my property has been foreclosed....and i am stuck with$30,000 line of credit?

i am thinking of filing for chapter 13 since i also have some credit card debt. is that going to look EXTREMLY bad having both of those marks on me? dont know what to do!!!

Asked By: Tysienna - 1/8/2007
Best Answer - Chosen by Asker
Your question should be a lesson to the rest of us as to why buying a house with little or no money down, or getting a home equity loan is a really bad plan. Sorry about your situation, not a lot of fun here... More
Answered By: KC - 1/8/2007
Additional Answers (9)
I have been told it has gotten harder to File Bankrupcy so Make sure you get a Good Laywer that deals with that kind of thing.
Answered By: flowwer_1371 - 1/8/2007
Check your Yellow Pages under Credit Counselling. You might get some great options there. Just don't give up!
Answered By: Smiley - 1/8/2007
if you cant pay the bills chapter 13 will be your best bet, its only gonna hurt you for what around 10 years or so on your credit
Answered By: Brent S - 1/8/2007
Move to Canada, the land of second, third, fourth and fifth chances!
Answered By: JoeCoolTrio - 1/8/2007
If you didn't have any other liens against your property, try for a deed-in-leiu. It makes it not look as bad on your credit. Not all mortgage companies will give you that opportunity. It depends a lot on why you got so far behind in your debts... More
Answered By: Sunny louise - 1/8/2007
If this is your only property and your source of residence no one is able to take it away from you.Believe me they tried it with me. However if you owe taxes on it . They can and will sell it at auction! So beware Always be sure your city & county taxes are paid!!!
Answered By: Ronald S - 1/8/2007
Ronald S is incorrect. They can and do take your property, rather it is your only place to live or not. It sounds like they have already foreclosed on you anyway... More
Answered By: kelly h - 1/8/2007
I did BK 2002. I now own my own home, my own car, and re-emerged fairly OK. It just takes about 2 years before you really can get back into the wing of things with creditors.
Answered By: JUSTFORFUN - 1/8/2007
check around fast and get to a good credit counselor ! Gooddddddddddddluck Tough times dont last but tough people do!
Answered By: judy b - 1/8/2007
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