Personal Bankruptcy Bankruptcy

[VEHolly]

I don't know what to do. We are in debt well over what we can handle. We bought a house in 2001. We owe more than the house is worth. The payment keeps going up and the value keeps going down. My husband got 2 personal loans and we put it into fixing the house up in hopes of refinancing it. The result is we owe so much and are unable to pay all the payments. We are behind in taxes too. Is bankruptcy going to help us? We are thinking it's time to give up and let the house go. It's still in bad shape and we could never do everything that needs to do done to sell. Homes take years to sell and an inspector would nail us with everything that needs to be done. We are now in our 50's and our children are almost all gone. Our youngest son is now moving out of state and that will put lots of pressure on my husband. What should we do? Does anyone know?

 

[Lulu70]

im not a lawyer but i owned half a house at the time of me filing, and i had to file chapter 13. my bills we more that what i had into the house. Maybe you can file 7 if your are more than your house. I just know if mine were any less my lawyer said i would have to sell my part and pay the creditors that way. you would have to get an assesment or fair market value on your house, i believe ours was fair market value, because what they said it was worth and what it actually was worth was a big difference, our home was in major repair but it was in a good neighbor hood surrounded but 3 story homes. Go see a lawyer, first visit should be free, what could it hurt? atleast give you some peace of mind and some options. Good luck ..
fair market value costed me like 50. i think...i now have to do an assessment on my home its going to cost me 200-250. But a lawyer will explain it all...just make sure you write down everything you spend money on even down to pet visits, hair cuts, i didnt know or think of that stuff and i was having a hard time buying deodorant!