Bankruptcy vs. debt consolidation service – which is better – I just lost my…

Credit and mortgage advice Forums Consumer Credit Debt Management Bankruptcy vs. debt consolidation service – which is better – I just lost my…

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    • #203918
      Anonymous
      Inactive

      …job of 11 years? I was just laid off and am thinking about filing bankruptcy on my approx. $17,000 credit bills debt and let my home forclose @approx. $75,000 owed OR do a debt consolidation service on the $17,000 with out my home and just see what happens. I am scared as there are no jobs in Michigan making near what I made before being laid off. Please help!



    • #429252
      Anonymous
      Inactive

      get a job!

    • #429253
      Anonymous
      Inactive

      If she is incompetent her mortgage may not be legal. But since she was diagnosed after it may not be a defense. Other than refinancing to a better mortgage I don’t know how she can save her house.
      Assisted living is for people who need caregivers she may not be to that stage.
      Sorry she didn’t have anyone on her side with a transaction that large.
      If you are in bankruptcy you probably can’t be much help to her.

    • #429254
      Anonymous
      Inactive

      Keep the home?!?!?! Why would you keep it? If she was suckered into buying a HALF MILLION DOLLAR HOME then you should do everything in your power to get out of it. If she was not capable of making the decision, then the contract is very likely not valid and you can unwind the whole deal.

      See a lawyer.

    • #429255
      Anonymous
      Inactive

      Do you NEED this house? If so, you need to refinance to a fixed rate. If you have good credit you might be able to get a cheaper payment, but not a lot cheaper with a debt amount of $ 417,000.

      Otherwise, say goodbye to the house. If you aren’t current on the payments in a chapter 7, you don’t get to keep the house without somehow coming up with the reinstatement amount.

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