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 Posted: Mon Jul 14, 2008 6:33 am Subject: Trying to be a good person |
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How we accumulated debt?
21/2 years ago my husbands father died suddenly ad he owned a small country store. Well his wife, my husbands mother had adopted 3 children before this (all toddlers) and couldn't run the store. The bank was about to foreclose on her and she told my husband she would also loose her home.
He decided to buy the store to help her and thought possibly it would be a successfull investment to our future.
Well the bank we worked with was awful, the debt we accrued as we tried and tried and kept trying to make the store work (it was failing as his dad died) was huge. We had a property in another town about an hour away that we had put on the market and by the time we sold that property we had 30,000 that went into all the back debt of the store and was instantly eaten up so we closed it. Now we are being foreclosed on and the town is threatening tax sale, and we owe alot of companies money.
We also have yet to find jobs.
I wish we had never bought the place, after we did our banker told us that my husbands mom never would have lost her home and that she was told that, so I think we got scammed by his own mother.
We are now meeting with a lawyer looking at chapter 13 bankrupsy.
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Jaden3292002
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Shazzers
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Joined: 05 Dec 2007
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| Posted: Mon Jul 14, 2008 9:12 am Subject: |
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Jaden - be aware that to qualify for a Chapter 13 BK, you need to have income sources. Since you and your husband are currently jobless, you may not qualify for the 13 BK. Chances are the attorney will talk to you about Chapter 7.
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desperatelyseekingsanity
Joined: 09 Jun 2007
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| Posted: Wed Aug 06, 2008 10:34 pm Subject: |
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Stay strong.
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jodymarie1979
Joined: 04 Aug 2008
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| Posted: Mon Nov 10, 2008 4:55 pm Subject: |
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hi i think if u hardly can afford anything Chp 7 would be better. Chp 13 u still have to make arrangement to pay secured and unsecured debt. They are not erased. In chp 7 most of the debt will be erased except secured debt and it will release u from much burden.
Baruptcy will be in your credit background for 7-10 years but it is worth it if u have a lot of debt, no way out and want to start fresh. Learn to pay everything by cash frim right now and save.
Good luck. Wish u the best. Stay strong. There is always a way out.
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