Chelle1168
New Member
If I were to file a BK, what happens to my home? The bank still owns the majority of it ($60,000 of $79,000), though I have owned it for 8 years. I recently was forced -Wells Fargo says, by FEMA- to buy flood insurance which took my monthly payment (including escrow) from $646 to $772. In addition, the mortgage company paid the insurance up front from my escrow account last year and have now tacked the amount onto my payments for the next year. Beginning in January, my payments became $995 a month. There is NO way I can afford this amount and have been sending $700 a month to keep at least something going into the account. I am, however, in default now.
An $11,000 reposessed vehicle, a $6,200 student loan that is coming due this month and some smaller debts, in addition to the mortgage company calling have my phone ringing constantly.
If I do file Chapter 7, is it possible to keep my home? I am a 43 year old single mother of 4 and don't see ever being able to buy one again and HATE the idea of moving my family into a tiny apartment!
I drive a beater car that I just bought with my income taxes for $3100 and have no real assets other than a savings account that I can never seem to not use. Oh, and I have a small savings account for each of my 3 younger children (in the PSECU in their names. I am listed as custodian) for things that come up like prom dresses, football fees, etc. Will those be taken as well? The biggest one is about $175.
More importantly, I work for the Commonwealth. Being a State worker, will that void the option of filing a BK in the first place?
The site says the filing fee is about $300....is that all that it will cost me or are there other fees?
Thank you to whomever offers advice! I am not trying to be a deadbeat, but I'm starting to feel like I am going to drown!
An $11,000 reposessed vehicle, a $6,200 student loan that is coming due this month and some smaller debts, in addition to the mortgage company calling have my phone ringing constantly.
If I do file Chapter 7, is it possible to keep my home? I am a 43 year old single mother of 4 and don't see ever being able to buy one again and HATE the idea of moving my family into a tiny apartment!
I drive a beater car that I just bought with my income taxes for $3100 and have no real assets other than a savings account that I can never seem to not use. Oh, and I have a small savings account for each of my 3 younger children (in the PSECU in their names. I am listed as custodian) for things that come up like prom dresses, football fees, etc. Will those be taken as well? The biggest one is about $175.
More importantly, I work for the Commonwealth. Being a State worker, will that void the option of filing a BK in the first place?
The site says the filing fee is about $300....is that all that it will cost me or are there other fees?
Thank you to whomever offers advice! I am not trying to be a deadbeat, but I'm starting to feel like I am going to drown!