Posted: Wed Oct 28, 2009 10:44 am Post subject: Bankruptcy or foreclosure
My son is recently divorced. He has a job (same job for 12 years). He owns a condo with $12,000.00 equity. When married he refinanced his truck to get money to pay a bill of his wife(now is upside down on truck loan at 16%. He owes $15,000.00. He owes $72,000.00 on condo. Also is paying off credit cards his wife got without his knowledge. They total about $3,000.00. He makes $12.90 an hour, but comes up about $600.00 a month when it comes to expenses. He can't find a part-time job. He's considering bankruptcy (not sure if he is eligible) or foreclosure. I know there are privacy laws, but my son does not have email and is 41 years. Solution?
If your son wants to file bankruptcy, it would be a better option to consult an attorney. The attorney will look into the whole matter and would help him to decide which chapter of bankruptcy he should file for.
A foreclosure, on the other hand, will only help him in getting rid of the property. However, he would also be responsible for the deficient balance resulting from the sale. _________________ Procrastination is the enemy of your financial sucess
donaldsandra
