Loans, Debt & Credit - View Single Post

ultimate4799 · 02-04-2009, 11:02 PM

Guys, agreed with you 100%... after having a big paycut(25%), can't afford my house with $760k loan now... Besides, foreclosure in my area for a bigger/newer much better house is in $300k-$400k range and this is even tougher to swallow... I talked to an attorney and he promised he can qualify me to chapter7 BK and will be filing when I got NOS.... I feel this will be the best route for my financial freedom since instead of working very hard just to catch up with mortgage payments, will have time with my family and to watch after my kid who is growing fast and needs much of my attention...

Just wanted to share my side and I wish you luck on whatever decision you will take! I advise to follow your instinct...

02-04-2009, 11:02 PM	#6 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 290 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wait and see or file for bankruptcy? Guys, agreed with you 100%... after having a big paycut(25%), can't afford my house with $760k loan now... Besides, foreclosure in my area for a bigger/newer much better house is in $300k-$400k range and this is even tougher to swallow... I talked to an attorney and he promised he can qualify me to chapter7 BK and will be filing when I got NOS.... I feel this will be the best route for my financial freedom since instead of working very hard just to catch up with mortgage payments, will have time with my family and to watch after my kid who is growing fast and needs much of my attention... Just wanted to share my side and I wish you luck on whatever decision you will take! I advise to follow your instinct...