I want to file but I'm afraid

[Anonymous]

Hello, I have been contiplating on filing for BK for the past 4 years and ever year that goes by i feel like i should of filed then i would have been that much closer to a better score to qulify for anything but mainly  house and away from my horrible credit. I've also flet that that would be an easy way out and see that trying to fix my credit myself just seems so hard. All i want is a home. I want to finally be able to confidently buy a home.... any advise?

[TRC_WA]

I moved to WA where the home prices are ridiculously expensive... no chance of me ever affording a place in this state unless I choose to live in the woods which isn't happening.  I still haven't figured out why a home here is 5x the price of a comparable home in the southeast where I moved from.

Home ownership isn't the "american dream" that it was 30 years ago IMO...  times have changed and renting has its perks.

I can't give any advice other than to say good luck rebuilding your credit.

[dt3813]

it really depends on your situation... BUT this site is so great, if you specifically map out your situation there are people on here who will give you their honest opinions.

[Anonymous]

---

@TRC_WA wrote:

I moved to WA where the home prices are ridiculously expensive... no chance of me ever affording a place in this state unless I choose to live in the woods which isn't happening.  I still haven't figured out why a home here is 5x the price of a comparable home in the southeast where I moved from.

Home ownership isn't the "american dream" that it was 30 years ago IMO...  times have changed and renting has its perks.

I can't give any advice other than to say good luck rebuilding your credit.

---

I completley disagree...

Renting is throwing away your money.  It's like leasing a car.  When all is said and done you have nothing to show for it.

There is a sense of pride with owning your own home.  You make it what you want it to be.  And you are building equity.

If OP wants to own a home, then who are you to say otherwise.

To OP.  I would tell you, while it is going to be hard, your chances of buying a house are going to be better if you work through your credit issues.  Having a BK on your report for 7 years will make it hard to do anything until that drops off.

You will find many answers here.  Best of luck.

[TRC_WA]

---

@Anonymous wrote:

---

@TRC_WA wrote:

I moved to WA where the home prices are ridiculously expensive... no chance of me ever affording a place in this state unless I choose to live in the woods which isn't happening.  I still haven't figured out why a home here is 5x the price of a comparable home in the southeast where I moved from.

Home ownership isn't the "american dream" that it was 30 years ago IMO...  times have changed and renting has its perks.

I can't give any advice other than to say good luck rebuilding your credit.

---

I completley disagree...

Renting is throwing away your money.  It's like leasing a car.  When all is said and done you have nothing to show for it.

There is a sense of pride with owning your own home.  You make it what you want it to be.  And you are building equity.

---

Yeah I know a couple people that had a bunch of equity in their homes until the market crashed and they lost tens of thousands of dollars.

Not going to get into a housing debate... all I was saying is renting has its perks.  Not being tied down a house in an unstable economy is definitely one of them.  Happened to me... I sold my place about a year before I lost my job and ending up moving cross country for another job.  It would have been more of an inconvenience to have to babysit a house that I had to sell... in a crappy market.

No maintenance costs is another.

Long term stability in an area makes buying a definite plus... but if you are new to an area I'd most definitely wait.  I saw quite a few threads on various job boards during the recession from people who had moved to an area and immediately bought a home and lost their job within 6 months. 

Good luck OP. 

[ezdriver]

Your thread states that you are afraid. What are you afraid of? 

Bankruptcy is a legal mechanism used to help folks get their financial house in order. If you earn enough money to have discretionary funds available after paying your bills, then ch13 can be used to reorganize/reduce debt balances and use a payment plan to pay off your debt. If your earnings are insufficient to ever pay off your debt with a payment plan, then ch7 bankruptcy will help you get a fresh start financially. 

I encourage you to consult a bankruptcy attorney and get some professional guidance. No need to suffer for so long with financial burdens that you cannot overcome by yourself.