HELP!! I built my credit bought a HOUSE then put myself in a hole!

[Anonymous]

I dont know how i was so stupid but i was. I built my credit to be considered good and my husands execellent. We bought our first home this past year and in less then a year I put us in more than 50K in credit card debt. I don't even know how i did that so fast. We are a family of 5 and am the only one working. My husband hasn't worked in almost a year and he doesn't even seem to be caring much about getting a job, but anyways thats for a whole other forum. I just called capital one today to volunteer surrender my vehicle. I never had a repo on my credit before but now i will. Other than pay them off slowly which of course i have to do. What can i do to not get sued or lose my house or anything? any advice? Do i call each card up and say im gonna pay you just not now? I can't do a payment arrangement with each cause i'll end in no being able to catch up. I only bring home about $2800 net. mY mortgage alone is $1747 plus utilities. I have one other car payment $450 plus $170 insurance and of course life. SOmeone please help. Is this gonna force me to do bankruptcy and if so does that mean I will lose the house? thank you in advance

[Anonymous]

Take a vacation day and set up appointments with 3-4 bankruptcy lawyers.

And honestly, that house payment is too much to afford on your income anyhow. You are going to need to move unless the income situation changes.

[Anonymous]

I’m not even sure how to advise you but I’m sorry you’re in this situation. 

As as mentioned that mortgage is too steep for your net income. Aside from you either taking a 2nd job, husband getting a job or meetings with bankruptcy lawyers I’m not sure what else can be done. Again I’m sorry. 

[LakeLife]

I really think you should consult with an attorney at once.  You have way more house than you can afford, and the time is right to consider bankruptcy with your husband out of work.  I would not surrender that vehicle until speaking to an attorney.  

[steelers1]

There is no easy answer.

I do agree with the other replies, you do need to see a BK attorney. 

It appears that between your home and car it takes up, if not exceeds, your income alone. Does your husband understand how critical your situation is? He needs to get whatever type of work he can quickly and some more work on top of that to give you the slightest chance to stay afloat or at the very least, to be able to afford a Chapter 13 payment plan so that you can keep your home.

I wish you and your family the best.

[Jnbmom]

You have way more going out then coming in. I would set up a few consults ASAP. Your income does not support that mortgage. 

Did you husband have a decent income when you were approved for that mortgage? I suggest he gets back to work ASAP., does he not see the big picture here? If you keep trying this alone you are going to lose your home😞

[mrfufoppss]

Take everyones advice and By any means try to get your husband to understand any job would probably save your home atleast and  if he can get a decent job yall can make it thru and climb out of Debt

[Anonymous]

Before you consider bankruptcy you should consider selling the house and downsizing. There are ways to keep your house in BK but even after BK I don't think you can afford your house on one income.

[silver_idle]

Im sorry about the situtation that youre in. I would suggest contacting each creditor and asking about a hardship program. Many of them will allow you to enter into it, which may includes (but not limited to) reducing your interest, min payments, waiving interest, fees, etc., but your cards may end up being closed (or restricted so it cannot be used if its not closed) after entering into it. Your mortgage might have a hardship program as well so you should contact them and find out as that might help reducing how much you pay each month, etc. Try to explore all options, including getting a second job, talking to your husband about getting a job, ask for a raise or a maybe apply for a position that pays more, maybe even selling the house and downsizing as it was suggested. If it doesnt work out, talk to an bankruptcy attorney to go over your options, though this should be the very last option if nothing else works. Good luck!

[Medic981]

Cheese and Crackers what a nightmare! You are getting good advice up thread. Good luck to you!