Completely lost.. Advice needed.

[debtmonster]

The soonest you can buy a home is 3 years after your home is foreclosed on, regardless of the bankruptcy. The clock doesn't start ticking until the deed changes hands back to the bank.

Man, that is NOT COOL! It could be a LONG time before the deed changes hands! MANY, MANY MONTHS, if not another year!!

WOW! I am SUNK. Well, that's 3 years to come up with the largest down payment ever, then.

[hereforinfo]

The only reason I want good credit now is just so I can qualify for a foreclosure in 2 years before the prices sky rocket again. Now I am wishing I filed bankruptcy sooner to get this behind me before I miss the boat again.

The soonest you can buy a home is 3 years after your home is foreclosed on, regardless of the bankruptcy. The clock doesn't start ticking until the deed changes hands back to the bank.

[debtmonster]

I'm actually in the process of calling & trying to settle now. A few are not really willing to discuss a settlement w/me, but I will call back in about a week & try again. The other problem I seem to be running in to is that in order to settle, I need to pay it in a lump sum & I don't have the money to do that. I'm definitely not planning on jumping into this at all. I don't want to file if I don't have to, but figured I would try to get some advice here.

Post as many details about your case as possible so you can get lots of good suggestions to help you in your decision.

I was in the same boat years back and that's why I just walked away from the debt. I couldn't deal with it. The people were nuts about those settlements. I either had an income or I didn't. And when I did get it, I was playing "catch-up" for all of those months I went without work. I had a lot of gaps of unemployment and I went from job to job around the country. I'd get back on track, start building good credit again, lose a job and not be able to find another one for a long time and then my credit would go down the toilet again.

The only reason I want good credit now is just so I can qualify for a foreclosure in 2 years before the prices sky rocket again. Now I am wishing I filed bankruptcy sooner to get this behind me before I miss the boat again. Hopefully homes will stay cheap for the next 2 to 5 years.

[tisci]

I'm actually in the process of calling & trying to settle now. A few are not really willing to discuss a settlement w/me, but I will call back in about a week & try again. The other problem I seem to be running in to is that in order to settle, I need to pay it in a lump sum & I don't have the money to do that. I'm definitely not planning on jumping into this at all. I don't want to file if I don't have to, but figured I would try to get some advice here.

[debtmonster]

I was really shocked at my work when I had mentioned to some co-workers that I was going to file and they replied "oh, I've filed too, and so has so and so over in accounting and so and so over in operations, and so and so etc." You would be surpirsed who else you know who has filed. Nope, no one will have a Scarlett B over the chest like you would think.

And as my lawyer says, if your friends or family have a problem with you filing, then tell them to pay your bills.

Yep, I agree. In 2007 I was contemplating bankruptcy if anything we to happen since I had tons of zombie debts. I had co-workers who said the same thing you're saying who are also wanting to go bankrupt. One of the co-workers who is still a good friend of mine wants to go bankrupt now. He lost his $55k job and has been working odd jobs.

I feel no remorse in doing it since I had a boatload of debt. I just can't wait for my discharge so I can start opening secure credit cards and rebuilding my credit where I left off. I stopped paying all creditors last year from the first attorney who told me and that's when my credit went to the toilet.

I can't wait to get back on track. Life gets better.

[debtmonster]

With only $17,000 in debt, if you wanted my opinion, I would recommend not filing for bankruptcy. You want to use this as your very last option.

My cousin REAMED me out big time after I went bankrupt. He told me that he was in foreclosure and had $150,000 in debts and eventually paid it all back. Well, good for him. That was not me, plus I don't make the money he makes, but still, some of the stuff he told me made some sense.

But taking part of his advice, for $17,000, I would try making settlements with the people and do partial payments. As you can see in my signature, my debts were very significant. When I showed many of my friends and relatives the totals on my bankruptcy, their eyes popped out and their jaws dropped open.

I didn't do it, but my cousin told me that he was able to get many of his creditors to settle for 30 to 50 cents on the dollar.

While bankruptcy may not make things impossible, it does make them difficult. I've been talking to numerous car dealers giving them my scenario and many of them say there could not be a chance I could ever finance a car any time soon, even with a large down payment.

