Seeking for bankcrupty (Ramsey: mortgage, credit card, loans)

[mawulolo]

My wife and I buy a single family house and we making good payement for the house. I have in my name only $ 50000.00 unsecure loan and credit card dept that I am having a hard time to pay because of my inssufficiant income. I want to file a bankcrupty for my dept but keep the house. My question is :
- It is something possible I can do?
- Will that bankcrupty affect my wife?
Thanks
Best regards

[jfog55372]

You should probably talk with a lawyer about this.

If you and your wife bought the house together than most likely you cannot file without it having some effect on your wife. She is probably on the deed to your house and even if not then she still has an interest in it, assuming you are actually married. Minnesota, like most states, is a community property state. That means your wife has a 50/50 interest in the home because you are married even if you bought it outside of the marriage.

Again, you should talk with a lawyer as there are different types of bankruptcy's.

[my54ford]

So the rest of us have tp pay for your poor choices?!?!?!? Thats what happens when people default we all pay! Just like the loan bailout thing. 90% of us buy within our means, pay our bills on time etc and those who don't get the benifit of Uncle Sam saving them. Go figure

[monti]

Originally Posted by my54ford

So the rest of us have tp pay for your poor choices?!?!?!? Thats what happens when people default we all pay! Just like the loan bailout thing. 90% of us buy within our means, pay our bills on time etc and those who don't get the benifit of Uncle Sam saving them. Go figure

Move to a lower taxed warmer state, ASAP.

[my54ford]

Originally Posted by monti

Move to a lower taxed warmer state, ASAP.

Why?I'm doing fine here.. Just bugs me to hear people cry about their screw ups and want the Goverment to bail them out. In case you forgot WE are the Goverment and it's not our job to fix personal mistakes........

[JenLee]

My54ford, the OP is asking a question, not expecting a flaming. Your personal gripe doesn't help the OP; and I suppose my post here won't help much either,

I'd like to know how one gets $50,000 in unsecured loans and credit card debt unless they have no clue about their personal finances. When we bought our first house, it was spelled out clearly to us what our debt and incomes were and how much house we could afford within our price range. Is this still being done these days?

I do know that when we bought our current house (nearly 15 years ago); the realtor told us we could afford a house nearly twice the price of what we bought. *I* was flattered at the time, but am glad that we didn't buy anything that expensive because our health and financial situations didn't keep expanding as planned.

From what I've read and heard about the housing and mortgage market recently; there were a lot of homes sold to people who didn't have the incomes and financial stability needed to stay in those homes. The greedy people and mortgage companies who allowed those mortgages and debts to rise (KNOWING that those applicants wouldn't be able to pay those debts!) should be the ones punished.

For people like the OP who are caught in this situation, they need to go to some sort of financial classes and learn NOW what that kind of debt will do and how bankruptcy affects them. This should have been done long before they bought their home and ran up the debt. There are debt counselors and consolidators who can give help and advice to this person along with seeing a lawyer. Be sure and find ones that are reputable!

I now believe that budgeting and finances should be taught (both by parents and schools!) from elementary age on. I didn't teach it to my kids; I thought they would learn it through osmosis or something. Now I wish that we would have sat them down with us to balance our budget every week; because I'm sure they would have a much better idea of the dangers of credit card debt if they would have been in on some of our budget discussions. I'm concerned that the young people I meet from this next generation seem to have no idea about budgeting and saving. How will they ever afford their own homes?

[spartanic]

You should check out Dave Ramsey. He's the number 1 guy to go when you are facing bankruptcy or seek financial advice.

http://www.daveramsey.com/