Change of plans...but still need advice

[BrokeDavis]

My mortgage payment is around $600, but yes, the $1150 was including the current and arrearage. I have an 11 year old to consider in this matter which is what is making it hard to just walk away from the house, but I'm seeing I have to cut my losses, save, and move on. I just don't want the trustee to start taking my savings once I file.

[LadyInTheRed]

I will have to look into the deed in lieu of, because I don't know how that works.

I DIL is when you sign the house over to the bank instead of going through the foreclosure process. I was suggeting it as an alternative to bankruptcy. If you are going to file BK, there isn't much point in a DIL, especially if you want to stay in the home as long as possible.

[LadyInTheRed]

My mortgage payment is around $600, but yes, the $1150 was including the current and arrearage. I have an 11 year old to consider in this matter which is what is making it hard to just walk away from the house, but I'm seeing I have to cut my losses, save, and move on. I just don't want the trustee to start taking my savings once I file.

A move may be rough, but kids are resilient. Getting your finances in order will be best for your child in the long run. You can review Florida property exemptions at http://www.legalconsumer.com/bankrup...hp?ST=FL#other. It looks like your Federal tax refund is exempt. Ask your attorney whether it remains exempt once you recieve it and cash the check. If not, you may want to file your tax return after you file BK to minimize the amount of cash you have to exempt. File BK before you save more cash than you can exempt. Paying your attorney before you file should help you make sure you don't have non-exempt cash.

[BrokeDavis]

Thank you all!!! I spoke with the paralegal a made an appointment for Tuesday to turn in all my papers to the attorney. I went and looked at some apartments today just so I have an idea what I'll be looking forward to. I know filing will be the best thing for my family and I. It was always which on would be best. I'm going to pull my fico score to see where I am today and go from there. I will stay here until I have to move, which will allow me more time to save.

[BrokeDavis]

I'm guessing I'm going to have to close my Wells Fargo bank accounts since that's who my auto loan was through...but it looks like all is set.

[Pjmax]

Yes, get your money out of Wells Fargo before you file. They are notorious for freezing accounts.

[jacko]

Whats with the rebuilding 'credit' obsession around here?

[BrokeDavis]

I can't speak for anyone else Jacko, but nowadays almost everything is graded by how much credit or money you have. At one point in life I had both so it wasn't an issue. Although I won't have credit for awhile, I'm going to have money, but I know it's something I have to work on.