I live in a double-wide mobile home. I'm currently having a house
built, so I have six months to sell the mobile home. The problem
is that it's been on the market for a year already.
I owe $30,000 on it. I can't rent it out because it's
in a park, so I pay a lot of rent, too. After I move into my new
home, I can try paying both my house payment and the lot rent of
$418 and the second house payment of $342, and just do it for as
long as I can keep up. Should I file for bankruptcy on my mobile
The mobile homes in my park are currently selling
for $23,000 to $25,000, plus 8-percent commission, so even if I
sell it I could still have to pay about $10,000 out of my pocket.
-- Melanie Mobile
You don't get to pick and choose which debts you want to include
in a bankruptcy filing. Instead, you list them all and work with
the bankruptcy court to sort things out. The U.S. Courts publication,
Basics, will get you up to speed about filing for bankruptcy.
The financing of manufactured
housing is all over the map, but since you don't own the land
under the home, you're no doubt financing it with a personal property
manufactured home loan.
Finding financing on a used mobile home is no walk
in the park for a buyer. That's likely to be one of the reasons
why yours has been on the market for a year. Another reason, no
doubt, is price. You didn't state your asking price, but if you're
marketing the home around $30,000 to recoup most of what you owe
on the loan and comparable homes in the park are selling for $23,000
to $25,000, it's no
surprise that your home isn't sold.
I'm concerned about your desire to declare bankruptcy
on your current debts while in the process of having a house built
and your ability to close on that new home. Filing for bankruptcy
will disrupt your ability to get approved for new credit.
If you can afford to take the $10,000 hit on
selling your mobile home, then price your home to sell and move
on. If you can't, then you need to talk to a bankruptcy attorney
about what bankruptcy can and can't do for you in your situation.