I pay my home mortgage to American Home Mortgage and I just saw online today that they are filing for bankruptcy.

i bought my house 2004 at the age of 21. Life happen and my partner got layoff and we couldnt afford the mortgage. we soon rely on credit cards to pay the mortgage and property tax hoping when things get better financially for us we can then pay them back. We then decide to rent out the house hoping to move back in the future when things got better for us and rented a room with family. We are now in a hugh debt with credit cards by trying to keep the house and realize we cant pick ourselves back up from the debt and is now filing for bankruptcy. we defaulted on our home and have been collecting the rent still. . Can we still qualify for bankruptcy?

I am writing a report for this topic – newspapers are becoming an obsolete way of getting news. What I have read so far is that more press companies are filing for bankruptcy because everyone is leaning towards another source of news – Television or online news. Can anyone find any sites where I would find a lot of info for it? help is much appreciated THANK YOU!!

I am getting a divorce. The mortgage on my house is in my name only. The title is actually in both names. My soon to be Ex-Husband still lives here, he is refusing to pay the house payment. He wants them to foreclose on me. I want to sell the house and use the equity to pay off some debt. The total equity after selling the house would be about ,000. We have a total of other assets of ,000. The total assets we have are 0,000. The total debt owed is ,000. The equity and debt are supposed to be split 50/50, so 50% of the total equity left would be ,000. If I file bankruptcy would I be able to keep a portion of the 33,000 to hopefully have for deposits on a new home to rent, or such? My soon to be Ex-Husband would not be filing for bankruptcy. How would all this affect him?

Here it is, I was considering filing for bankruptcy and found a firm online that offered a free initial consultation. Half way through my initial consultation I was asked to pay a 0 down payment for a retainer fee for this firm to file bankruptcy papers for me. The phone call lasted about 1 hour. After hanging up I read some info that the bk attorney emailed me and decided that I was not ready to file for bankruptcy. I called the firm back asking for a refund as I had changed my mind, it was less than an hour since I hung up from my initial consultation, so I didn’t really expect it to be a problem. The attorney told me they would not give me a refund & if I tried to stop payment they would sue. Well, I hung up, called my bank and stopped payment and now 2 weeks later they are calling me and threatening "legal action". My question is should I really have to pay them? They didn’t do anything other than the initial consult which was supposed to be free.
I live in California and I did not sign anything. I was not even sent anything to sign. The reason I say he did not do anything is because I did not sign anything that would allow him to start paperwork on my behalf. And as he did not set up any future appointments with me I fail to see how he could have turned down any other clients due to my "retainer"
Rob5279,
I’m curious why you think I’m in the wrong. Doesn’t a customer have the right to change their mind? Especially within a 24 hour period?

I am 33 years old single female.I have no children. I live alone. I pay rent in my small apt. I still owe my car. My debt is right now k and is increasing every month because of the interest. Debt its in credit cards and medical bills. I’m a licensed massage therapist and I’ve tried to work in lots of spas but all of them are terribly slow. The most of the days there are no clients. Now I work daytime in 2 spas and nighttime with private clients. But not everyday I have clients either daytime or nighttime.I don’t work with a doctor because I make less money than what I can make in spas and on my own. My income right now is around k annual with a debt of that’s its increasing each month. My lines of credit have been reduced, now I’m only paying the minimum amount and without enough credit available to spend. I am getting physically very sick (which affects my job) and mentally very depressed because of this. I have never being late in any credit card bill, but I will be very soon because the minimum payments will be higher and impossible to pay. I don’t care if I have to pay rent the rest of my life. I just want to be peaceful and pay my basic bills, live in an apt, keep my furniture, my tv and my car. I don’t have luxury and I don’t care about luxury. I have known a lot of people that in 3 years they have built a great credit after a bankruptcy.And I know I can build it up again well someday.I have a friend that 2 years after filing for BK, start receiving tons of credit cards offers. I know that the economy it’s too bad, that millions of people are filing for bankruptcy and the banks make money from interest so sooner or later will offer credit and loans because they won’t have any other choice. About consolidating debt, I have to cancel my credit cards but still paying monthly payments. It’s what almost I’m doing right now, paying but not be able to spend! so what’s the difference? that I’ll be in the newspaper, not being able to buy a house, not getting credit cards for the next couple of years? I don’t think that’s too bad.I can live with that. What I can’t live is with stress, being sick, being depressed, not sleeping well, not eating well because I have to work so hard to pay a huge debt!! So, what would you do in my case? Thanks for reading my thread! and happy holidays.
I would do it if I can pay off my debt in just one year!! but in the track I’m going, the debt will be almost doubled and will be impossible to pay it even in 3 years! And I can work my ass off, but is not only in my hands to do it, the economy is BAD, and in my job, everywhere I look is BAD, so it’s not only depending if I work my ass off or not! I prefer to be embarrased the rest of my life of filed for BK instead of being embarrased because I was sued from my creditors and having all my belongings (like car) repossesed, and being almost homeless! Credit cards are poison, I don’t care getting one again someday actually. I have friends that they don’t have a credit card for years and they are happy. I don’t know why it’s so important for some people to own a house. I can live paying rent, I prefer investing in something more valuable than that, like education and good health.
Yes.. all of you are right. I’m gonna do my research with lots of companies that helps to consolidate debt. I need at least my debt go down 50%!! and decrease for sure the interest rate!
Oh no, I don’t have anything in luxury!! I have a dodge!! you think that is luxury?? I have 60k in debt because has been accumulated by interest for the last 3 years! how I’ve said: my profession is slow everywhere, is not that easy like "finding second job"! there are no clients! don’t you get it?? and actually I’m working daytime in 2 spas and nightime with privates! I arrived at home at 12am sometimes later because my privates live 1 hour away! I DON’T HAVE ANY LUXURY!

