Should We Go Bankrupt

March 7th, 2006 by Questions

Me and my girlfriend perchased a house in August. We had a hard time getting approved but finally we did. Our home cost us $129,000. We have alot of debt and just have enough to make ends meet. In January I found a big problem with the house. All the subfloors are rotten and we found mould. i called a contractor and the damage in the house is very bad. The damages could cost from 30,000 to 40,000 to fix. We simply cannot afford this much money specially since we bought the house only 6 months ago. We are going to take legal action against the previous owner but if this fails then we are scared that we’ll have to file for bankruptcy. When someone files for bankruptcy how do they look at the monthly income coming in. What is too much and not enough. We make about $3100.00 / month between me and my girlfriend but with all the bills we only have about 600.00 left ever month for misc expenses.


One Response to “Should We Go Bankrupt”

, A licensed trustee said:

Forgive me, but the facts of your question are very similar to a question that was asked last month – given the unique nature of the problem, I am assuming that you’re the same person.

We strongly suggest you seek legal council regarding your “house” problem and discuss with your lawyer the pro’s and con’s of a bankruptcy assignment.

If there is any possibility of winning a lawsuit then filing bankruptcy would be a bad idea (you would lose the right to sue if you file bankruptcy).

Alternatively, if the suit is a long shot then it may make more sense to simply “walk away” from the house, as painful as that may be.

You really need to discuss this with a lawyer first – not a trustee.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)