Hello, I'm new on this site and had a question or two. First off, I'm 47 years old,I have a good job making right around $50,000 a year, unfortunatly I had a spending problem and went to far.I'm now just able to make my payments on my loans and creditcards(2). I've been late twice,once on one of my cards and once on a personal loan, paid the late fee's on both and am in good standing as of right now. According to HFC I have over 750 points on my credit rating. I have 3 vehicles, 1 paid for that I'm restoring,1 paid for that I only drive in the summer months and 1 that I have a loan on from GMAC. I would hate to have to get rid of any of them, but I would if forced to. I have a mortgage I asummed about 20 years ago and have it down to around $4000.00. I think what my question is, how long should I wait before I make my decision to file or not? Which way should I go (Ch 7 or Ch 13)? Like I said earlier I am just getting by,I've stopped the spending thing, and GOD forbid nothing major happens I'll probably keep, just getting by ,untill I figure out what I should do. I'm open to all suggestions and appreciate any help. Thanks
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Why file, pay them off. Sell the project car. Pay off GMAC or use an equity loan and payoff all. Don't go BK if you don't have to."You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers
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Good advice robivi3.I am considering selling the project car but I would be taking a loss on the money already spent while working on it. I tried getting a home equity loan about 6 months ago and was denied, there is very little equity on my home and the finance company said my house was not worth the amount I needed. Is there another route I can go? Thanks again.Originally posted by robivi3Comment
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How can you have no equity and only owe $4000?Comment
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