Please help! I’m disabled and I’m merely getting about 0.00 a month and my husband is unemployedd and he’s getting unemployment benefits that are about 1,000 a month. Our mortgage is about $ 1,000.00 a month. We are piled with bills from cards! I’ve been really investigating the solution and my first step is to see if we can get our mortgage modified through federal emergency program. Even if we can get mortgage modified I see no way we would be willing and able to pay off the 30,000 we our on our cards. If we could get that off our backs and get lower our mortgage payment we could live without borrowing some therefore without using cards. We’ve never filedbankruptcyy and we tried nothing really works. Please anyone, is it possible to file bankruptcy without loosing our home. We our 4/5 on it. 2 moths ago 1 attorney said that we want loose our home if we but I just can’tbelievee that it’s true. Is it??? Has anyone done it recently?

 

  • STEVEN F 4:11 pm on September 22, 2009 Permalink |

    Bankruptcy will NOT get rid of your mortgage AND allow you to keep the house. You have to choose one or the other. With you income, you couldn’t afford the house even without a mortgage. Taxes and insurance would be more than you can spend for housing.

  • lodger 4:11 pm on September 22, 2009 Permalink |

    Yes, you can…and you can also keep a credit card out of the bankrupt listing so you will have credit in the near future…
    Make sure if you have a car payment, keep that out of the mix…..
    It works, trust me….

  • Gone fishin' 4:11 pm on September 22, 2009 Permalink |

    It depends on where you are. Go to someone who does debt consolidation and see if they can reduce your debt and prevent bankruptcy.

  • Studly 4:11 pm on September 22, 2009 Permalink |

    Anele,

    The fact is that filing bankruptcy does not mean you can continue to own your home without continuing to make mortgage payments. Yes, it will completely wipe out those credit card payments and all other unsecured debts. But you claim you have an income of $1300 a month, and a mortgage payment of $1000? I can’t imagine any possible way they could reduce those payments enough for you to live on in this current situation. Yes, there are some proposals by the Democrats to pass laws allowing bankruptcy judges to modify the mortgages, but not enough that will help you.

    I’m not feeling good about you keeping your home in a bankruptcy.