File bankruptcy if you make enough money to pay bills?

My husband and I make "decent" money and over the years we have gotten ourselves into 90k in credit card debt alone and considered filing bankruptcy.

I really read into it and made the decision not to file. Your daughter and son-in-law work so more than likely they will be forced into Chapter 13. Read up on it here or wherever you can. For me, it was not worth it for credit card debt alone.

Good luck!

Apparently your daughter and her husband are not over-whelmed with debt. They should consider bankruptcy as a last resort. If they have decent credit they need to work out another solution to paying their debt...maybe talking with the cc companies they owe. Even if they are "ignorant" about managing their money
they would be much better off finding a debt solution company that could help...this site is very good at that if they are truly seeking financial advice.

Ok,We bought our first home about two and a half years ago at the peak of the real estate high. We paid market value (way too much, learning this fact after we bought the house and the market tanked), but we trusted the realitor, the bank financing us, and the independent appraiser. Now we only have a truck payment of less than seven thousand dollars, we have paid off our one credit card, and we are not behind on our morgage payment(s). Good right? However lovely this may sound, we make too much money to "restructure" and we are SO upside down (like 60-70k) on the morgage(s) that four different banks and two morgage brokers won't even let us fill out paperwork to refinace. We are on an ARM morgage. We can't refi unless we put 16k plus down. How can we fix up our fixer upper and still save to refi the house at the same time? Even if we do make our house immaculate it will never be worth what we bought it for (maybe in twenty-five years). My husband and I make approx. 55k a year together, we bought the house for one hundred eighty three thousand, today we MIGHT be able to sell it for one hundred ten thousand dollars. The American dream right? At this point our option is a chapter 13. Otherwise we are just paying the morgage companies to live here, in our house that we will NEVER be able to sell or pay off. so what about this one?

Have you tryed to get your morgage modified? There are alot of programs going on with the banks. Our house is worth about 340k and we owe 419k to the bank so I know how you feel.

Guest 2 is 100% right-call your existing mortgage company to go over your options first. When I had these problems back in 2007-banks were not working that much with homeowners. Now I hear they are offering all kinds of programs.

Our situation started out a little similar: trusted the appraiser, inspector, mortgage company and the Realtor...big mistake. Found out later they were all pretty much in "cahoots" with each other. But at the end of the day, nobody forced us to buy that overpriced house-we signed on our own free will. I can say that now, but boy was it a nightmare. Banks would not touch us either because we were so upside down on the house. Long story short; we ended up selling our home through a short sale.

If you had posted that you were losing your house or could not afford the payment or something to that effect-yeah Chapter 13 would be a good option. I would not try to file BK just because my house is not worth as much as the loan.

On that same note-the last time I posted on this thread I said I would not consider bankruptcy-well 1 year and 2 months after posting that-I filed Chapter 7. It's amazing how life throws ya curve balls.

Good luck with it all.