Personal Bankruptcy just entered foreclosure, 11 yr.in the house,mental illness...

[bobbysimsjr]

Due too ALL sorts of circumstances last year my wife and I both had mental breakdowns. i quit my job of $82,000 per year in aug. havent workeed since. I havent had insurance or my bi-polar meds since. I am 5 months behind and I have been filed for closure on. I just started my meds so i know it wont be long before i am functioning normal again. I have about $40,000 equity and I think I have waited too long to react and get help. My house payment isnt that high its on par with most 1 bedroom apt. 850 a month. I need to stop forclosue and What I really need is a pause button to stop the craziness of it being an immediate emergency right now. so should I file chap 13 or will I even qualify. I dont have a job yet but within days I will or will be in trade school. my only debt is house, reposessed car suit and hospital bills, child support, and the irs.

 

[army judge]

You should discuss bankruptcy with three or four bankruptcy attorneys in your area. Normally the initial consultation is offered at no charge. Bankruptcy won't PREVENT FORECLOSURE, but it'll STALL FORECLOSURE buying you time to catch your breath, get your feet back on the ground, and develop a more long term strategy.

 

[Betty3]

Agree with talking to a bankruptcy attorney or two. They will let you know if bankruptcy is your best option and what chapter bk you should apply for/you qualify for. Good luck.