Here’s the deal.. I know I’m going to graduate with loans that I will be paying off well past retirement. There are a lot of things I want to do in my life and paying for the overpriced cost of my education will no doubt keep a tether on many aspirations. Supposedly, the only conditions that will allow repayment to be terminated are either death or bankruptcy. What’s to keep me from filing for bankruptcy? Are there qualifications to be met? Why is it not a common thing? My dad filed for bankruptcy and he was back on his feet in less than a year. Do the negatives outweigh the positives? If not, how can I fake my own death? (just kidding about the last question)
I see that most of you are against it. That’s precisely why i asked this question, to hear it from people with life experience.
As far as this question making me come off as a deadbeat, I have no guilt when it comes taking money from the govt. for my education. I’m as hard working as anyone else who pays their taxes and unfortunately, I don’t get much say in the rediculous things they waste my money on overseas rather than putting it back into their country for higher education that is open to the public like they do in Europe. I make nearly nothing and have several ongoing medical conditions to battle(which i don’t have insurance for by the way since that’s not free either) while working AND going to school. How much did FASFA award me? -Absolutely NOTHING. I’m paying k for school this year in all loans(which the govt. was eager to give be paid back in the absence of their donations). Now, …who’s taking advantage of who?
Forgive me for my lack of empathy.
Open your eyes.
Haha… yes, I am going into the fine arts.
Is it any coincidence that the majors that make the least money are the most expensive to go into?

Ok…so we had a loan together and a car that was being financed, which was in my name and him as a cosigner.
In the divorce decree I agreed to pay 1/2 the loan, and up until this month have been making my payments on it, he has not made a payment on it since the divorce was finalized in August.
He got the car in the divorce as well as the payments for the car, which (surprise) he didn’t make the payments and they repossessed the car.
So now, I just found out that he is filing for bankruptcy, awesome!
Here’s the deal, he remarried last month, both he and his new wife are working. I lost my job last month (please don’t give me crap about being unemployed, I am trying HARD to find a job…not collecting unemployment, it’s Saturday so places are closed and I’ve done 2 apps online today so far)
I obviously need legal assistance here to protect myself and salvage whatever crappy credit I’m left with at this point after the late fees from the car and the repossession
Again, I have no money and if were not for my sister, would be homeless. Can you please help me figure out what my options are for getting a lawyer? I don’t have the money for a consultation fee.

has anyone had an adverse effect after filing for bankruptcy? Any thuoghts or REAL LIFE advice before I speak with a lawyer and start the process?

Thanks in advance for your help
investments include Roth IRA and a savings accounts acct with K

I am planning on filing for bankruptcy and need credit reports for me an my wife. I don’t want to join a credit watch program. I jst want to be able to pay and print off all the reports and be done with it.

