Posted on: 15th Dec, 2008 05:30 pm
i want to file bankrupsty but i owe 30000in debt, plus a first and second mortgage, i have fallen behind on both mortgages and credit cards.
my question is can i file bankrupsty on chapter 13 eliminate my second mortgage and credit cards or do i still have to make payments on both the second and credit cards for 3 - 5 years. or is it better just to file for chapter 7 .
thank you
my question is can i file bankrupsty on chapter 13 eliminate my second mortgage and credit cards or do i still have to make payments on both the second and credit cards for 3 - 5 years. or is it better just to file for chapter 7 .
thank you
hi musa,
in my opinion filing bankruptcy is the last option. there are other ways to avoid filing bankruptcy. you have mentioned that you have defaulted on your first and second mortgages. did you contact the lender and inform him about your hardship? if you haven't, then you should immediately do it. the lender can help you in coping up with the mortgage dues. you can check out the options of loan modification, short sale or deed in lieu foreclosure. apart from this, there are other ways as well which you can look forward to in this link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
as far as credit card debts are considered, you can check out the options of debt consolidation or debt settlement. in debt consolidation, the interest rates can be reduced whereas in debt settlement, your outstanding balance may be reduced by 40%-60% depending upon your situation. check out the debt consolidation community - "debtconsolidationcare.com". you can speak to the financial coach over there. let's hope he will be able to help you.
thanks
in my opinion filing bankruptcy is the last option. there are other ways to avoid filing bankruptcy. you have mentioned that you have defaulted on your first and second mortgages. did you contact the lender and inform him about your hardship? if you haven't, then you should immediately do it. the lender can help you in coping up with the mortgage dues. you can check out the options of loan modification, short sale or deed in lieu foreclosure. apart from this, there are other ways as well which you can look forward to in this link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
as far as credit card debts are considered, you can check out the options of debt consolidation or debt settlement. in debt consolidation, the interest rates can be reduced whereas in debt settlement, your outstanding balance may be reduced by 40%-60% depending upon your situation. check out the debt consolidation community - "debtconsolidationcare.com". you can speak to the financial coach over there. let's hope he will be able to help you.
thanks