I am a 49 year old divorced woman who has managed to maintain our household for 5 years. I am an under-earner and have had to rely on my child support to supplement my income. Unfortunately my ex-husband has proven to be undependable with his support payments which has in turn made it hard for me. I regret not getting off my keister and selling my home last year but it seems with all the juggling of kids, bills, fulltime work and all of life's other obligations, I didn't do it. If it were just my credit cards, I think I could have worked it out, but I'm upside down in my car loan (considerably) due to a very poor choice when I purchased it and still owe $19,000 on the loan. I cannot keep the car. As I read the posts in here I feel scared to death about the end result of bankruptcy.
Not being able to get a place to live without huge deposits and increased rent, having the bankruptcy on my credit for 10 years and being considered a terrible credit risk makes me feel so nervous. Up until 5 years ago I had excellent credit but since my husband left it's been a downhill slide.
After my attorney appt today I decided to file Chapter 7. My attorney is not warm and fuzzy, although I realize this isn't a counseling session, it's a bankrupcy. He's very matter of fact, which is hard for me because I'm totally quivering inside regarding this situation...very frightened and ashamed for the circumstances I find myself in. It's a little iffy on whether or not the trustee will want to bring in his own realtor for a market value of my home, according to my attorney. My home is worth $250,000 approximately and I owe $195,500 on my home. I have just enough assets to border on risky for coming in under $40,000 of assets. Keeping the house will be difficult on my wages but doable. It is important for me to stay focused and find a new job with higher pay. Even that makes me feel so scared because I'm afraid any job I seek will ask if I've bankrupted as I'm in the accounting field.
Does the mortgage company still allow a grace period (my pymt is due on the 1st but allows a grace period through the 15th) or will they demand payment if it is paid a day late? I'm so paranoid about all of this. I've never dealt with creditors or late payments until this past month or so and it's got me totally freaked out. I feel like my life as I know it is going to completely end after I bankrupt. Instead of feeling a relief, I feel remorse and dread. I'm just flat out scared to death. Any feedback, reassurances or advice out there?
Thank you.
Not being able to get a place to live without huge deposits and increased rent, having the bankruptcy on my credit for 10 years and being considered a terrible credit risk makes me feel so nervous. Up until 5 years ago I had excellent credit but since my husband left it's been a downhill slide.
After my attorney appt today I decided to file Chapter 7. My attorney is not warm and fuzzy, although I realize this isn't a counseling session, it's a bankrupcy. He's very matter of fact, which is hard for me because I'm totally quivering inside regarding this situation...very frightened and ashamed for the circumstances I find myself in. It's a little iffy on whether or not the trustee will want to bring in his own realtor for a market value of my home, according to my attorney. My home is worth $250,000 approximately and I owe $195,500 on my home. I have just enough assets to border on risky for coming in under $40,000 of assets. Keeping the house will be difficult on my wages but doable. It is important for me to stay focused and find a new job with higher pay. Even that makes me feel so scared because I'm afraid any job I seek will ask if I've bankrupted as I'm in the accounting field.
Does the mortgage company still allow a grace period (my pymt is due on the 1st but allows a grace period through the 15th) or will they demand payment if it is paid a day late? I'm so paranoid about all of this. I've never dealt with creditors or late payments until this past month or so and it's got me totally freaked out. I feel like my life as I know it is going to completely end after I bankrupt. Instead of feeling a relief, I feel remorse and dread. I'm just flat out scared to death. Any feedback, reassurances or advice out there?
Thank you.
I felt the same way that you do now. My credit was super and I was never late... well, that slowly changed. My husbands small business did not turn over much profit, thus causing us to depend on cc to live off of ! NOT A SMART CHOICE ! We just spoke to our lawyer last Wednesday, and he is, just like you described your lawyer, very matter of fact...which is very good ! They give you the necessary info straight up ! It all will pass and you will survive ( believe me it has taken along time to get me to say that ).But it is true! Things feel and look bad and hopeless right now.. but believe in yourself and your ability to make it through this for yourself and your kids ! Good luck.....
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