OT - Bankruptcy Advice | The Boneyard

OT - Bankruptcy Advice

DoctorWho85

DoctorWho85

Joined
Nov 30, 2013
Messages
4,843
Reaction Score
16,968
If this is in the wrong spot, please move it to the proper forum.

Long story short I lost my job back in August of last year and have had a terrible time landing a job in my field. I currently work at Costco full time to not even make ends meet. So in order to save my home from foreclosure, I have to file for bankruptcy. Problem is now I run into the issue of paying my utilities to have lights and gas or paying the lawyer and get my electric and gas turned off. Is there anyone that can give me some advice or recommend a lawyer that doesn't cost 75% of every pay check until the lawyer and court fees are payed for?
 
Very sorry about your financial problems. Maybe you should put your house on the market and tell us what field you are in case someone here knows of a good opportunity.
 
Exit 4 said:
Very sorry about your financial problems. Maybe you should put your house on the market and tell us what field you are in case someone here knows of a good opportunity.
Expand ...

I'm a chemical engineer. I'm running into the problem where I have just enough experiences to be "over qualified" for entry level positions and too little experience to be an engineer II.

I'd like to put my condo on the market, but I can't afford to move anywhere else. Especially with closing costs and how high rent it for apartments. Bright side is that I do have a roommate that would like to move in within the next couple weeks, so that's going to help with utilities and whatnot. Unfortunately, I'm still so far behind on my bills that even with that added income, bankruptcy is the really the only way to get out.
 
DoctorWho85 said:
I'm a chemical engineer. I'm running into the problem where I have just enough experiences to be "over qualified" for entry level positions and too little experience to be an engineer II.

I'd like to put my condo on the market, but I can't afford to move anywhere else. Especially with closing costs and how high rent it for apartments. Bright side is that I do have a roommate that would like to move in within the next couple weeks, so that's going to help with utilities and whatnot. Unfortunately, I'm still so far behind on my bills that even with that added income, bankruptcy is the really the only way to get out.
Expand ...

A roommate is a good plan. I should defer to a bankruptcy attorney, but my guess is that if you have equity in your condo (ie owe the bank less than its worth net of transfer taxes and brokerage fees) it might be very hard to hold off the bank from foreclosure.

Chemical Engineering seems like a somewhat narrow field. I would open your search up nationally and be sure to tell any prospective employers you would move tomorrow. As I am sure you know, Boston, Philly/NJ and Texas ought to have some opportunities. Best of luck and don't give up on getting back into your field.
 
Can't help you on the bankruptcy front however, look for jobs in Boston assuming you live in CT and be willing to commute for as long as you can. It'll suck for sure, but I'm sure it'd be better than bankruptcy. Getting a job in CT is incredibly difficult, I've been looking for a new job in CT for a while and I work in healthcare finance and it hasn't gone well.
 
.-.
Can't offer any bankruptcy advice, just wanted to add that I agree you may need to expand your job search nationally. Good luck!
 
Contact your mortgage lender ASAP and inquire of them about a mortgage modification.
 
WingU-Conn said:
Can't offer any bankruptcy advice, just wanted to add that I agree you may need to expand your job search nationally. Good luck!
Expand ...

Yeah, final 2 cents - its imperative you take the next opportunity back in your field, even if it means moving far from CT. All of our forefathers at one point (or at many points) moved for economic advantage. No reason our generation should stop.
 
It's shocking to me that a chemical engineer can't find a job. Certainly I would think those jobs are in demand in and around Boston and Worcester, in biotech. Should be in demand in oil and gas as well.
 
DoctorWho85 said:
I'm a chemical engineer. I'm running into the problem where I have just enough experiences to be "over qualified" for entry level positions and too little experience to be an engineer II.

I'd like to put my condo on the market, but I can't afford to move anywhere else. Especially with closing costs and how high rent it for apartments. Bright side is that I do have a roommate that would like to move in within the next couple weeks, so that's going to help with utilities and whatnot. Unfortunately, I'm still so far behind on my bills that even with that added income, bankruptcy is the really the only way to get out.
Expand ...
Are in CT? I know someone who does probono bankruptcy work (unbelievable I know) now that has basically retired from full time practice. He is in Boston though.
 
