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  1. #1
    Join Date
    Aug 2008
    Posts
    1

    Question What Would You Do if You Were in My Shoes?

    My question involves bankruptcy in the state of: Nevada

    I hope someone can help me out here as I have never faced this before.

    I've got excellent credit scores right now and I have a mediocre job making a decent living but hardly enough to save right now. The wife and I have about 65,000 in combined credit card debts and also 2 homes.

    1 Home is in nevada and it is now worth only 200k and we owe about 300k on it. Our 2nd home is currently a wash as it is only worth the same amount we paid for it. I am thinking about foreclosure because I do not want to make house payments on a property that is substantially worth less than what I owe on it. It just doesnt make sense to do that and it would be plain stupid if I continued this for another 5 years only to file for Bk 7 later on.

    My question is if I am planning to foreclose on 1 house shouldnt I just go ahead and file for Chapter 7 Bankruptcy instead because my credit score will drop dramatically below a 500 anyways??

    Wouldnt it make more sense to go ahead and just file for chapter 7 and clear the credit card debts also? I have already done a means test for this and I do qualify so I can file for chapter 7. I want a 2nd opinion because I think this is what I would go ahead and do because it doesnt make sense to pay on these credit cards and eat the foreclosure, Just might as well clear all of them off and start fresh?

    Thanks

  2. #2
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: What Would You Do if You Were in My Shoes?

    It sounds like you have it figured out, your next step would be to consult with a bankruptcy attorney. They will be able to tell you what implications this could have on you and your wife and if your better off filing jointly or individually. Good luck

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