Help Me: I Want To Start My Life Again

[newlife]

Hi all, im 24yr old, at age 20 , i was hired at a company and they pay me 40,000/yr, as young age, i think that's alot of money, so i quit my school, and work fulltime. After working for a yr, i bought a new car cost 20k, paying 350/month for 4 yr, and my payment will be finish at 2/2009 . Then 1 yr later, i bought a house for 380k, and they payment is around 2k/month, because i live with my family, so they also help me to pay the mortgage.

Then i start a business, and borrow lots of money from my credit card, also i bought alot if unessessry thing with i don't need, now today, i end up with 40k credit card debt, i haven't pay my mortgage for 6 months now, and my house is about to be forclosured. im thinking to file a bankcuptcy, so i can start my life again.

After working for 4 yrs, i figure out the job im working right now is not right for me, i don't want to spent the rest of my life doing thing i don't love to do and because im still young, so i plan going back school to pursue my dream.

I have some question about file bankcuptcy,

- Do i have to quit my job now, to be able to file Chapter 7 ?
- I still own the car, will they took my car if i file bankcuptcy ?
- Should I sell my car before file bankcuptcy
- If i file bankcuptcy , will they creditor still harass me for money in the future ?

Please excuse for my english..it's not my native lanuage..

[TEW]

-Do i have to quit my job now, to be able to file Chapter 7 ?
No you don't have to quit your job
- I still own the car, will they took my car if i file bankruptcy ?
Depends on what it's worth
- If i file bankruptcy , will they creditor still harass me for money in the future ?
after you file they can not contact you.
You need to speak to a couple of attorneys you can call and get some free consults and find one you like.

[AngelinaCatHub]

You must be a very talented young man. 40K at your age is very good. As “TEW” stated, see more than one attorney. You can afford it.

Now your house is probably upside-down, and seems excessive to me. Your car is near to pay off so drive it till the wheels fall off. Attempt to forestay the creditors for a long time and STOP using any type of credit. Put them off as long as possible but do it without lying.

Since your family lives with you and in your house, do you have any help from them? This will be asked of you. You can file bankruptcy of course, it is a new start. What bankruptcy I would not know, and it depends on your income and out flow. DO NOT quit your job even if you hate it now. When the economy is better, find a new job that suits you while you still have this one. Much easier to do that way. Good luck. ‘Hub

[newlife]

Hi , Thanks for your help, can you tell me what question should i ask attorney when i call them ?

[AngelinaCatHub]

Hi , Thanks for your help, can you tell me what question should i ask attorney when i call them ?

Tell them what you desire to do. Let that attorney ask you the questions. They know more about this than you do. I advise to interview more than one as it is usually free for the consultation. Pick the best in your eyes. 'Hub

[TEW]

Hi , Thanks for your help, can you tell me what question should i ask attorney when i call them ?

They will tell you what to bring. make copies of what you give them.
Ask them the same things you are asking here. those are very good questions to start with.

[fltoo]

You are a product of the predatory lending.

A $380,000 house on a $40,000 salary? Your income to debt ratio must have been off the charts.

Good luck in your new ventures and use the education you learned from your old mistakes wisely.

[AngelinaCatHub]

You are a product of the predatory lending.

A $380,000 house on a $40,000 salary? Your income to debt ratio must have been off the charts.

Good luck in your new ventures and use the education you learned from your old mistakes wisely.

CLAP, CLAP, CLAP! That is a very wise suggestion. This man is very bright, and in our economy, just one of many coming. He will do well. 'Hub