Jump to content

Sign in to follow this  
wan2live

BK or not to BK

Recommended Posts

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

what do you owe? what do you make?

I owe well over 250k with CC's and loans with 3 vehicles.

 

17 Jeep 16 K

15 Silverado 40k

15 Harley 26 K

 

Make 96K

 

My wife will not be part of the BK, she is a 700 Fico

Share this post


Link to post
Share on other sites

so you have >164K in credit card debt?

 

are you in a CP state?

I live in PA and we are moving to TN next month. It's probably more than 164, I'd have to sit down and calculate it to be accurate.

 

What is CP?

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

community property state.

ahh okay. Tennessee is not a Community property state, I will be a resident there starting this month.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

You can't BK7 if you don't pass the means test no matter how much you owe. Your wife's income will be included in that even if you're not in a CP state. Making 96k plus hers which is enough to buy a house almost certainly disqualifies you. But you'd need to talk to an attorney and fill out the means test to know for sure. If you don't pass you'll be forced into a 13 plan.

Share this post


Link to post
Share on other sites

Pretty sure that it's not going to matter that Tenn is a community property state or not, that mostly applies in divorces.. not what you speak of.

 

Guessing with all of that debt .. 3 car loans and 150k in CC debt, you used her income to apply...or no? That's a lot for $96k in income. Telling me that you got approved for all of that on your own, only proves what a sad state the banking industry is in...

 

As another mentioned - you are very likely a candidate for Ch13.. but only a lawyer can give that advice and most will give an initial consultation for free.

Share this post


Link to post
Share on other sites

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

 

 

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

How is your wife buying a home with no income? Trust fund? Cash purchase? Very unusual.

Share this post


Link to post
Share on other sites

 

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

How is your wife buying a home with no income? Trust fund? Cash purchase? Very unusual.
she has a offer letter in TN specifically just for the loan.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

in terms of the means test, they look at the last 6 calendar months of income. so if she stops work today, you would need to wait until at least Sep 1 before filing.

 

for a 2 person household, the TN median income is $48,053. that means if you're above that you have to take the means test.

 

talk to a BK attorney to see if they can get you under the means test with your income alone. there's different exclusions and deductions that you can take depending on your situation. it's still going to be very tough at 96k, but it's worth a shot.

Share this post


Link to post
Share on other sites

 

 

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

How is your wife buying a home with no income? Trust fund? Cash purchase? Very unusual.
she has a offer letter in TN specifically just for the loan.

 

 

Sent from my iPhone using Tapatalk

 

 

Um, since her last day of working is today, an offer letter is not an application. It has to be followed by an application which will ask all sorts of financial details including current employment. Does she know this or does she expect to lie? Is this part of a repeating pattern?

Share this post


Link to post
Share on other sites

 

 

 

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

How is your wife buying a home with no income? Trust fund? Cash purchase? Very unusual.
she has a offer letter in TN specifically just for the loan.

 

 

Sent from my iPhone using Tapatalk

Um, since her last day of working is today, an offer letter is not an application. It has to be followed by an application which will ask all sorts of financial details including current employment. Does she know this or does she expect to lie? Is this part of a repeating pattern?

we close on the 19th. Her start date is the 16th.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

 

 

 

Hi,

 

So here is the deal.

 

I lost my house to Foreclosure and during the process of trying to modify. The home is not on my CC because US Bank never reported after a Hamp a few years ago.

 

I am credit heavy and did not learn my lesson after my BK in 2010. Now in August I can chapter again, my Credit is in the tank and it will take a few years to rebuild, whether I continue to pay off CC's and Loans or file.

 

Since I can clear the slate in August with a filing, should I in your opinion bank the cash that I would pay out on CC's and file then rebuild?

 

I can re affirm my vehicle but may just send it back since I am 10K in the negative.

 

My wife is buying a home so there is no housing issues to worry about.

 

I am not looking to get over just looking to get out of this hole I created and rebuild.

 

 

Sent from my iPhone using Tapatalk

Thank you for the responses.

 

The Jeep I co'd on for her.

The Bike she co'd on, only because I had a out of state license at the time.

The truck is all me.

 

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

 

Sent from my iPhone using Tapatalk

How is your wife buying a home with no income? Trust fund? Cash purchase? Very unusual.
she has a offer letter in TN specifically just for the loan.

 

 

Sent from my iPhone using Tapatalk

Um, since her last day of working is today, an offer letter is not an application. It has to be followed by an application which will ask all sorts of financial details including current employment. Does she know this or does she expect to lie? Is this part of a repeating pattern?

lie about? She has a job offer letter, and it has been accepted. I asked a question and was not looking for an insult. If there were people with perfect credit this board would not exist. My income is viable so it does not matter, she has 20 years as of leaving, she gets unemployment since it is a move do to my job and she has a pension.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

I'm confused. who income is the TN mortgage approval based on? just her pension?

she has a job offer to start on 4/16 her actual start date will be after that, the job is in the retail marketing industry. Her income is based off of her salary here and this being a second home.

 

Her Pension and her unemployment would pay the mortgage but that is not what the loan is based upon.

 

Anyhow the question was about should I or should I not file in August.

 

 

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

I suggested asking a BK atty since your situation is unique and non-standard.

 

just curious, how do you know she'll qualify for unemployment?

Share this post


Link to post
Share on other sites

I sure hope the bank giving the loan knows she doesn’t have ongoing income she qualified with. You need to talk to a few attorneys and be completely honest with them.

Share this post


Link to post
Share on other sites

As far as her income. Her last day of work is Today, she will not return to a job until '19 so it will be my income alone.

 

 

 

Sent from my iPhone using Tapatalk

 

she has a job offer to start on 4/16 her actual start date will be after that [No kdding, sometime in 2019 :rofl: ], the job is in the retail marketing industry. Her income is based off of her salary here and this being a second home.

 

Her Pension and her unemployment would pay the mortgage but that is not what the loan is based upon.

we close on the 19th. Her start date is the 16th.

 

 

Sent from my iPhone using Tapatalk

I thought you might be a collection dude troll trying to get CB commenters to give you advice on loan fraud but, since you signed up to CB a long time ago, I'm thinking you just don't give a rat's behind about loan fraud.

Edited by cashnocredit

Share this post


Link to post
Share on other sites

I suggested asking a BK atty since your situation is unique and non-standard.

 

just curious, how do you know she'll qualify for unemployment?

because my job is moving me and her employer gave her the paperwork for it.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      176,872
    • Most Online
      1,528

    Newest Member
    victorykid1412
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines