I recently got married and my new bride and I moved into a new house. My wife has about $75,000 in credit card debt and a property that she bought for $230, owes $198,000 and is now worth about $150,000. I have about $10,000 in c.c. debt. We both have newer vehicles that total $850 a month. We owe $209,000 on our new house and it is worth about $250,000. Our bring home is about $10,000 a month. When we met with a BK attorney he said that our BK would be $2300 if we forfeited the property or $2350 if we kept the property. I don't have any idea which is the best course and don't want to declare BK only to find out that in 5 years I still have a house that I am upside down on. Any advice would be greatly appreciated.
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What state do you live in?
Also what is the monthly mortgage on each property?
Is the 10k / month gross or net?May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed. -
10,000 net, I live in Florida. The house we have equity in is 2,000 and the other house is 1,700 but we also have 200 in HOA dues.Comment
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