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 Posted: Tue Dec 04, 2007 10:21 am Subject: I am about to lose everything due to my low income |
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I am going through a Divorce and i keep getting further and further behind because my income is less and I am about to lose everything. I need help getting this all taken care of.
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agent_kma
Joined: 04 Dec 2007
Posts: 1
Debtcc Points: 29
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| Posted: Tue Dec 04, 2007 10:27 am Subject: |
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If you are interested in debt consolidation , please click on the link at the side of the page. It is free, and possibly they can help steer you in the right direction
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Tue Dec 04, 2007 5:03 pm Subject: |
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Welcome to the Community  You say you are going through a divorce- are the bills going to be divided between both of you? I don't know what type of debt you are dealing with, but there are options you can do-debt consolidation being one of them.
Are you current in your bills, and are they with the original creditor? Sometime you can call your original creditor if the debt is still with them and get into their hardship program-to drop or lower your interest so you can get caught up or paid off.
Good Luck to you--keep us posted..karen
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As long as you are alive, there's always hope
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Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5441
Debtcc Points: 64120
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| Posted: Wed Dec 05, 2007 4:04 am Subject: Divorce and Low Income |
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If your financial situation is not going to change and you are going to be responsible for the debts, you may want to consult with a Bankruptcy attorney who can put a stay on your creditors so they cannot collect until they can work out a reasonable solution and possible repayment plan with the bankruptcy court; under Chapter 13 filing. If you are heading to a foreclosure, they can also stop the process and determine if they can help you with a good repayment plan that is worked out with your mortgage lender.
If the bulk of your debt is unsecured credit cards, medical, unsecured personal loans and your income is under the median income for your state and county (usually that is somewhere around $60,000 annually or more depending on the number of people in the household), you may even qualify for Chapter 7 bankruptcy which would eliminate all unsecured debt with no repayment plan and many times you can continue to make your mortgage and secured payments if you choose, assuming you would have enough income to do so.
Most bankruptcy attorney's will do a free consultation, check your yellow pages listings.
I know there is a stigma associated with bankruptcy, but many times it is the only solution when your income will never meet your obligations. A bankruptcy will stay on your credit report for 10 years, but if your reasons for filing were extenuating circumstances (divorce and the loss of a second income) you will usually qualify to buy a home through FHA/VA in two years and after four years you will qualify for regular conventional programs.
You can keep struggling and show late payments every month on your credit report for the next few years, which will also trash your credit, or you can "take your bath while the water is warm" and get it over with and start fresh. That is what bankruptcy is all about, a new beginning to a hopeless situation.
I'm in no way advocating bankruptcy and I think you should look at all options before choosing this last resort solution, but it is there for a reason, to help people who are in your situation.
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lostindebtat50
Joined: 24 Oct 2007
Posts: 82
Debtcc Points: 1955
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