POWERPLAY J

People claim for many reasons... Imaging going through a divorce just to find the ex had 100k of unsecured debt and now your responsible for half. Now add on the other debt to be split. Pay it off for the next god knows how many years with wtf knows how much interest and still have bad credit or claim chapter 7 and start fresh?

RBeyer

Not far off the mark, actually a bit worse and at the advice of the accountant and lawyers... Thanks

POWERPLAY J

Been there myself. My acct and atty friends said I was crazy not to and I'll agree it was the best thing I did. Rules have changed and it's harder now. I kept my boat and my other stuff. I also bought another boat 2.5 years out of discharge. Was offered 100% financing at 7%. House- no problem. Car- took 3 loan flips to pull it down to a reasonable rate.

Establish new credit as soon as possible. Join a credit union if you haven't already. Ignore the people here that might speculate.

Good luck to you sir. It will be a burden lifted off your shoulders.

welfare racing

DO A CHAPTER 7 don't let any one talk you out of it ... a BK is a BK just clear it all out and move forward, don't look back

mouse4x4

heck all the big corporations do why not heck banks try doing but get bailed out by are fearless goverment do it i did got rid of a house that lost 120000 in 2 years and lost my job bailed on it all 4 months later got new job rent a nice house will never buy again bought a 4 wheeler 2 new cars an 2 more boats havent ever been better got to keep all the toys i had before.

soldier4402

in the long run most of the time renting is a waste of money. Sure you can get trapped in houses in certain situations. But overall over a life time having a home vs renting is a much better idea. But you also have to be smart about it and not buy something you cant afford or keep up with to begin with.

mouse4x4

With my life style an job I have it dissent make any sense to buy I am only home 15 days out of every other month something breaks I call the land Lord my pool is taken care of by a pool company I have my own dock an live spitting distance off the water an all the hunting property at my finger tips life is good an I am credit card free every toy I have I pay cash for

soldier4402

yeah there is definitely reasons to rent and not everybody is the same. If I were single it may be different as well. Personally if I were into renting I would probably buy one of those houses/condos in an association where all the major stuff is taken care of, that way I still have equity if needed and still have the freedom to do what I want. My last house I lived in I made 30k on it well probably 20k after fixing it up cost. House im in now were making talking of it either being a life house or moving in the next 3-4 years which said and done I think I will probably make 40k. Thing with a house is one has to be very smart on what they do. Alot of people get big eyes before looking at what their wallet looks like.

Keith Atlanta

That isnt necessarily true. How much is a decent home near you? I live in south Florida - depending on the neighborhood, taxes and insurance a nice home in a decent school district is $400K+. I rent in that same are for $2200 month in a 4 bed 4 bath 3 car garage with plenty of room to park my boat trailer, 3/4 mile from a boat launch in Delray. I own a small business and make MUCH better use of the $2000-3000(sometimes more) a month I would be pumping into a house that could potentially have zero upside for 5+ years. Just sayin... there are a couple ways to skin a cat. Plus my azz is still chapped from the previous real estate go around and loosing $200K on a piece of chit house in GA.

soldier4402

Like I said most of the time. I know South Florida can be a beootch. Aunt lives there. But also she bought in 7-8 years ago west of lauderdale for 400 and sold last week for 600. her first house was 1/2 from the beack in lauderdale bought oh probably 20 years ago at 250 put 100 into it and sold for 550. So basically got her money back. Problem with renting is you never get your money back. But like you said its all relative