out for you, it is very stressful.

David

 

[MAC3]

Nothing to offer but just wanted to say I hope things work out for you & your family. Sorry to hear about your DH's business.