Rebuilding Your Credit

[shafer1217]

5 years ago our scores were over 800; 4 years ago I was diagnosis with a terminal illness with 2-3 years (obviously Mayo Clinic makes errors in prophecy) and scores did not change. Moved to Orlando FL 4 years ago in a "perfect solid house" according to Inspectors: after 35% down 30yr/fixed and $86000 later fixing the "solid house" scores the same.  Last year my wife bought a new SUV with her score of 825. Then from September 2008 to June 2009, we had 1. Our rollovers (almost $2 mill) stolen with no recourse turned out he did not file the money and just sent us copies of forms but never sent them to the company--he is out of country now--no change in scores; 2. Stock Portfilio took 73% hit--no change in scores; 3. we got rid of 5 cards with CL's less than $10000, no change; 4. My wife looses her job (Chapter 7) 2/2009. 5. My mortgage bank, yes a bank, told me through my mortgage counselor, hardship management, mitigation, litigation to NOT pay my mortgage payments at least until the end of the year. The house is now $81000 underwater. Now the score plummets to 626 and will continue down for SSA Disability and Unemployment does not equal the house + utilities + food + plus the ONE debt--the car. So by the end of the year we should be deep in the septic tank. And our Bank is NOT concerned!

[schwrtzfamly]

Contact your BK attorney.  See if the jurisdiction will allow you to re-open the 7.  Rare, very rare.  But see.  If so, get out of car and house.  If not, get rid of them anyway.  No equity.  Dissability is non-garnishable, just keep separate bank acct from one that gave you the loans and separate from other income.  If you co-mingle, it gets messy getting the money back if your bank account is garnished.  Get a different bank account from ones that gave you loans no matter what, other wise they can empty for missed payments.

REMEMBER, THIS IS NOT LEGAL ADVICE.

[74king]

First of all...Welcome to the forum Now as for the home...what are you worried about. They can't take the home if that what you are worried about, you live in Florida and under state law there is whats called the Homestead Act. which allows you to keep your home no matter what, just file for a BK as a last resort if you can't keep up.

At least you get to keep your home, my uncle did the same thing years ago he lives in Florida, Coco Beach loves it there. Good luck to you.

King