Attorney Answers Orange County Bankruptcy QuestionShould we short sale our house in Orange county or file chapter 13 bankruptcy to keep the house? My wife and I are struggling to make this decision. We live in Orange county, California and are contemplating either a short sale of our house or filing chapter 13 bankruptcy. Our credit card debt totals $129K. All payments are current and we have payment plans with 2 of the 4 major cards for $60/month payments with 0% interest. The first mortgage on our house is $637K + $25K behind in payments. Late since Feb 2009. We have a HELOC that is $137K and is current. We can't afford to keep the house and pay back the credit card debt (loss of income situation. Income is now half of what it used to be.) We have an offer on the house for $630K, submitted to the bank and waiting for reply. Bank also offered a loan modification We initially declined thinking it is better to short sale than file chapter 13 bankruptcy. Are we wrong? Help!
Attorney's Response to Bankruptcy Question from Orange CountyFor the chapter 13 bankruptcy in Orange county, California: If you get out from under the house, can you meet your credit card payments, even with them at 0% interest and stretched out? Be honest. That's the real issue. If you truly can handle the credit card debt (while paying to live somewhere--wherever you move, you'll have some combination of rent, taxes, mortagage, insurance, utilities, etc.), then if you can get a short sale that will get you out form under the mortgage and HELOC, that's good. But here's where the "be honest" comes in. If you are going to struggle, and possibly fail, to pay the $129k in credit card debt on top of your taxes, housing, cost of living, etc., then your best option is probably bankruptcy. You need solid advice here. Find a bankruptcy attorney in Orange county, CA, one you feel good about and share your entire situation with him or her--your debt, your payment history, your income, your assets, the whole 9 yards, and get advice from him or her on what to do. Most bankruptcy lawyers will give you a free or low cost initial consultation. If you don't have any referrals to a bankruptcy lawyer in Orange county, this site can help you, or call your state or local bar. To make your time with a bankruptcy attorney productive, go in armed with ALL of your financial info and after having done some soul searching on whether or not you can handle the credit card debt. Good luck.
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