I have two student loans out and was considering filing for bankruptcy to try and consolidate both loans into just one low cost loan. In any case…What is the best choice if claiming bankruptcy was an option that I am willing to endure. Also in filing bankruptcy if even at all I can, what would be the best cost efficient (cheapest) way to go about doing so when taking legal action and lawyers if needed?

I am not filing for bankruptcy but someone that owes me money is.

I am looking for some advice. My husband and I are considering filing for bankruptcy. What I would like to do is have him file single vs. joint as most of the debt we have is in his name. He has about ,000 in credit card debt and loans. The only joint purchase we have is our car. The amount of debt I have myself is under 00. We have 2 small children. The problem is my fear of what would become of our lives AFTER bankruptcy. I am self employed and will have a harder time qualifying for loans without him. In our family he is the major bread-winner. He is currently working both a full and part time job and we still aren’t cutting it. He has been at his job for over 10 years. We are currently renting and would like to buy a home in the future and provide security for our children.

Has anyone ever heard of/done classes with Online Trading Academy? Is it a good idea? I’m an 18 year old who’s just started college and living with my parents…they’ve been through a lot financially in the past 2 years and it’s come to the point where they are now filing for bankruptcy…I’d really like to help them out and I don’t think a part-time job will be enough. I’d like to get into the stock market but with college I don’t really have the time to bury my head in books at the library trying to learn the stuff myself…is Online Trading Academy a good idea?

My b/f is currenty filing for bankruptcy. We got credit cards when we bought our house and we just got way out of hand with them and are now in alot of financial trouble. There are about five cards out of the many that I am a "joint" user on with him. We didnt know the difference between joint and authorized user when we were signing up for the cards or we would have never put me on as a joint with him. Im afraid that the creditors are going to come after me once the case has went completely through, because according to what I have read online they are allowed to. Is there anyone out there in this same situation or anyone that has went through it?? His lawyer told me that they dont always choose to go after the joint user but if the debt is over a thousand dollars they may. Is it true that they can not go after me if I am unemployed?? We had thought about filing together in the beginning but we are not married so we were not allowed to do that and would have to pay for two seperate filings when most of the debt is only in his name and about 6500.00 of it is in mine….

I have so much debt because of a ex.. hes now in prison but hes filed for several cash advances online adn supplied then with my account info when iwas younger i had some credit cards that are delinquent… someone mentioned to me that i may be better off filing for bankruptcy…. whats my best bet? and whats the process or this?

Me and my wife after several months of financial hardships have contacted a attorney for possibly going into bankruptcy. We are current on all our bills and always have been. She had to leave her job in January and has not been able to find work since, to try and make up for this I went into a online venture which ended up me being scammed for about ,000 from a credit card I used. We lived off borrowed money and taxes but that is all gone. My question is this, I have no money…I mean no money at all. My refrigerator is broken so we have had to eat out at fast food for the past few weeks. Things are crappy and I need money to get by, however I don’t want to get into trouble for using my cards when I plan on filing for bankruptcy. Is it acceptable to use them for things such as food, clothing, gas etc… I would greatly appreciate any help you can provide. I feel bad enough for being pushed into this but don’t want to get into legal trouble if we do file. I have yet to speak to a attorney and don’t even know if I qualify. So is ok to use the cards for these things? Would be ok to use a credit card to buy a new refrigerator? or to pay to maybe get the old one fixed???? PLEASE HELP!

Thank you so much in advance!

I found this intresting tidbit while doing some research online…
Repossession of Property: Not just phone calls and unfriendly visits, filing for bankruptcy will help you get back any property (including cars) that the creditor may have repossessed. (Provided the property has not been sold!)
from http://www.bankruptcyhome.com/creditandbankruptcy.htm

my car was reposessed about 2 weeks ago and is just now going up for sale. If I file for bankruptcy is it really possible to get my car back before its sold. I believe filing would require the bank to put a hold on the sale.

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

If I was planning on filing for bankruptcy, then my uncle died and left me ,000 in life insurance. That would not cover all of my debt as I was planning on including my house in the bankruptcy.

If I claim the life insurance it would all go to my creditors and i would still have to file for bankruptcy.

Can I legally deny the life insurance, have that ammount go to the other beneficiaries? and not have any penalties of any kind in the bankruptcy court