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Old 03-17-2009, 03:33 PM
 
Location: Las Vegas
444 posts, read 1,616,601 times
Reputation: 185

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Amen JJ. A couple of calls on your own will probably work wonders.
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Old 03-17-2009, 03:42 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,235,269 times
Reputation: 2661
Quote:
Originally Posted by LV Foreclosure First Time View Post
Olecapt,
I need your advice once again....Facing foreclosure on a house I don't want anyway (ose 313k, worth 189k). Have about 26k c.c. debt and some medical bills...Baby due in May 09 so there will be more med bills. Should I fil BK Ch 7 after the baby to protect myself against deficiency judgement? If I do, will they take all $ in bank accounts (about 3k) PLUS I have a 3600 tax refund coming back to me this month. Iwas going to pay some debt off (which wouldnt make a dent anyway) but if I do BK should I use it to buy the computer my family needs for school in fall, or is that fraud? Should I try to spend my money (on practical things) so that I at least get use form it...Id rather get something instead of giving it all up towards bad debt....HOWEVER - if I can save my bank accounts, I'd rather save my tax refund and other $ to have as a cushion after BK...that way I can use reserve funds to qualify for renting a place since my credit will be screwed....I definitely pass means test and have apt with lawyer on THURS,a response asap would be aprpeciated....I almost can't see us declaring BK for such a small amt of debt, but I know I cant pay it off myself (No surplus with monthly income)...ANY THOUGHTS?

I know a bit about foreclosure, bankruptcy and real estate but you are getting past my knowledge level. So I think you need that consult on Thursday. .

Such things as the impact of a BK on the foreclosure need to be considered as well as proper disposition of available funds. Classically a properly timed BK can stop foreclosure for some months...useful if you are living in the house.

Also make sure you have the means test down cold. If you end up in a 13 BK it may be of little if any help to you.

Sorry to be of so little help but I don't like to go past my knowlege base.
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