Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

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Bankruptcy or Foreclosure? How this affects husband?

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  • Bankruptcy or Foreclosure? How this affects husband?

    Hi everyone,

    New to the site, but I have been reading a ton of posts, and have learned a lot so far. So thank you!!

    I would like to explain my current situation, to see what you all think. Any time you can take to read my story and share some input would be GREATLY appreciated, more than you know!

    I can no longer afford the home my ex-husband and I bought together in 2011. I have an in-law apartment upstairs, and my mother moved out, and I can no longer afford this house on my own. Can't really rent the in-law apartment out, since there is only 1 entrance/exit (the other goes directly into my house). I kept the home my ex-husband and I had bought, and although I have been struggling financially since my divorce in 2013, I have managed to keep up with the payments. I have NEVER had a late payment on ANYTHING. So the fact that I am looking into foreclosure or bankruptcy is a hard pill to swallow.

    I recently got re-married, and my husband has amazing credit, as do I. My husband just bought a home (purposely, so we could move into a cheaper, more affordable mortgage). The house we are in currently is way too large and way too expensive for us to continue living in. The heating and cooling bills are outrageous, and there are a ton of things that I am afraid would have to be fixed if I were to put my house on the market. I was initially going to put my house on the market and pay both mortgages until my current house sold, but my savings is basically non-existent now, and I am afraid I would have to come to the table with about 10 grand just to sell

    I called my lender to inquire on a short sale, but it seems like a huge hassle, and I am honestly mentally exhausted (also thinking less into this option after reading some posts on this website). My lender told me a short sale stays on my credit for 1 year, and a foreclosure stays on for 7. One of the posts I read on this site says that they would both affect my credit the same way, so I am more confused now haha. So - after looking into a possible foreclosure, I figure if I am going to hurt my credit, I might as well fully reset my financial status. I also have $31,000 of credit card debt, and $84,000 in student loans - so I am looking into bankruptcy as an option as well. I understand this won't help with student loans, but if it could help with both the mortgage AND the credit cards, I would be willing to take the credit hit. I really am hoping to be able to walk away from my current house, but want to make sure I am choosing the option that will be best and make the most financial sense.

    On top of not knowing what the best option for me is, I also want to make sure that I am not affecting my current husband at all. We have no joint debts - the mortgage for the house he just bought will be in just his name, although both of our names are on the Purchase and Sales agreement. Would be filing a bankruptcy affect him at all? Affect his/our new house?

    Again, for anyone who took the time to read this (I tried to not make it "too wordy") - I thank you. For anyone who has ANY kind of advice what-so-ever, I will be eternally grateful. I do plan on speaking with an attorney, however I just needed to talk this out, and would appreciate any feedback/advice anyone has for me.

    Thank you!!!

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