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Is bankruptcy right for us?

Date: Sun, 09/06/2009 - 07:33

Submitted by anonymous
on Sun, 09/06/2009 - 07:33

Posts: 202330 Credits: [Donate]

Total Replies: 2


My fiance and I have been going back and forth on what to do for over 2 years now. I've finally come to my wits end. I can't take the stress, depression, and anxiety anymore. I work from home, and my checks are 566$ take home, and he works in a casino dealing cards. His checks are different all the time. Summer months are better, but on a average i would say his checks are 2200 a month. (winter time we're lucky to see a 800$ pay check) So together we're right around 2900 a month. Give or take. I've provied a list of our debt, and what we pay all together monthly. We also have 2 kids. One is 8, and in school, and our youngest is almost 2.

Alltel-1400
Car-8500
Car-7500 Behind one payment
collections-1400
Loan-2225 Behind 2 months
Loan-980
Loan 500-PD loan
Loan 300-PD loan
Loan 300-PD loan
Loan 1500
Loan 500
Computers 3000 Behind 340$
Credit Card 1700 In collections
Dentist 400
Doc 400
Doc 7500 In collections (my husband was in the hospital for 3 days)

And this is not including food, gas, clothes, school needs, diapers ect.

Thank you for your time in reading this. Any advice, or input would be wonderful. Don't know where else to turn.


-Holly


First of all, I understand where you are coming from. Take a deep breath and don't panic. Easy to say LOL, hard to do. I lost my job last year due to outsourcing and am now making about 50% less :(. Bankruptcy can be a fix to your immediate problem, however, it will stay on your credit report for up to 10 yrs. Have you contacted all of your creditors and asked for a temporary hardship plan with lower interest? Also, have you thought about selling one car or getting a cheaper car and shopping around on that Alltel bill to see if you can get a lower plan. Unfortunately based on your combined monthly income you probably don't qualify for any type of state aid, food stamps etc.

If you have contacted your creditors and they are unwilling to work with you, do not and I repeat DO NOT get taken in by a fly by night consolidation company who will charge you a fee (that you can't afford). These companies CAN NOT stop collection calls or collection efforts. As of a few months ago, most large creditors: Citibank and Wells Fargo to name two, will NOT work with these companies.

If you are unable to get the creditors to work with you, then your only choice will be bankruptcy. Research the laws in your state, unless you own a lot of assets, property etc, you can actually file this on your own. But again, think it through rationally, discuss this with your spouse when the kids aren't around to distract you. Heaven knows I've made some BAD choices while under stress.

Take care and I wish you the best of luck!!!!



lrhall41

Submitted by on Sun, 09/06/2009 - 08:12

( Posts: | Credits: )