Internet's first get-out-of-debt community - 134,000 members

sk · Posted: Wed Jan 02, 2008 7:08 pm Subject: need some advice

I have over 100k in credit card debt. My house will be probably go into foreclosure soon. I incurred all this debt coz I lost 500k trading stocks. Any advice? Should I file for chapter 13 or try to settle with the credit card companies?

Posted: Wed Jan 02, 2008 8:10 pm Subject:

Pay your house bills first, unsecured debt (credit card debt) comes second. Don't lose your house because of CC debt. Always always pay your house and car first. You can't lose your house for not paying credit card debt, but you can if you don't pay your mortgage.

What state do you live in?

Posted: Wed Jan 02, 2008 8:16 pm Subject:

That is good advice that rstimson has just given you. Please sign up for a free debt consultation on this site they will be able to provide some assistance for you or at least point you in the right direction.

ladybug

sk · Posted: Thu Jan 03, 2008 10:18 am Subject:

I live in Florida. My mortgage payments are $2800 not including the property taxes and insurance. I want to get rid of the house so I can start saving to pay off the debt. Should I file for chapter 13 or try to settle the debt? I am afraid to file for chapter 13 coz I have ailing parents to take care of and dependents back in India and with chapter 13, I wouldn't be able to support them, right?

Posted: Thu Jan 03, 2008 12:01 pm Subject:

Can you put the house up for sale and down size?

Posted: Thu Jan 03, 2008 12:24 pm Subject:

hi, i have a friend lost business and cr debt around $80K or more. Had refinance the home $75K and filed bankruptcy 7. I know this fr a friend's experiences. I think it is very important that u pay and keep the house if u can affort the monthly payment if not u have to talk to co u make payment to. They usually have other option if u have hardship. Probably modify your payment plan. Do not default on your home payment. They will charge u late fee, attorney fee etc fee... and finally put it for foreclosure and it is more difficult and costly to negotiate (if it is still not too late).
The cr debts/unsecured debts can be erased later on if u decided to file bankruptcy 7, and u might be able to keep the house and car if u can afford the monthly payment and/or if they are not exceeded the amt stated in your state law. Do consultation w/ bankruptcy lawyer usually free for 1 time and check online for more info on bankruptcy. Find Bankruptcy lawyer from phone book and ask for the fee first before u decide. Some is higher than the other and some will offer payment but they will do your case after you payoff the fee. Hope it helps.

Guest · Posted: Thu Jan 03, 2008 1:54 pm Subject:

House value is down by 100k. I owe 432k and the value is only 360 or so.. I have missed 2 payments so far because someone suggested that I should try for a short sale. I tried talking to the bank but they said they will not talk to me unless I default and I am atleast 2 payments behind..

Posted: Thu Jan 03, 2008 4:27 pm Subject:

I have no idea what your situation is so I’m just going to throw stuff out there.
The housing market had done such a nose dive I image that you are not alone in this situation. I would think that the state or federal governments would put something in place to help people in your situation. But then again I can be a little naive. Can you take in boarder to share in the cost of the mortgage? You should really sign up for the free consultation on this site and see if they can be of help. There is also a great amount of knowledge among the members here and I’m sure someone will offer good advice.

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