Scared that BK is only decision
Lost job so moved for another job paying less $$
Now have mortgage (house is on the market) $572 /month
Husbands 1 year old car payment $334 /month
My brand new Truck only had it 2 months $569 /month
Credit cards w/ total balances of about $13,500
Rent on new place $315 /mnth
Then of course utilities, food and the needs of 3 kids
His new job pay alot less then old job so now we cant afford everything. He got laid off with out any warning and moving 2 times in 1 year has not helped.
I do believe BK is only option but i worry if they will take both vehicles because he has to get to work, and we still owe alot on both.
Just not sure what to do. The house we bought is up for sale but because of the economy not selling. Advise would be great because i am alittle freaked out. I have never had a problem paying the bills until now.
hello, welcome :) i filed for bankruptcy and was able to keep m
hello, welcome :)
i filed for bankruptcy and was able to keep my car, if that helps.. i am not sure how my attorney did it (or what he did exactly) but I kept making payments on it.. but he did say if i skipped payments i can still lose the car (i'm fine with that, though).
if it is your only option, than what else can you do? it is really not the end of the world to file.. my credit was so beat anyway that it did not make too much of a difference, to be honest..
have you tried renting or land contracting your house out just f
have you tried renting or land contracting your house out just for the morgage payment..it may save your credit there..as for 14,000 in cc debt, its crazy to file on that. bk is a permanent solution to a temp proble. and yes i did file in 02 for 150,000 med debt..i know what its like and hard it is today for me to get good decent credit and i would hate to see that happen to you for such little debt..back to your question:
i realize your income has dropped suddenly and your expenses has gone up..first, the vehicles...do you need 2 vehicles? if not, sell one or volunteer repo-either would look better on score than repo by lender..the cc debt, i would try to talk to lenders and see if they have a hardship type of program that could salvage your credit..if not available, settling the debt maybe your best options..remember though, to get a decent settlement percentage, the debt will probably have to be seriously delinquent..since your income has dropped so, have you checked with local job &family services for food assistance, heap(heating electric assistance) pip(propane/gas assist.)? There are many things out there to help you. Please explore those options first before doing something drastic like bk..if you have any other ?s, please ask..i'm a counselling coordinator for DJFS...
also, you definately will want to get a copy of your credit repo
also, you definately will want to get a copy of your credit report to see whats there before progressing with your finanacial situations..as for your car and keeping it after bk, absolutely its called reaffirming a loan. you have the option to keep your house, car, certain personal property this way. bk isn't the end of the world, but it isn't always best...