My husband and I are thinking of filing bankruptcy and I am torn. I was looking over my credit report and I have a couple of thing on the report(bad) and my student loans which are in good standing. Most of our bills are not listed on the report, but we still have them. Our ultimate goal is to buy a home. His credit is worst than mine and I have a better paying job. I could afford to pay a mortgage on my own if need be. I was thinking would it be better to try for a house on my own then file bankruptcy together or file now with him and then try for the house together? Would lenders be willing to do that? We would also be first time buyers and have little or no money down. Also, we have to file on 2 banks, does that mean we could never have a checking account at those banks or any banks?
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First question, what debts, and for how much, are you trying to eliminate? -
thinking of filing
We have mostly medical bills, some bad checks and a bank or two. We both were unemployed for a while and my husband got sick. I want to say, close to 10 to 15 thousand in medical, I have student loans in good standing and my husband has a child support debt, that he is paying on about 15 thousand. And little odds and ends bills that we will be including. I also would like to know if I have good student loans worth 30 thousand is my credit score good or bad because of these. I have more good accounts than bad on my reports. What could be a good route to get into a home?Comment
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Well, if your credit is half way decent now, it would probably be better to buy now and file later.
However, the BK law goes in effect October 17, 2005, so you don't have a lot of time. Also, taking out a mortgage and then turning around and filing BK may be problematic to the success of your BK, (but that depends on your overall circumstances).
However, you don't have seem to have a very high debt load of debts that BK could deal with, BK can't do anything about your student loans and your spouses child support obligations. How much in bad checks and bank debt do you owe? Depending on the status of the bad checks, BK may not be able to do anything about those, if they have been turned over for misdemeanor prosecution, BK can't deal with it.
You can probably put your student loans into deferment to help you cash flow and hopefully work something about with the medical bills, i.e. settlement and payment plan.Comment
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