Unfortunately, my husband and I have begun a filing for bankruptcy on our $25000 in credit card debt. We are current on mortgage, LOC, and both car loans, and had no intention of including our home in the bk. We are now reconsidering that decision, as we are located in Mich, where the market is in terrible shape, and accordingly now have around $40000 negative equity in our home. We have 2 fast growing children in a 3 bed 1 bath home on a very busy main road, and know that our ensuing bk will make a new home purchase difficult for a few years. As the economy is so bad, lease-to-own and land contracts are abundant, and our dream home with a basement, a bit of land, and room to grow may be more accessible to us than it was 9 years ago when we bought this (our first) home. Is this the "silver lining" of our grey cloud bankruptcy? We want to come out of this heartbreak in the best possible position for our family with the least amount of upheavel as possible, but do not want to miss any opportunities either. We have always planned for one move once the children got old enough, and they are just about there. Any advice would be appreciated!
FYI Our credit rating has been very good up until about 18 months ago when the entire State of Michigan screeched to a halt. My husband has been at his current job for over 10 years, and is very, very secure. I have been a stay-at-home Mom working summers as a private gardener, and am returning to school Sept. to finish my degree. Our son is in 2nd grade, and our daughter is in 5th. Both are excellent students, and love the outdoors.
Thank you.
FYI Our credit rating has been very good up until about 18 months ago when the entire State of Michigan screeched to a halt. My husband has been at his current job for over 10 years, and is very, very secure. I have been a stay-at-home Mom working summers as a private gardener, and am returning to school Sept. to finish my degree. Our son is in 2nd grade, and our daughter is in 5th. Both are excellent students, and love the outdoors.
Thank you.
