Im currently contemplating filing for Chapter 7 ( I pass the Means test). I owe 112,000 on my current home and have a home equity loan of 18,000. My house is currently valued around 50,000. In addition to this I have some 75 ,000 is credit card debt due to my first marriage.
I'm living in an end-less cycle, only paying the min on the cc's and then having to use them to survive the month but I have never been late. I figure this can go on for another 6 months or so before the min become too much for me.
I currently have some company stocks that I purchased when time were good (5,000 vaule currently), I could sell them and apply to cc's but that would be a band-aid fix. What I would like to do is use this money for a down payment for a much cheaper house. There are houses going for 25,000 in the area around work.
Could I buy a new much cheaper house put my old house up for sale and file for chapter 7 in a six month time frame and keep the cheap house. I dont want to do anything fraudulent. I would rent but with two big dogs thats basically out of the question. Any help or advice out there.
I'm living in an end-less cycle, only paying the min on the cc's and then having to use them to survive the month but I have never been late. I figure this can go on for another 6 months or so before the min become too much for me.
I currently have some company stocks that I purchased when time were good (5,000 vaule currently), I could sell them and apply to cc's but that would be a band-aid fix. What I would like to do is use this money for a down payment for a much cheaper house. There are houses going for 25,000 in the area around work.
Could I buy a new much cheaper house put my old house up for sale and file for chapter 7 in a six month time frame and keep the cheap house. I dont want to do anything fraudulent. I would rent but with two big dogs thats basically out of the question. Any help or advice out there.
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