What would you do?
We are again considering a Ch. 7 filing. We did this once, in 2002.
Income=$2800/mo. Expenses=$2700/mo.
My wife is disabled, and I must miss work occasionally to care for her. I am also not getting the OT pay I was when the bills were made, so the income is a best case scenario, and often this estimate is higher than actual. I am also underwithholding, and have to pay tax every year.
Secured car and home payments=$975/mo. Unsecured minimums=$575/mo. Utilities, gas and groceries=$1100/mo.(Much higher in cold weather.)
So far we are current on all bills, through some unknown miracle.
The debts were incurred mainly due to a gambling addiction that is (hopefully) in the past. The 2002 case was due to the same reason. When we were in the grips, we did not care about interest rates much. We just wanted to get more money.
We have a $360 car payment, and owe $11K on a '05 Buick Century (8K BlueBook). Does Wells Fargo negotiate for a lower payment? I applied, and was denied, due to 'too high credit utilization'.
The unsecured is a 9K CitiFinancial personal loan at %27+ interest, $245/mo. payment. Most of the rest is HouseHold Bank credit cards.
Would you file, or try to work it out?
Who would you see to work it out? The first time(2002), we talked to CCS, and they advised us to call a lawyer. I would rather not see them again, unless times have changed.
To add...
There is no equity in the vehicle.Thanks to todays housing market, we are also upside down on the house. We would like to keep both, or at least the house.
I don't know how that avatar got here. If I looked like that, I'd be spending all my time kissing the mirror!
I wish I had the right answer for you, but if it make you feel a
I wish I had the right answer for you, but if it make you feel and better, we also filed chapter 7 bk in 2002, and I feel like I need to do again, too. Maybe someone will come along and can give you some good advise.
A lot of bk laws have changed, so if i were you i would just tak
A lot of bk laws have changed, so if i were you i would just take advantage of the free consultation most bk lawyers offer...As a matter of fact, i did and i am going to file chapter 7 as soon as i can pay the lawyer fees. The laws in my state say that you can keep whichever property you want to keep making payments on (ie your home and car) that might be the easiest and most reliable way to find out what you want. just be sure to make a list of all questions you may have about the new laws..good luck
A lot of bk laws have changed, so if i were you i would just tak
A lot of bk laws have changed, so if i were you i would just take advantage of the free consultation most bk lawyers offer...As a matter of fact, i did and i am going to file chapter 7 as soon as i can pay the lawyer fees. The laws in my state say that you can keep whichever property you want to keep making payments on (ie your home and car) that might be the easiest and most reliable way to find out what you want. just be sure to make a list of all questions you may have about the new laws..good luck
We decided to file when our payment get higher than our income d
We decided to file when our payment get higher than our income due to the economy. I gave my car back, and bought a cheap used car that I paid cash for. We don't own a home, so that is not an issue for us. Our decision was that we want to eliminate everything. I would rther drive an old car than have the stress of the payment every month, especially in this economy.
Submitted by southernapostolic on Sat, 07/18/2009 - 07:15
