New here and confused. My situation.
Married with one 15 month old and another on the way.
I make right about 50k a year, wife lost her job(65k) about a year and a half ago. She now works out of the house and made maybe 15k last year(gross sales w/profit of maybe 10k). Anyway, debt wise:
home worth 190k
owe 170k on first
50k on second
11k on a car
16k on CC
10k on student loans
9k on a credit line (in my parents name but I pay bank direct)
I have been barely making the minimums inside 30 days late on everything. My payments on the above add up to about $3,300 which is almost exactly my take home and we haven't evn eaten or paid utilities yet! Anyway, with another baby due in October I can expect less from my wifes home business, probably 5k or so which ain't going to cut it.
Do I sound like a good candidate for Ch7?
Should I just fold on the house or try to keep it even updise down?
How would they treat the payments I have been making to my parents bank directly? I assume "my parents" would have to pay my last years payments back?
Thanks, and I look forward to your responses.
Married with one 15 month old and another on the way.
I make right about 50k a year, wife lost her job(65k) about a year and a half ago. She now works out of the house and made maybe 15k last year(gross sales w/profit of maybe 10k). Anyway, debt wise:
home worth 190k
owe 170k on first
50k on second
11k on a car
16k on CC
10k on student loans
9k on a credit line (in my parents name but I pay bank direct)
I have been barely making the minimums inside 30 days late on everything. My payments on the above add up to about $3,300 which is almost exactly my take home and we haven't evn eaten or paid utilities yet! Anyway, with another baby due in October I can expect less from my wifes home business, probably 5k or so which ain't going to cut it.
Do I sound like a good candidate for Ch7?
Should I just fold on the house or try to keep it even updise down?
How would they treat the payments I have been making to my parents bank directly? I assume "my parents" would have to pay my last years payments back?
Thanks, and I look forward to your responses.