Our house is going into foreclosure (stopped making mortgage payments in January and have moved out). The house is financed for $185K but is valued at $135K, a first and a second. Now that my unemployment check is up we will no longer be able to make the car payment and the RV payment (currently up to date but will stop paying on the trailer as of this month). There is a cc, a student loan and an installment loan. Three separate monthly hospital bills from our child's birth last year. Plus additional doctor and hospital bills as they come along from well-baby visits, etc. My husband is the sole provider at $37,400 gross yearly (a hell of a lot less brought home after deductions including health insurance). We are both down to one pair of jeans, haven't bought clothing in ages as we simply do not have the money after paying the bills but now we won't have the money to pay the bills minus the $600 I was bringing in from unemployment. When we bought the house I was working full-time, my husband was making ten bucks more an hour and we were childless.
It will all foreclose and be repossessed if we don't file bankruptcy. What is better, foreclosure and multiple repossessions or bankrupty? From the information given, can we file Chap 7 bankruptcy? Have set up a meeting with an attorney for Friday. From initial conversation he says we can file chapt 7. I would like to hear from others as well. We are in northern CA. Thanks in advance for any advice ya'll can give.
It will all foreclose and be repossessed if we don't file bankruptcy. What is better, foreclosure and multiple repossessions or bankrupty? From the information given, can we file Chap 7 bankruptcy? Have set up a meeting with an attorney for Friday. From initial conversation he says we can file chapt 7. I would like to hear from others as well. We are in northern CA. Thanks in advance for any advice ya'll can give.
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