I need help. I am 32, and I have filed bankruptcy twice... within a year of each other. It started over a bad relationship 6 years ago. I stayed with a woman to try and make things work after we got pregnant. Fast forward to 2014 my son is born, best thing ever. Shortly before that I purchased a house so that we could have a home for our son. I was still trying disputed the clear mental health issues she had. She was set on having a large house... for the 3 of us. She was also unable to purchase a home as she was still in bankruptcy from her marriage years ago that, come to find out, she ruined also.
So with that, my annual income being $39k as a police officer, my mother co-signed for me on a $205k mortgage with the condition that my coparent pay half the mortgage since she won’t qualify for the loan. I was 27 at the time, first house.
Well flash forward, I no longer could afford the house on $39k annually and the to top it off, all of her power and wisdom she had me fired from where I worked for getting a protective order against her. I later had to file Chapter 7 because I was so far behind on the mortgage, crippling attorney debt from custody and I was forced to move back home.
Flash forward to almost two years later, my bankruptcy is discharged and I’m starting to rebuild despite paying $975/mo in child support on a new salary of $41k annually. Then my ex decides to sue me and wins $25k. On top of paying my outrageous child support on time and regularly with zero arrears, then she is going to file a garnishment after I’ve moved into a house to rent and have my life together. With that said I had to file Chapter 13 in 2017 and it expires 2022.
My question is, how can I get this $25k paid off quickly and I want to purchase a home. Small, 2 bedroom home no more than $120k. Can this be done?
In the last few months I was approved for a credit card through Premier Bankcard with a limit of $300. I use the card and pay it off with no problems and it’s helped raise my score. CreditKarma says my Equifax score is currently 645.
The only way to ever pay something off quicker is to lower your expenses so you have a surplus of cash. The bigger the surplus, the faster you can pay something off. With a recent BK, it's going to be tough to use credit to maneuver. You can post your scores and anything about your credit that would be relevant like accounts, age of accounts, limits, balances, any other derogatories, etc.