Newby to the forum

[BrokeIslandGirl]

With my first post to the forum I just want to say it's been great to have a resource such as this. I've been reading as much as I can and have learned a lot thus far.

Have a few questions regarding BK filing. My other half and I aren't married but own two homes together, one overseas (not upside down on-currently being rented out). We owe roughly $88,000 and if it were to sell, could do so for about $110-$120k according to realtor.

2nd home here in VA we are upside down on, purchased in '06 with an 80/20.
1st is $220k and 2nd is $55k. Realtor says may sell anywhere between $175 - $220k in this market, so definitely upside down.

I am the only one considering filing BK. Our total household income before taxes is roughly $98K + $12K annual rental income.

HH size of 5. Lawyer says to file Chap 13 to save home overseas but I'm worried about the payment plan. According to atty, bf's income would be considered since he has interest in the properties. I'm just wondering how much it will affect my filing and the payment plan itself.

Saw 2 lawyers, one said he would not need any info from significant other but the second one says they do, so not sure what to make of it. SO is hard pressed about giving any info to atty as he remembered the meeting from the first lawyer saying he wouldn't need anything at all from him.

What do you think? I'm sorry if it sounds as I'm rambling, just getting antsy about all of this.

Thanks for your help =)

[StartingOver08]

If your BF lives under the same roof as you - then his income must be included. It is household income (unfortunately).

[Flamingo]

You own two homes jointly; one you want to let go and one you want to possibly save. Even though you aren't married, the property is in joint names. Startingover08 is correct and his income would be considered since he is part of the household. Unfortunately, reality is reality and your BF will have to face the music. I suggest getting another free consultation and take your BF along or go back to Attorney #2 and take your BF along (I gather from your posting he just saw attorney #1 but not #2).

Best of luck to you both.

[BrokeIslandGirl]

Thanks for the replies. I guess I just needed to vent.

I knew his income would come into play but I just hope the payment plan will be feasible for us. He does have his own debt but not as high as mine.

Total debt for me alone is about 78,000 for CC, personal loans, vehicle loan and student loans. This doesn't even include the mortgage obligation listed earlier.

Hopefully, he'll see how important this is for me and necessary to keep my peace of mind.

I'm wondering if I could do a mortgage strip on the second mortgage but not sure what to do with the 2nd home. I believe he wants to keep it but we'll see what happens in the next few weeks.

Thanks again for the encouragement and well wishes. =)