From Maryland. Separating in July / divorcing 1 year from now (ammicable!!).1 child 3 yrs old and wont be able to afford both mortgages, bills, day care, etc.. Mortgages and bills are solely under my credit. Custody will be 50/50.
1. Should i NOT pay July's mortgage? Starting foreclosure process?
2. Wash Post: Average of 553 days in MD before a owner is kicked out of foreclosed home. Can i assume i can reside here for at least a year before getting evicted?
3. After sale to someone during foreclosure, is it more than likely mortgage banks will sue me to re-obtain lost monies?
4. If so, will bankruptcy protect me?
5. We have $16k+ in household debt, all under my credit. Will bankruptcy protect me from both - mortgage banks and the creditors for the $16k?
6. If so, when would i apply for bankruptcy? i.e. how long can bankruptcy protect me? It seems if i have to face financial ruin..... dont repay the $16k as well to build a nest egg for my son and i to move out.
7. If i have to face financial ruin of bankruptcy, do people pay for things they need right before declaring? i.e. car repairs, or etc? This is all very foreign to me and against what i believe in.. i have no choice. I am financially responsible and a hard worker. Paid cash for first car in high school and credit is usually 780+...
Approved for both mortgages on just my credit when score was built up to 840. Thank you for your time...
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