Anonymous wrote:

Anonymous wrote:Seems to me that what you want to do is bite the bullet, sell your house, and move into a smaller and more affordable place. That way you can avoid bankruptcy. Yeah, this will be painful and inconvenient, but much less so than bankruptcy.

Our mortgage is only $2000. WHere am I going to move where its less than that? Ive crunched the numbers, believe me. Its not any more affordable mortgage wise anyplace in this general area.

If you declare bankruptcy, you will lose your house. It is an asset and the court will use it to pay off your creditors. You will then need to find a cheaper place to live anyway, so why not find that place now, before you have declared bankruptcy, and thus possibly avoid bankruptcy.

The issue of a cheaper mortgage will not arise, because you will not own a house after you declare bankruptcy. (You will lose the one you have, and you will not be able to get a mortgage on a new place.) You will have to rent an apartment. So why not do that now? If that means getting rid of a lot of your stuff, so be it.

If you have flawless credit now, that is something worth preserving, even if you have to make sacrifices to do so.

I think you want to consult a credit counseling / financial management type of person before you even approach a bankruptcy attorney.

We sold our house and went back to renting. It is much less expensive. (No property taxes, HOA fees, maintenance or repairs, etc)

Anonymous wrote:10:16 here. One other point, consults are often free with BR attorneys so you really have nothing to lose by talking to one.

I think people can give good advice here but obviously they don't know all of the specifics of your situation, most of which can be discussed during a consult.

OP here. Right. Its all in the details. The thing is, again to date we have not been late on even one payment for ANYthing EVER. Our record to date is flawless in that regard. It may not be the traditional situation in which to consult with a BR attorney. But I just feel like someone spinning plates and I just cant see how much longer this keeps up. Its like all it would take is one semi-disaster and the plates start falling.

What I DONT know is how many plates can fall before it really begins to matter. A few late credit card payments- how big of a deal is it? I have no clue. All I know is its never happened to me.

10:16 here. One other point, consults are often free with BR attorneys so you really have nothing to lose by talking to one.

I think people can give good advice here but obviously they don't know all of the specifics of your situation, most of which can be discussed during a consult.

Esp when you calculate cost of moving, and increased cost of commuting, etc. Its not just the mortgage.

Anonymous wrote:Seems to me that what you want to do is bite the bullet, sell your house, and move into a smaller and more affordable place. That way you can avoid bankruptcy. Yeah, this will be painful and inconvenient, but much less so than bankruptcy.

Our mortgage is only $2000. WHere am I going to move where its less than that? Ive crunched the numbers, believe me. Its not any more affordable mortgage wise anyplace in this general area.

Seems to me that what you want to do is bite the bullet, sell your house, and move into a smaller and more affordable place. That way you can avoid bankruptcy. Yeah, this will be painful and inconvenient, but much less so than bankruptcy.

My advice for finding a referral is to talk to a lawyer in a completely different field and see who they recommend. It's less likely they will have a reciprocal referral arrangement and more likely to know who is good. A good lawyer will also state the basis for the referral (I've seen this person in action, I've referred other clients to this person and had positive results, etc.).

I feel its time to at least talk to a bankruptcy attorney. Our income has declined and we have no problem paying our mortgage but the credit card payments are kind of killing us and if a bad month comes long, paying them does threaten our ability to pay our mortage. We didnt qualify for any kind of consolidation loan with our excellent credit and solid payment history because our income was too low- not way too low, just a little too low.

Meanwhile DH and I are scrambling for new work I found a great job only to find the boss leaving the country unexpectedly for six weeks and shutting down his office for that time. The constant hustling and never knowing if it will be enough is taking its toll. Really, its all a timing thing. If something comes in that solves our problems, then great. But what if it doesnt?

I think I would feel better knowing something of a timeframe. If money stops coming in, for example, how long before the s*** hits the fan, and exactly what hits that fan first, and what hits it next, etc.

I need to know when to give up. And when not to. I just feel I cant tell anymore.