Hello, I am just now starting to consider bankruptcy when I should have been considering it a long time ago. I have known that I have had a debt problem however I have been turning a blind eye to it probably because i was always able to get by. I have been reviewing some old posts in this forum and have found it extremely helpful. I'm just looking for a little advice. I have been stressing out over this for the last few days and maybe writing it out will help me.
Just a quick synopsis of my problems. I purchased a new townhouse in June 2007. I was making decent money at my job until i was laid off in August. I have been struggling to find a job these last few months to add to my headaches. I took a job in October, however i left after 3 months due to not being the right fit for me. So as of right now i am unemployed and not collecting any type of unemployment. I have tapped out my savings and 401k to help me get by.
I currently have credit card debts over $40k. A car with a balance of $20k and a monthly payment of $520. A motorcycle with a balance of $5200 and a monthly payment of $193. and my house with a loan balance of $187k and monthly payment of $1640.
I am hopeful that i will get the job that i last interviewed for in the next few weeks. The problem is that it will pay less than half of what i used to make, about $35k. I have always made all of my payments on time up until this month where i did not pay one credit card bill and didn't pay my motorcycle bill. It seems like my only choice is BK.
Here's my question. I obviously will not be able to keep my house, however i would atleast like to keep my car. However since I am currently unemployed, should i wait til i gain employment before contacting an bankruptcy attorney? I will be able to pay my car, my house payment, and a few but not all of my credit card bill minimum payments for the next two months or so. Should I not pay my mortgage or credit card bills and just my car since i plan on bankruptcy anyway?
I have read that some people have stayed in their house until the bank foreclosed, however since i am currently unemployed, they will most likely make me give up everything correct?
Sorry for the long post. I'm just stressed out and worried because i will also need to find a place to stay once i do give up the house. I just feel like I have failed in some way and just need a little support. Thanks for listening.
Just a quick synopsis of my problems. I purchased a new townhouse in June 2007. I was making decent money at my job until i was laid off in August. I have been struggling to find a job these last few months to add to my headaches. I took a job in October, however i left after 3 months due to not being the right fit for me. So as of right now i am unemployed and not collecting any type of unemployment. I have tapped out my savings and 401k to help me get by.
I currently have credit card debts over $40k. A car with a balance of $20k and a monthly payment of $520. A motorcycle with a balance of $5200 and a monthly payment of $193. and my house with a loan balance of $187k and monthly payment of $1640.
I am hopeful that i will get the job that i last interviewed for in the next few weeks. The problem is that it will pay less than half of what i used to make, about $35k. I have always made all of my payments on time up until this month where i did not pay one credit card bill and didn't pay my motorcycle bill. It seems like my only choice is BK.
Here's my question. I obviously will not be able to keep my house, however i would atleast like to keep my car. However since I am currently unemployed, should i wait til i gain employment before contacting an bankruptcy attorney? I will be able to pay my car, my house payment, and a few but not all of my credit card bill minimum payments for the next two months or so. Should I not pay my mortgage or credit card bills and just my car since i plan on bankruptcy anyway?
I have read that some people have stayed in their house until the bank foreclosed, however since i am currently unemployed, they will most likely make me give up everything correct?
Sorry for the long post. I'm just stressed out and worried because i will also need to find a place to stay once i do give up the house. I just feel like I have failed in some way and just need a little support. Thanks for listening.
A NEW START!!!
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