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does BK amount really matter in the end?

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    does BK amount really matter in the end?

    Does the BK on your Credit report show how much you BK ($ wise) or does it show just that you went BK ? I am just curious about this ...

    it's looking like we will have to BK our CC ($140K) and our 2 mortgages ($106K & $330K) on our house. I at first thought we'd keep the house but have since realized we can't afford it - esp after the inevitable divorce. so might just as well include it in the BK since we owe more than it is worth right now - not that it would sell anyway.

    so does the overall amount really matter ... within reason of course - I mean is $150K bk the same on your credit as a $400K bK ??? again just curious?
    also does adding the house make it 'worse' in the long run when trying to rebuild credit and buy a house in years to come?

    I am just sick over this realization ... I could puke at anytime. We built that house ourselves - 12 years ago - and I mean we did everything ourself - nothing hired out and it will just be gone and abandoned here soon =( . strange where you can find yourself

    #2
    Each account that you filed on will, at first, reflect the last balance.

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      #3
      Originally posted by fljb View Post
      We built that house ourselves - 12 years ago - and I mean we did everything ourself - nothing hired out and it will just be gone and abandoned here soon
      Oh, fljb, I'm so sorry to hear that - my stomach flipped when I read that line. We're building our own place the same way right now, and I cannot imagine losing it. Please hang in there, and try to believe that things will be better for you when the weight of all this debt is lifted. Wow. I know it's just "stuff", but some stuff is awfully hard to let go of.

      All the best to you.
      Filed chapter 7: June 9, 2008
      341 meeting: July 18, 2008
      last day for objections: September 16, 2008
      DISCHARGED September 18, 2008 - CLOSED September 29, 2008

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        #4
        Sorry to hear

        Since you were already over 100k it won't make any more difference. It just means the UST looks at the case more. Other than that each account will report IIB after the bk. No other real difference.
        May 31st, 2007: Petition Filed by my lawyer
        July 2nd, 2007: 341 Meeting Held
        September 4th, 2007: Discharged and Closed.

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