Asked 10/12/2009
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Can I declare bankruptcy in Colorado and refinance my house within 7 years? I owe about $20,000.00 in unsecured loans, not including student loans ($42,000.00), my car ($11,000.00) and my house ($162,000.00, appraised at $130,000.00 this year). I joined a debt settlement program almost 2 years ago that promised to have the debts I placed with them paid off for less than what I owed within 3 years, just in time for me to refinance my house before my ARM went up. My concern is that, in these 2 years, the program has only paid off one of the 6 debts I placed with them, and that was one of the smaller ones. I researched this company before joining the program and they seemed the best. I was trying everything to avoid bankruptcy, but now I'm thinking bankruptcy would be the better choice. I don't want to lose my house, even though we owe more than it's worth right now. This is our forever house! Any advice would be appreciated. |
Answer 1/2 - Submitted 10/12/2009
That seems to be the problem with these debt consolidation companies, they never work/ If you file BK, you'll wipe out the unsecured loans, may lose your car but the students loans won't go away (feds always get paid). I suggest you car your mortgage company and see if you qualify for a re-fi now at a fixed lower rate and as soon as they say yes, go to the BK attorney. You should check to see if he or she has a better plan to offer or a contact to get the rate down to about 4.5 to 5%.
Answer 2/2 - Submitted 10/14/2009
Bobintexas, thank you, but my credit is below 600 right now; there' s no way my bank will refinance me right now. I'm looking for the best way to raise my credit score before my ARM adjusts in November 2011. Would bankruptcy be the better choice, or should I stay with the debt settlement company?
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