Results tagged “bankruptcy” from iVillage - Beehive

In these tough economic times, more and more people are finding themselves in overwhelming financial situations. Sometimes the bills and debt can pile up so much it seems like the only thing left to do is to throw in the towel and file for bankruptcy. While this can sound like a tempting way out, Carmen Wong Ulrich of CNBC's "On The Money" cautions against turning to bankrupcty as a solution for difficult, but not unresolvable, debt issues:

If you have a question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Weeknights 9PM EST on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.

Unfortunately in these tough economic times the propsects of debt, bankruptcy and foreclosure are becoming an all-too-real nightmare for some. Navigating these challenges can be difficult, but CNBC's Carmen Wong Ulrich offers some insight for these iVillagers' questions:

We are filing Chapter 7 next week. We have a mortgage and equity loan with two different companies and the total of those balances is now over what our home value is by about $30K. Should we think about adjusting our mortgage to either what the value really is or at least change the ARM to fixed? Our ARM changes in a year and a half and when that happens we won't be able to pay it! Our mortgage [payments] are currently 45% of our gross income. Even with filing Chapter 7 we will barely be able to get by, but we don't want to give the house up. -- desertrat4