I'm thinking of filing and would have to go with Chapter 13. Here's some history:
My Husband was very sick for about a year and couldn't work. Of course, we lived off credit cards. He's been working for about 2 years now and had a couple job changes (more credit card living). We've finally gotten stable and are ready to start tackling the credit. Well, we have about 42.5 K in cc debt and I have a 12 K student loan. There are a couple more factors here. I was supposed to have been promoted last month and supposed to have gotten my IRS Tax return last month. A couple cc payments were late as we didn't have the money right then. (I get paid once a month) So this month I will be getting my promotion, but right now we're trying to decide to pay cc bills or to eat.
We've had 2 cc turn our cards off for too much debt. One tried to raise our rates to 30% but I talked them down and now I'm on a payment plan with them for 12%. We can't pay that this month. Hopefully they won't freak out and raise the rate again with a late payment.
I've seen a couple debt lawyers this week to see what they had to say. I came here looking for advice on weather or not people in my position would file Chapter 13 or try to deal with the credit card companies themselves to get paid off.
From what the lawyers say, filing would be the best thing to do. If I do, it would just be me.
I could see if I can get a home equity loan, but we only have about 1K, so if I borrow $50K and sell the house, I'm screwed. I could try to get another job and kill myself to pay back the cc.
I have so many questions:
If I file Chapter 13, do we get to keep both vehicles? 8 year old truck and 24 year old motorcycle (husband's)?
Do they keep your tax returns to pay the debt? and will they for 5 years?
I'm getting a promotion at the end of this month, will that change my payment for Chapter 13?
My brain is spinning right now. Some good things about doing this are not paying interest on the cc and being out of debt in 5 years.
Sorry this is so scattered and unorganised. I'm sure y'all can relate to what stresses I'm going through. I just don't want to make the wrong decision.
New75
My Husband was very sick for about a year and couldn't work. Of course, we lived off credit cards. He's been working for about 2 years now and had a couple job changes (more credit card living). We've finally gotten stable and are ready to start tackling the credit. Well, we have about 42.5 K in cc debt and I have a 12 K student loan. There are a couple more factors here. I was supposed to have been promoted last month and supposed to have gotten my IRS Tax return last month. A couple cc payments were late as we didn't have the money right then. (I get paid once a month) So this month I will be getting my promotion, but right now we're trying to decide to pay cc bills or to eat.
We've had 2 cc turn our cards off for too much debt. One tried to raise our rates to 30% but I talked them down and now I'm on a payment plan with them for 12%. We can't pay that this month. Hopefully they won't freak out and raise the rate again with a late payment.
I've seen a couple debt lawyers this week to see what they had to say. I came here looking for advice on weather or not people in my position would file Chapter 13 or try to deal with the credit card companies themselves to get paid off.
From what the lawyers say, filing would be the best thing to do. If I do, it would just be me.
I could see if I can get a home equity loan, but we only have about 1K, so if I borrow $50K and sell the house, I'm screwed. I could try to get another job and kill myself to pay back the cc.
I have so many questions:
If I file Chapter 13, do we get to keep both vehicles? 8 year old truck and 24 year old motorcycle (husband's)?
Do they keep your tax returns to pay the debt? and will they for 5 years?
I'm getting a promotion at the end of this month, will that change my payment for Chapter 13?
My brain is spinning right now. Some good things about doing this are not paying interest on the cc and being out of debt in 5 years.
Sorry this is so scattered and unorganised. I'm sure y'all can relate to what stresses I'm going through. I just don't want to make the wrong decision.
New75
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