You'll have a waiting period of I believe at least 3 years before you can qualify for an FHA loan. A BK seems as if it might help you, just be aware that you won't immedietly be able to go out and purchase a new home, some places do mortgages shortly after BK, but the interest rate would be rediculous. You aren't required to reaffirm your car, however if you stop paying on it the lien holder can come and repo it. Basically paying on it by your due date after BK just keeps the bank happy so they won't reposess it. However if you found a better car down the road you can stop paying on the current car and tell the bank to come get it and there wouldn't be any further negative reportings such as repo on your credit.
I have no knowledge about a business loan, it might be tricky just since you have a BK on your record if you have little to no money to put into the business you want to start.
Owe $11k on discrepancy balance Of repossessed car that will end up to be a judgment if not paid soon (like in the next week)
Owe $20k on car worth maybe $17k
About $3k in cc debt
About $6k in medical debt
$1k state taxes
$50k student loans
$15k or so that no longer shows on credit reports but still owe (i.e. We both owe our college about $2k and cannot graduate or get transcripts till paid)
We've never owned a home and our scores are currently less than 500. We desperately need to own a home because renting is very pricey where we live and options are scarce with a family trying to find single family homes. Our main objective in filing ch 7 is this.
We'd also like to know how keeps our current car would work. Attorney said we'd still make payments but it's included? Not sure I completely understand this.
We'd like to possible buy an established business in the next 2-5 years from someone that's retiring. Any ideas how bankruptcy would effect small business loan?
Any experiences, tips, suggestions would be so helpful!