What should I do?
My husband and I have about $25,000 in CC debt. We own a home in another city, but had to move when I lost my job last year and got another one (at a much lower salary) in another city 300 miles away. We are currently renting a home and paying the mortgage on the other house. We are now only making 65% (salary) of what we made before I lost my job. We listed our mobile home for sale right after the job loss, but it hasn't sold. We've dropped the price twice. We can no longer make our cc payments or the house note and have spoken with an attorney who recommends chapter 7. We are OK with that as neither of us see a way out anytime soon.
Here's my question: When I calledthe real estate agent today to tell her to take our home off the market, she said OK but that she had just been in contact with someone who specializes in Mobile Homes and he has seen ours and thinks he can sell it next month. We haven't filed BK yet, but planned on finishing up everything with the lawyer to do so next Monday. Should we wait another month or go ahead with the BK? We reduced the price so much now that after the real estate and closing fees, we would only make a little over $1,000. Is it worth it to wait? Can we sell it after we file BK but before we're discharched? We had planned on letting the house go back to the mortgage company when we file.
Another question: We want to buy another house sometime in the future. We have 2 small kids and want a nice (not expensive) home in a safe neighborhood. How far away do you think that realization is? Both of our credit scores right now are around 550, so they're not great.
I appreciate everyone's help with this.
Karen P.
Here's my question: When I calledthe real estate agent today to tell her to take our home off the market, she said OK but that she had just been in contact with someone who specializes in Mobile Homes and he has seen ours and thinks he can sell it next month. We haven't filed BK yet, but planned on finishing up everything with the lawyer to do so next Monday. Should we wait another month or go ahead with the BK? We reduced the price so much now that after the real estate and closing fees, we would only make a little over $1,000. Is it worth it to wait? Can we sell it after we file BK but before we're discharched? We had planned on letting the house go back to the mortgage company when we file.
Another question: We want to buy another house sometime in the future. We have 2 small kids and want a nice (not expensive) home in a safe neighborhood. How far away do you think that realization is? Both of our credit scores right now are around 550, so they're not great.
I appreciate everyone's help with this.
Karen P.