Can I File Bankruptcy after Foreclosure?

I am procrastinating, I have three more lines to fill in on my Bankruptcy forms. Three lines to freedom, I have been avoiding writing about it too. I am ashamed. I thought I could fix this with out bankruptcy…I felt like if I had to file bankruptcy after foreclosure I didn’t deserve the financial freedom I so desperately longed and worked for. I was wrong.

Lets start at last June- after my surgery and Bretts broken elbow and surgery the medical bills started pouring in, then we were hit with a brick (for lack of a better word). Our second mortgage was going to sue us for $75,000. Ouch. We started to search desperately, we had so many questions and so few answers. The first was…

Can I file bankruptcy after foreclosure?
Yes, Yes, YES!! Yes, you can, we are. Not only can we, but we will be getting rid of virtually all our debt. We don’t have student loans or IRS debt, which are both exempt from bankruptcy, so we don’t have to worry about that. Although the prospect of having to sell all our belongings (which are few and far between) to pay back debt makes me very nervous!

If I can file bankruptcy after foreclosure, which chapter do I file?
This was our next question, we researched and then decided we should be filing Chapter 7. Chapter 7 is also referred to liquidation case (hence my apprehension). Our lawyer basically broke it down like this- we would fill out forms HONESTLY and then we would be assigned a Trustee who would then decide what was exempt and non-exempt assets, based on a certain amount of equity in our property (furnishings, personal property, vehicles, life insurance, etc.).

Now that I know I can file bankruptcy after foreclosure, who do I contact?
I called every bankruptcy lawyer in the Denver/Boulder area and decided on a lawyer in Erie. He seemed to know his shit and had the confidence I lack in this situation. Bankruptcy lawyers definitely vary in price, the can cost at little as $900 and as much as $3000, ours is about $2400, he seems really well versed in our type of situation so we opted for him.

Can I file bankruptcy after foreclosure and ever buy a house again?
This was my final question, which was subsequently answered in a packet of papers from our attorney- we are looking roughly 4-7 years before we qualify for a loan again, hopefully since we will be debt free and living frugally we will be able to save a decent down payment by then.

Our bankruptcy still makes want to cry, it makes me nervous and I have a lot of anxiety surrounding it. This doesn’t mean it isn’t the right choice for us right now, it is. It means I haven’t done this yet and I am afraid of the recovery or what it will look like for us in the future. Honestly I am kind of scared to be debt free, I am afraid I may make the same bade choices again and forget all that I have learned. I most likely won’t because I am such a freak now, but one never knows.

Advertisements

Running Around The World

Okay, well that may be a little over the top, I am not really running around the world (but I would freaking love to!) But I did just sign up for my first ever HALF MARATHON!!!!!!!!! The Colfax Marathon which is a benefit Marathon for Kaiser and supports all these super orginaztions in the Denver area 🙂 I know doing a half is a little wuss but I am running Tough Mudder the next month and there is no way I can train for both :/

So, back to Colfax Marathon…its May 19th and I will be running it with a few of my super awesome friends (I would love to have more join us!) I am using Hal Higdons Half Marathon Novice2 right now and in a few weeks I am going to be upping it to Intermediate because well I run too much for the current progam, although if you are a novice runner I do think it is AWESOME!

Last month I made my goal of 100 miles as many of you know 🙂 I actually hit 101 and I have to say it rocked 🙂 In a huge way minus of course the illness at the end but hey what can I say?! I wanted to touch on awesome running and shoes. A lot of my friends have asked me what shoes they should wear, well that is a complex question running shoes are not a one size (or shoe) fits all we all run different I love love love to run ‘barefoot’ I run in Merrills on the road and in Vibrams on the treadmill! They are perfect for me but I have a near perfect gait and work hard to keep it that way, this is not the case with most runners!! I will repeat, this is not the case with most runners!!!!!!! Go to a real running store and get fitted I love Road Runners because they are uber patient and awesome, they are also the only running store I have been in. So, before you run, get fitted, its worth the $100 for the right shoes and lack of shin splints, hip injuries, knee pain, etc, etc!

Well. Im off for now but I will be checking in Thursday for a delish, clean. dish!