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On the verge of losing my credit.

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Anonymous
Not applicable

On the verge of losing my credit.

Hi,

im new to the forums, and i woiuld appreciate some feedback.

 

I live in Florida. and i am 40k in CC debt. After much thought i might stop paying my credit cards and take the hit because its too stressful.

 

Now, i own my house (its mobile home, and the land). The tittle is under my mom and I. 

If i do decide to stop paying my CCs can they go after my house? 

my car is not fully paid. therefore i am not worried about that.

 

 

any help is appreciated.

 

sorry for the typos... im in a bit of a pickle.

 

thanks

 

 

 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: On the verge of losing my credit.

Welcome to the forums!

 

How many cards and what are the balances? Are they still open, or have they been closed? Anything in collections or delinquent?  Do you have any means to catch up? Saving your credit can be a good  choice if possible - but bankruptcy is another option. I believe that in some types of bankruptcy you can keep your house,, but I could be wrong.

Message 2 of 6
SouthJamaica
Mega Contributor

Re: On the verge of losing my credit.


@Anonymous wrote:

Hi,

im new to the forums, and i woiuld appreciate some feedback.

 

I live in Florida. and i am 40k in CC debt. After much thought i might stop paying my credit cards and take the hit because its too stressful.

 

Now, i own my house (its mobile home, and the land). The tittle is under my mom and I. 

If i do decide to stop paying my CCs can they go after my house? 

my car is not fully paid. therefore i am not worried about that.

 

 

any help is appreciated.

 

sorry for the typos... im in a bit of a pickle.

 

thanks

 

 

 


You should consult a Florida bankruptcy lawyer.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 6
RobertEG
Legendary Contributor

Re: On the verge of losing my credit.

I concur with SouthJamaica.

You need review of your entire credit file along with all assets, income, etc, which includes info beyond your credit report.

I would seek advice from either a BK attorney or a competent credit counseling service to ensure a comprehensive review of all options.

Message 4 of 6
Anonymous
Not applicable

Re: On the verge of losing my credit.

If I were in your predicament I would continue to pay my bills while I consult a BK attorney to determine my options. I would also look into making my home a homestead to protect against any judegements or leins. Mobile homes should be allowed the homestead protection in FL. Bring this up wen you converse with attorney and do some of your own research on homesteading to protect that asset. I had one person I took to court and put lein on their property. They wanted to turn into homestead which meant I could no longer have the lein or go after their property due to the homestead act.

Message 5 of 6
wa3more
Established Contributor

Re: On the verge of losing my credit.

Im not sure this situation is sustainable for the OP.  If bk is an option, i would stop paying everything now and just save the money to settle the debts for 30-50% on the dollar.

 

This is what i would do but everyone is different.


@Anonymous wrote:

If I were in your predicament I would continue to pay my bills while I consult a BK attorney to determine my options. I would also look into making my home a homestead to protect against any judegements or leins. Mobile homes should be allowed the homestead protection in FL. Bring this up wen you converse with attorney and do some of your own research on homesteading to protect that asset. I had one person I took to court and put lein on their property. They wanted to turn into homestead which meant I could no longer have the lein or go after their property due to the homestead act.


 

Message 6 of 6
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