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Bankruptcy?

Posted by on Nov. 12, 2009 at 2:22 AM
  • 5 Replies

 We've been trying to slowly get out debt down and my DH had to stop working a few weeks ago. He has MS and it's getting worse. I can go back to work (I'm a SAHM now), but I'll only make $10 and hour because I have little experience and no college degree. His disability benefits won't start for 6 months and we have no savings!! We have about $4500 in bills every month. Any advice where to go now? Bankruptcy? Can we keep our house, cars if we do go that route?

by on Nov. 12, 2009 at 2:22 AM
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sallymoon
by on Nov. 12, 2009 at 2:35 AM

I would try to avoid bankruptcy if at all possible.  If you have to get a loan for something after you've declared bankruptcy, you'll pay insanely high interest rates.  A few of my friends declared bankruptcy and then ended up even more screwed.  Have you contacted your mortgage company to see what they may be able to do for you?  If you have significant credit card debt, you could try calling the companies to explain your situation and see what they would be willing to do.  If you have to declare bankruptcy they may not see a dime, so they may be willing to work with you.  Credit counseling may also be helpful, but be careful about who you go to.  Have you contacted your local Job and Family Services to see if you will qualify for any assistance such as food stamps?


KyliesMom5
by Platinum Member on Nov. 12, 2009 at 2:38 AM

Before you even consider Bankrupcy you need to read the book Total money makeover by Dave Ramsey.  Dave teaches you how to budget your money, save and pay off debt.  Heis amazing and has helped many even those on the verge of filing for bankrupcy turn their lives around. He even has his own show on cable and the radio.  There is also a Dave Ramsey group on Cafemom if you are interested in learning more.     

workgoat
by on Nov. 12, 2009 at 3:32 AM

It really depends on how much debt you have. If you have alot of medical debt and other with it (it has to be so much, i think) to go bankruptsy. If you go chapter 13, you will pay everyone off on a plan in so many years and you will have to have a job and keep that job untill he gets his check going. They will take it out of your paycheck every week and you will just live on the least of your needy bills like water, lights, EXAMPLE--I am hurt and sick, my husband works full time and they take $200.00 a week out of his check, leaving us with $150.00 a week to pay bills and buy food and  washing powders,tolit paper, soap, bleach,washing liquid, shampoo, ect. plus gas to get to work on! This is for 3 people in the home! You have to make,beg,glue,paint,ect. to make it! You have to make deals with your light co. to pay in 2 week intervals and get rid of the house phone and cable or any little unessary things. You will have to learn where to get food on monthly,weekly bases! You will have to learn how to make bread and anything that can be made to even have it!!!! You will not have money for Doctors or Birthdays or eating out! It will stay on your credit for 10 years just stating(BANKRUPTSY) not explaining the fact that you paid them back!!!!! We are going through hell right now and i don't think anyone but us could indure or handle this!!! They have not up dated the bankruptie laws in 30 years or more!!!!!!! NOBODY CARES OR DOES ANYTHING TO HELP THIS!!!! The food stamp office does not reconize bankruptsy(they go by the gross) so you will not qualifiy for that or any other help!! YOU fall through the cracks and are DOGS!!! It does not matter that it is medical!!!!!YOU ARE DOGS!!!!!!! If you have to do it ----go all the way and take complete BANKRUPTY Do not pay them back--your credit is ruined for 10 years! You can get high interest charge cards if you need them! They might not take your home if it is medical but they can come in and take your stuff! Talk to an attorney about all this for i am in the SHITTY STATE where they lie and steal and kill and get away with it! Maybe they can drag it out for 6 mo. and then you drop it or something! They will take at least one car especialy if you are making payments on it! HELL OF A RIDE!!This is when you find out who your friends are and how sorry your family is and how much you hate the system and how much your wonderful government is!!!!!! If you know for sure he will get his check 6 mo. from now just take the job and get rid of what you can and cut back really good and strech out the time and pay Peter to pay Paul (every other month) and keep in touch with your creditors and cry and make up excuses. It might hurt your credit but that can be fixed later with a good plan, even if you can hold them off 3 months i think things have to be 3 bad after that so do what you can for 3 months or so then it will take them 3 mo. to do anything! Just cut way back, get a Majic Jack for a phone and a safelink prepaid phone and a confertor box and anntena and get help on food so you can pay a bill with the food money and get on here and try to make everything from scrach and cook from scrach. NOT MAKING IT is a group on here that has some ideas too. Let me know i have went through 2 years of it and still making it! Sorry!

smcclure2005
by on Nov. 12, 2009 at 4:50 AM

My husband got laid off last year and we had to file bankruptcy to keep our home.It is kind of like a debt relief. We were able to keep our car and home. We are also paying back some of the debt that they could not just write off. I believe they called it secured debt. We mail out a payment every month and they split it up  between who we own. You can have it taken out of your check or mail it every month it is up to you. I know that there are different types of bankruptcy available to you. I would do research on it and make your decision. But yes you can keep your home and car if you have to go that route depending what kind of bankruptcy you choose that is right for you and yours. Good luck.

cormama
by on Nov. 12, 2009 at 8:38 AM

bump :o) 

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