.-.
DoctorWho85 said:
I'm a chemical engineer. I'm running into the problem where I have just enough experiences to be "over qualified" for entry level positions and too little experience to be an engineer II.

I'd like to put my condo on the market, but I can't afford to move anywhere else. Especially with closing costs and how high rent it for apartments. Bright side is that I do have a roommate that would like to move in within the next couple weeks, so that's going to help with utilities and whatnot. Unfortunately, I'm still so far behind on my bills that even with that added income, bankruptcy is the really the only way to get out.
Expand ...

Have you tried Airbnb for your extra room? You may find that you can get 1.5 - 2x more vs. a monthly rent. Could be a stronger supplement.
 
polycom said:
Can't help you on the bankruptcy front however, look for jobs in Boston assuming you live in CT and be willing to commute for as long as you can. It'll suck for sure, but I'm sure it'd be better than bankruptcy. Getting a job in CT is incredibly difficult, I've been looking for a new job in CT for a while and I work in healthcare finance and it hasn't gone well.
Expand ...

And not just Boston. There is a big biotech corridor in Worcester, which is more reasonable as a commute to most of CT.

Bankruptcy stays with you a long time. It would take a very long time to repair your credit rating.
 
Waquoit said:
Did you try the Patent Office? That's where a CE I know ended up.
Expand ...
I agree on this. I am patent attorney and we have had a number of attorneys leave the firm to become examiners because of the flexibility (work from home, government hours, ect.).
 
The problem with selling the condo is that unless it is 50% owner occupied in the complex, the buyer might not be able to get a mortgage. If you have tried a modification and have failed, then the state might still have a program to help you paying the amount you owe to get back in good standing. I do not know the name of the program. HAMP maybe?
 
For a while at least fracking created a boom in Oklahoma and other big fracking states. I did a quick google search and there seem to still be Chem E jobs there. The advice to go wherever the jobs are is good. Get off the east coast and I suspect you will be in higher demand. You can work your back once you have more experience.

Good luck.
 
.-.
Sorry to hear about your issues....just a few thoughts. Most law schools have clinical programs where students work with faculty pro bono to help out people...call the law schools to see if they offer help. Try a loan modification if you can. will keep your credit cleaner.
 
I DM'd this to you but I completely agree with others about leaving the east coast to find a job. You'd be shocked how well respected a degree from UConn is once you get outside of New England/Mid Atlantic area. Look in NE/OK/TX and I guarantee you you can get some interviews set up (especially since you have experience) sooner rather than later
 
Rumrunner said:
Contact your mortgage lender ASAP and inquire of them about a mortgage modification.
Expand ...

The mortgage company isn't the problem here. It's my HOA who has been completely unwilling to work with me since I lost my job in August. They have given me a lot of attitude and no movement or help in anyway even though I've been perfectly upfront with them and communicated with them every step of the way.
 
I have been looking outside of CT. I've been looking up and down the east coast and applied to positions in Texas, Mississippi, California, Washington, Oregon, Alabama, Georgia and more. The most frustrating part about applying for jobs is its extremely difficult to get any sort of communication from the companies you apply for now. I've called and emailed several HR representatives and I get some generic response of "if your profile matches what we are looking for we will contact you again. In the mean time.feel free to apply to other positions that interest you"

I've gotten to the point where I'd like to just get a job that pay enough to cover my bills then go back to school for my masters to help my candidate profile.
 
CL82 said:
For a while at least fracking created a boom in Oklahoma and other big fracking states. I did a quick google search and there seem to still be Chem E jobs there. The advice to go wherever the jobs are is good. Get off the east coast and I suspect you will be in higher demand. You can work your back once you have more experience.

Good luck.
Expand ...

