So it is the night before I scheduled myself to file for BK and I am thinking that perhaps not. I finally got a tenant to rent one of my rentals which had not produced any income since January and had to pay lots of money to get it ready for rental. My other rental rented last month so this month I get my first check from that house to pay the mortgage. I am running 2 months behind on those 2 mortgages and maybe a few weeks on the credit cards.
Seems like my crisis is about to get ok, but my credit is ruined and with being self-employed, business is up and down. I have 2 second mortgages that I can eliminate in BK and later settle for less and $50,000 in cc's from fixing houses and business being slow at times.
I dont know if I should just now count my blessings that I have tenants to pay the mortgages and then just continue to pay my accounts or just file BK and start all over. I can get rid of $100,000 in 2nd mortgages and $50,000 in cc's with the BK.
Having the hardest time trying to decide. I do make a decent income, but things can also get slow and when I lose my tenants, its expensive. Just wish I never got into the landlord business, it has ruined me financially.
Did you guys have 2nd thoughts about filing?
I was thinking of filing tomorrow Friday, now I am thinking Monday. They are about to file default on me since its going on the 3rd month, but I dont have the money yet from my tenants, not even deposits yet they are in the application process but they seem like good prospects.
Thanks everyone.
Seems like my crisis is about to get ok, but my credit is ruined and with being self-employed, business is up and down. I have 2 second mortgages that I can eliminate in BK and later settle for less and $50,000 in cc's from fixing houses and business being slow at times.
I dont know if I should just now count my blessings that I have tenants to pay the mortgages and then just continue to pay my accounts or just file BK and start all over. I can get rid of $100,000 in 2nd mortgages and $50,000 in cc's with the BK.
Having the hardest time trying to decide. I do make a decent income, but things can also get slow and when I lose my tenants, its expensive. Just wish I never got into the landlord business, it has ruined me financially.
Did you guys have 2nd thoughts about filing?
I was thinking of filing tomorrow Friday, now I am thinking Monday. They are about to file default on me since its going on the 3rd month, but I dont have the money yet from my tenants, not even deposits yet they are in the application process but they seem like good prospects.
Thanks everyone.
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