I've talked to some property management companies who told me that they would not rent to me because I went bankrupt and told me that I would have to rent from a "private person", which to me will be a hassle. I would much rather rent from a nice apartment complex with a management company because when things break, they are usually very good at fixing it. When you rent from a private person, they could be having financial difficulties just as you are. So when the appliances go out or the A/C dies on you, it could be a long time, if ever, for that private person to fix anything. We're renting with family in a 3 bedroom house and the landlord won't lift a finger or spend a dime. The water heater went out and he refuses to fix it. I had to buy some electric heater that goes on the shower head just to take luke-warm water showers. But because of the bankruptcy, I will have to keep renting from slumlords like this guy for a very long time until I get my credit straightening up over time.

Bankruptcy is not the end of the world, but I would only recommend it for people who have high debts. My mom went bankrupt in 1992 or 1993 with only $20,000 in credit card debts. On a positive note, she was able to buy a much nicer house for $60,000 more than her previous one. So it's not the end of the world. She told me that after her bankruptcy, she spent the money and got a secured credit card and re-built her credit from that point on. So there is hope after bankruptcy.

[pookieny]

I was really shocked at my work when I had mentioned to some co-workers that I was going to file and they replied "oh, I've filed too, and so has so and so over in accounting and so and so over in operations, and so and so etc." You would be surpirsed who else you know who has filed. Nope, no one will have a Scarlett B over the chest like you would think.

And as my lawyer says, if your friends or family have a problem with you filing, then tell them to pay your bills.

[Chowder]

However, all I hear from people is how it's going to ruin my life.

I know some folks that truly believe this. The list of other things they truly believe would have you all in stitches.

[killinstinct]

I am continually AMAZED by the amount of misinformation people have about the bankruptcy process and what effect it will have on their lives. Following are some of the "facts" about bankruptcy that I have had to pry out of clients' heads that they just KNEW were true because it's what their "friends" told them:

-- That they would only be allowed to keep a bed, one set of sheets and a blanket, one pair each of underwear & socks and a pair of shoes. Everything else had to be turned over to the trustee. ((She really thought that the trustee was going to take all her underwear. It was really hard convincing her otherwise. Some lady in her church had told her so. Tell you what lady, bring allOh, and just in case you were thinking of hiring some city slicker lawyer to put you in bankruptcy -- well, that's fine. We here at Big Conglomerate Usurious Bank are your friends and we understand how those things can happen. But don't come to us when you need to charge some new underwear because the bankruptcy trustee took all your old ones -- We won't be able to extend you any credit. And it sure will be sad to see you living alone the rest of your life since no one will marry you. But like we said, we're your friends and we understand. ."

This is classic. I LOVE IT!!!!!

[MrSmithster]

on the surface, doesnt this seems to be an easy no asset chapter 7? maybe start paying your mom more for rent and get her to give you receipts(she can always "gift" some back to you). i would also find a way to take the means test. what state are you in? any assets? what is your car worth? i went to 3 lawyers for free consultations, 1 gave me the means test on the spot(i was ready, with all my info), showed how i passed even keeping my car worth $5K. i then filed Pro Se. and unless someone has filed themselves, they most likely dont have a clue about BK filings. by the way im at 124 days after my 341, still no discharge as they are very backed up, clerk said they are taking approx 130-150 days currently, so dont plan on best case time-line.

[ForumReader]

[MSbklawyer]

However, all I hear from people is how it's going to ruin my life.

I am continually AMAZED by the amount of misinformation people have about the bankruptcy process and what effect it will have on their lives. Following are some of the "facts" about bankruptcy that I have had to pry out of clients' heads that they just KNEW were true because it's what their "friends" told them:

-- That they would only be allowed to keep a bed, one set of sheets and a blanket, one pair each of underwear & socks and a pair of shoes. Everything else had to be turned over to the trustee. ((She really thought that the trustee was going to take all her underwear. It was really hard convincing her otherwise. Some lady in her church had told her so. Tell you what lady, bring allOh, and just in case you were thinking of hiring some city slicker lawyer to put you in bankruptcy -- well, that's fine. We here at Big Conglomerate Usurious Bank are your friends and we understand how those things can happen. But don't come to us when you need to charge some new underwear because the bankruptcy trustee took all your old ones -- We won't be able to extend you any credit. And it sure will be sad to see you living alone the rest of your life since no one will marry you. But like we said, we're your friends and we understand. ."

[tisci]

I'm sorry. I'm going to look over my spreadsheet again & post everything.. Thank you all for the advice.

[OhioFiler]

It seems you average about $1,400 take home pay each month.

Your indicated expenses for each month are less than $1,000. we need more info on your current budget to really offer solid advice.

[tisci]

I forgot to add that I pay $110 for car insurance every month & that any of my "budget" money that I end up not using (if I don't need all the gas money or something) goes towards my bills as well.