I was going to offer the same advice - thanks CL82
Those Rocky Mtn states are going crazy with fracking, oil and natural gas exploration etc
I would think it would be a haven for chem engrs

Also How much is condo worth vs what you owe? What % of the complex is owner occupied? Do you have PMI on the loan now? Have you asked for a modification and/or a workout that allows you to pay interest only or 1/2 payments for a 6-12 month period? No bank wants to be in the real estate selling mode - they would rather negotiate a deal that makes sense for both lender and borrower BUT are more apt to work with you IF you have been forthright and in constant communication with them
Sorry for your position but now is the time to seek out of state work and work with your bank
Best of Luck
 
.-.
DoctorWho85 said:
The mortgage company isn't the problem here. It's my HOA who has been completely unwilling to work with me since I lost my job in August. They have given me a lot of attitude and no movement or help in anyway even though I've been perfectly upfront with them and communicated with them every step of the way.
Expand ...
Can you appeal to the board? Do you know anyone on the board or someone who knows someone on the board?
 
gtcam said:
I was going to offer the same advice - thanks CL82
Those Rocky Mtn states are going crazy with fracking, oil and natural gas exploration etc
I would think it would be a haven for chem engrs

Also How much is condo worth vs what you owe? What % of the complex is owner occupied? Do you have PMI on the loan now? Have you asked for a modification and/or a workout that allows you to pay interest only or 1/2 payments for a 6-12 month period? No bank wants to be in the real estate selling mode - they would rather negotiate a deal that makes sense for both lender and borrower BUT are more apt to work with you IF you have been forthright and in constant communication with them
Sorry for your position but now is the time to seek out of state work and work with your bank
Best of Luck
Expand ...

I only bought it a year an a half ago. I owe like 95k. It was appraised at 115k, but the couple that sold, sold for around 105 to 107.5k.
 
gtcam said:
Can you appeal to the board? Do you know anyone on the board or someone who knows someone on the board?
Expand ...

I don't really lnow.my neighbors that are next door. I met them maybe twice because I was working 2 jobs when I first moved in. Then when I lost.my job and started at costco, I'm usually leaving well after they left for work and getting home when they're asleep.

I wish it would be that easy and make the bankruptcy issue disappear, but I didn't have a job for two months so credit cards and car payments got so far behind that really even if I get am engineering job tomorrow, I'd need bankruptcy just to be able to get back to having my head above water.
 
I want to thank everyone who responded to this thread. It means a lot that you guys would take a few minutes out of your day to give me advice with this difficult time, but I know I'll get through this and it seems I have a pretty good foundation to build off now thanks to all of you. Thanks you all so much!
 
It is worthwhile seeking advice from an attorney, because bankruptcy is not the only option available to you. A simple work out arrangent with the lender may suffice where you give back the property. In some cases you might even be able to remain in the premises while it is marketed after giving a deed in lieu of foreclosure.

Once you unload your mortgage debt, you might have enough credit room to undertake a debt consolidation loan where you aggregate your consumer debts, pay them off with consolidating loan and carry a lower interest rate moving forward, reducing your monthly out going expenses.

There are other options as well. Do not despair. Bankruptcy is always your last best option, but there is no need to file until your truly out of every other viable option. Some debtors file just to get the pressure off their backs, but realize that unless you are already defaulting and creditors are filing suit, there is no immediate necessity.

The most important thing to do is not wait to take action. Talk to your lender now before things get worse. You can also talk to consumer debt counselors that can help navigate the consumer debt issues, including help negotiate repayment plans, etc.

Finally, you are not alone and many people go through this and it has no bearing on your self worth, and most people recover from these challenges after a few years. Like others recommend, move to the money and expand your job search to the entire country. There are plenty of jobs out there... just not in good ole Connecticut where our wonderful leaders have driven the economy into a hole.
 
If you're also looking to sell your condo, a short sale might work out for you. It would allow you to sell your condo for less then you owe on your mortgage but still pay off the mortgage and be forgiven the difference. Had to do this when I got divorced many years ago. Thankfully we found a buyer at the last minute and the mortgage company agreed to a short sale. Saved my butt financially as my ex was a financial mess.

I hope things start looking up for you. I agree with everyone on this board that at this point, if you don't have any family tying you down to CT, get out and go to where the jobs are. I wish our state was in a better spot but if there isn't work here, go so,we here there is work.
 
.-.
You must log in or register to reply here.

Forum statistics

Threads
168,207
Messages
4,556,895
Members
10,442
Latest member
Virginiafan


Top Bottom