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elochelp

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Upside down on condo by $70K, no job, collect SS retirement income, 78% utilization.
On SSI, can only earn a max of $15K. That would help now but I would have a balloon in ten years of $125K which I could not pay. My credit score is 630. Am I smarter to just file bankruptcy and start renting and build from there?

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Top Contributor
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Bk will ruin your credit and part of your SSI, will be deducted in order to pay back the loan.(This happens in a Chapter 13 where you keep the stuff you currently own) A Chapter 7 will wipe out all your debt; however you have to lose everything you own, you do not keep anything. Both BK's will ruin your credit and your ability to finance new items for 5 year not being able to buy at all. It stays on your credit for 10 years though. Creditors will see this as a red flag during this cycle.

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