Well I got the news....

[dadof3]

I would be filiing joint bankruptcy, i dont know about the title, new payment would be less than before, and we would be my vehicle back, other veh is in my name only that i would give up. Another ??? is it better to forclose and then file bankruptcy or before??

[SinkingFast]

Foreclosure is a bit more straightforward.

Depending on your State, will determine how long the process takes. How many missed payments before the Lender starts proceedings. If you have a "Right of Sale" clause in your mortgage instrument. How long of a Redemption period the owner has after the Foreclosure Auction before the Lender can move to have the Title/Deed transferred into the Lender's name.

Either way you won't be responsible for the deficit. If you file afterward, there's always a chance for a last minute sale. If you file before, and it takes a while to complete the Foreclosure, then the 2 could be viewed as 2 seperate incidents on your Credit report.

Look at your State's timeline for Foreclosure and then try to fit your BK in right at or slightly after the Foreclosure. Then, down the road, they are viewed by prospective Lenders as 1 incident in the road of your financial life.

[Jman30]

keep a level head, be realistic about your budget and hang out here as much as possible - cause on the days you think you can't take one more day of trying to figure out where the gas money is gonna come from - there are the rest of us here trying to figure out the same thing

((hugs)) hang in there buddy... and love your wife

This is SO true. There were days in our Chapter 13 when I literally had to call in sick to work the day before payday because I had no gas money. There were times I didn't eat lunch at work, times I had to buy a crappy gift for our anniversary because of no money. But knowing there are other people in the same situation does help alot. At least you don't have that feeling of being "alone".

And as far as loving your wife.....I have to say that we have a much better marriage now after the Chapter 13. And not because we are debt free, but because we struggled so much in our 13 that we learned to lean on each other, support each other. It wasn't that way at first.....I blamed her for our problems, she blamed me, we fought, said awful things....but eventually we realized either we split up or work together to get through it. I know not everybody on the board has had the same luck, but know that being in BK does not always mean divorce. It can bring you closer together as a couple and make you appreciate little things more.....like not having to worry if your wife has enough gas to get home. It is one of the only good things that came out of the horrible Chapter 13 experience.