Is chapter 7 the way to go?

Question

i am soon to be 26.i have a home that is choking the life out of me.i have it up for sale,some showings but no offers.my listing expires in 2 months. i cannot afford the home anymore. i have a low fixed rate.the reason i cant afford it is i had a high paying job with a company that i was with for 7 years, they laid me of last december for six months and when they took me back it has only been part time.i have picked up a second part time job but for way less money.i am a heavy equipment operator.there is no one hiring out there. i have been looking trust me.my employer (the one i have been with forever) told me that we are sutting down for the winter in october and also said next year does not look good.now i am in a home that i cannot afford anymore and i can not find a job(and one that will pay as much as this one). i cant find roomates and if i did the income would not bail me out. i cannot rent the home because my realitor told me i would not get enough to cover the mortage, plus i have to live somewhere too. i am in a jam big time. i have already spoken to a bankrupt lawyer and he said i very well qualify for chapter 7. i mean i am planning on worst case that my home will not sell. i have it up for sale for just what i owe pluse real-estate fees and closing cost. i cannot go any lower. a "fresh start" is sounding pretty good right now. considering it could be years before i have the same income that i have had in the past.i have also spoken to my lender and they said they might be able to drop the payment a little but it would not be enough.it would have to go to 0 for me to even barly get by.i mean i am making WAY less than i have been. i have not even been able to go food shopping in 3 months. i eat at my moms every night. and have alredy borrowed countless thousands of dollars from family to keep my payments up untill now. i am a strain on them. and would have to keep borrowing for years, even though i know this is not possible. so do i end it now or keep struggling for a few more months then have to do it? thankyou for reading this i know its long.

Answer 1

Bankruptcy is a "fresh start"....With no job in sight and losing one in October, without the means to be able to pay back the loan, file. If you qualify for the chapter 7 as to what the attorney advised you. Your bankruptcy filing will be on your credit report for 10 years, debts for 7 years. I filed last year, best thing that I ever did. Gives you a fresh start, and I had no income at the time either. Jobs are tough out there, so the bankruptcy gave me the fresh start. You are able to re-establish your credit. You are 26 and by 36 when the bankruptcy falls off your credit report, you will have been able to re-establish and get yourself back on your feet. Now a ?....Where are you going to live to be able to let the house go? Some places do a credit check, others don't. I wanted you to be aware that that is one of the obstacles of filing a bankruptcy. As well..financing anything in the future will be at a higher percentage rate. Make sure this is something you are absolutely sure you need to do, it should be your last resort. It does take the stress off of you, but, when you get back on your feet and find something, it's gonna take some work to get back on your feet financially. It's not easy, but...some after filing have been able to find good jobs, and get home loans as soon as 3 years after they file, so there is life after it...As I said..I filed last year...back to re-establishing with ONE credit card, small limit and I pay it on time and more each month..as well as a brand new Harley joint with my hubby, so...I pay that on time as well..and will get my credit score back up there where I want it to be. It's been a long road, but...it does get better!!!  If you have questions you can email....Good Luck!!!