Emergency Saving Hammer
Emergency Saving Hammer
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I own home at 5.75% & have 2nd & lots ofcredit card debt. 2 dings on 2nd. shd i file B or take final 40g of eq
i recently purchased home with 2 loans. The first is at 5.75%.The second is at 6.75%. I have alot of credit card debt. I am strapped financially. I have 40,000 left of usable equity in my 2nd (leaving 10% in). I recently have 2 deragatories on my credit rating for my 2nd. Should I take out the remaining $40,000 in my 2nd and consolidate some of my debt, pay outstanding taxes due and try and hammer away at the rest of the debt slowly. Or should i protect my equity in case of emergency job loss, declare bankruptcy and protect my home. Please help. I am about to sign on the dotted line out of desperation for a loan that will charge 10points due to poor credit. My sense is instead of pulling more equity...to move toward bankruptcy and save equity for emergency in case of job loss. My current credit card, and tax debt is 60,000(16,000 due to IRS which bankruptcy will not pay for). Not including my home of course.
The only missing variable in this puzzle is your income. Not enough info to really give a good answer. If you have a good income I don't think bankruptcy will help much. You won't qualify for chapter 7, and with that much home equity and income you will be paying a lot of money into your "plan".
You really need to have an attorney look over your situation, run the numbers and figure out what your options are.
From the little info you give, I would work on a two-pronged attack. See if you can negotiate a lower balance on the credit cards, borrow against your equity (lower interest rates and it's tax deductable), and for gosh sake get control of your budget!
If you file bankruptcy, they are going to put you on a terribly hard budget anyway. So if you plan to avoid it, you need to sit down and make a very serious budget. No more entertainment or fun stuff. Forget the morning Starbucks! Take your lunch.