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Messy BK w/CC$$ , Buss + Short sale..Help!

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  • Messy BK w/CC$$ , Buss + Short sale..Help!

    Hello,
    Absolutely new to this BK story....hopefully not alone.
    Our situation is : 100K in CC @ 7% average (about 1.6K a month) this is half of our total available, Our rental property is going into a short sale the loan is 317K and home worth 250K, my bank account has about 4K, but I will not work July and Aug so zero income during the summer. I will have a position in the fall for 8K/month. My wife has an ebay buss that makes about 1K a month. We would be eligible to chap 7 and means test. No assets really. Should we file Chapt 7??? If we get rid-off the property we could make the CC payments and all would continue...would you recommend filing...or ....continue with high CC payments?

  • #2
    Was there a loss of income, or did things just get out of hand?

    If income was lost -- is it reasonable to expect it to return in the near future? The job market is crap right now and likely will be for awhile.

    If things just got out of hand, are you realistic in thinking that your upcoming job is sufficient to get them back on track? How much of your income would be going towards that CC debt? Could you survive a rate jack on even one card? Not to scare you, but if it's all around 7% I would be planning for at least one to raise the rate "due to the uncertain economy".

    If you qualify for the 7 and understand the impact on your credit and assets, it would probably be best to do the short sale and a 7 or just walk away from the house when you file the 7.

    Live in the house until you're evicted. And use that money to start over for the new job.

    $100K of CC debt is a LOT. Is your new job going to pay enough to clear that debt plus cover your ongoing living expenses?

    You don't want to take the hit from a short sale then kill yourself trying to dig out from the remaining debt and just find yourself back in the hole again in a year.

    I would do a budget both with and without discharging the debt in BK and see which one will let you provide for your family best. (counting of course that in the BK budget you aren't likely to get reasonable credit soon or a low car payment, etc.)

    Good luck, I hope whatever you decide helps.

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