bankruptcy (to keep home) or hang tough?

Q) My ex skipped Texas to somewhere up north last month; no more child support and he was already behind on that. The AG is looking for him. Anyhow--this has left me to survive on my f/t slary alone, just enough to pay the basic nessities: home, Home improvement loan we lad gotten together which HAS to be paid or they'll take the house; 2001 car and car ins. This leaves me about $99 for utilities, gas, food, and medicine for a family of 4. My credit was shot to hell because he also left me with all the cc bills. So I am always turned down for refinancing/loans. Since my credit is already shot to hell, is it better to just wait things out until I get another better job with pay (i work shiftwork as it is) and I AM looking; or should I get a legal aid attny to help with bankruptcy so I keep my home? It it a modest hom, worth 67,000, but the Home Impro loan kicks up the cost big time. I owe $33,000 on my home and $35,000 on that loan! P/T jobs do not accept my avail hrs and only pay $7. hr- I have spoken to Consumer Credit and they advised me to file bankruptcy and keep the house, as I checked into renting and here it is more $ than buying a house; or to hang tough and pay the essentials, which is what I have been doing. Either way, I will have bad credit for the next 4-7 yrs. I was just wondering if filing and keeping my home would be better for my credit than bad credit in pieces and parts. thank all of you for your input; in the meantime still looking for a p/t job. I tried a bunch of places for loans but even the PAyday loans and the LAON SHARKS turned me down! God will provide.

A) Bankruptcy will keep your home but then you are tied down to bankruptcy for the next 7 to 10 years. I did just that and it was a nightmare. I dismissed my own bankruptcy and have negotiated with all the creditors and the mortgage company myself. In the meantime after studying all the creditor laws I became a debt settlement negotiator. I just wanted to help people like you from the horror of the creditor world. There is many ways around what you are going through. I am also a Texan and this is one state they cannot do to much to damage to you," just your credit." If it is already damaged there is only one way to go. Better it. It takes time but it can be done. I wish I could give you my contact info but I am not sure if that is OK with Yahoo. I will check into that. Hope this helps. Just be careful there are many debt settlement companies out there that will take you down. They are just out to make money not to really help people, in need of help. God Bless and let the lord lead you in the right directions. My website is www.debtsettlementspecialistsllp.com you can contact me through the website. I possible can come up with some work you can do from home in your free time for extra income if you have a phone and a computer.

What home loan interest rate can I expect?

Q) Currently my FICO is 630, I have history of a bankruptcy 6 years ago, I make 80k a year, my only current debt is a 6k auto loan, oh and those dreaded 21k in student loans. I'm in California and 4 years ago I really wanted to purchase a home before the prices got to out of control but no bank would touch me despite a good career and down payment so my parents who had their home paid off got the loan for me and I've been paying the mortgage. Now 4 years later I'm ready to be an adult and do the right thing and get my home loan in my name even if it means a higher interest rate then the current 4.5%. With the equity I've established (my home is worth 380k and I owe 180k but thinking about borrowing 200k to pay the auto loan and do some home improvements) is it possible for me to get a decent interest rate with my train wreak credit history? Any insight would be appreciated, Kelly

A) Why the rush? With a 630 FICO you'll be paying subprime rates which will be substantially higher than the 4.5% you are paying now. To answer your question, no you will not get a decent rate with a 630 FICO. Wait until the bankruptcy falls off your credit report and then refinance. In the meantime just keep paying your bills and keeping your credit clean as a whistle. Sounds like you are on the right track, good luck. BTW: Beware the answer than says in another year your bankruptcy will come off your credit report. Bankruptcies are reported for 10 years. In addition that poster doesn't know anything about the subprime lending market, the interest rates charged are substantially higher than you would get with A credit. Plus with a 4.5% loan currently the original poster would be nuts to go out and refinance with a subprime lender right now.