- This topic has 1 reply, 1 voice, and was last updated July 1, 2008 at 1:31 pm by .
- July 1, 2008 at 1:31 pm #259175Guest
I am new to the group and have been lurking for a while, but getting
good information from it!I saw a recent post about bankruptcy. I filed Chapter 13 a year
ago. I am a single mom of 3, with child support that is spotty, at
best. He is currently 7K in arrears. I also recently had a joblayoff and then a worker’s comp injury at the new job, within months
of each other in 2006. I tried my hardest to juggle everything, car
payment, mortgage, teenage kids, credit card debt, daily living….and realized I was only getting deeper and deeper. I also had the
notion that economically, the nation was getting worse (not that it
took rocket science to see that) and I needed to take action as soonas possible.
I have been in Chapter 13 a year now. I originally opted to keep my
car and home, however, I made the decision last week to amend my planand surrender my home under my bankruptcy. It is a large 4 bedroom
antebellum. My utilities alone are in excess of $400/mo and I have a
1st and 2nd mortgage. I tried for a year to make it work, butrealized it wont, so I am letting the house go and we are moving into
brand new townhomes in town.
Even though the rent is $25 a month more than my mortgage payments,the new place will be all electric and energy efficient, which will
eliminate my gas bill, to the tune of $130 a month and my electric
should either go down or stay the same.I took many other factors into consideration as well, the
neighborhood my house is in has gone downhill fast. Even if I waited
until after my plan is discharged, I could not sell my home for whatI owe and would likely take a $40K loss on it, which would pretty
much leave me where I was before my bankruptcy. This way, when my
plan is complete, I will be completely debt free.My two older kids will be graduating and moving out in the next 4
years. That would leave me and my youngest in a 4 bedroom home,
which is too much.It was a tough decision to make, but I really think it was the best
one. While we wont be significantly ahead on a monthly basis
financially, we will be in the long run. My monthly bills will beeasier to gauge and control, since I wont have the extra and
sometimes unseen costs of home ownership to deal with, either.
Has anyone else had a similar experience? Any advice for ourupcoming change to help get “ahead” a little?
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