Hi, all. I really need to pick your knowledge and don't seem to be able to find any similar situations on the forum.
We'll be visiting with a BK attorney as recommended by a debt counselor who suggests we file Ch 7. This counselor was very informative having been faced with her own very similar situation. I have a few questions so please bear with me. I live in SC, BTW.
We've barely been keeping our heads above water by paying bills via an inheritance which is now exhausted. We're about $2000.00 over our monthly income in unsecured debt bills. My husband has been on disability for two years now and that's the reason for our downfall.
We aren't 30 days or more delinquent with any bill. We own 4 vehicles and have no liens on them. They are a beater '91, '96, '00, and '02. The '02 was a gift to my daughter for commuting to college but is in our name as recommended by our insurance agent. If it matters, the '00 was purchased with 401k funds. I use this vehicle to get to work, the '96 is used by my husband to pick up our 3yr old and get to various dr. appts and therapy.
Our home has negative equity (meaning none) and we have a trailer (RV) that has about $8000.00 worth of equity with a payment of $125/mo that we would like to re-affirm and have never been delinquent on.
In a nutshell, I guess I'm trying to find out what I can expect to lose. We have no other assets that I'm aware of. My husband's student loans and possibly my daughter's will be forgiven due to his disability. I'm scared witless, can't sleep and am suffering horrible symptoms of stress but think if we can make it through this, we may find a light at the end of our tunnel. Disabilty takes away so much more than financial security, KWIM?
I sound like I want our cake and eat it too, but I just can't see giving up our cars at the cost of getting to work. Does anyone have any input? The counselor indicated that there is a really good chance we won't lose anything. How true can that be?
Thanks! Sorry this is a novel!
We'll be visiting with a BK attorney as recommended by a debt counselor who suggests we file Ch 7. This counselor was very informative having been faced with her own very similar situation. I have a few questions so please bear with me. I live in SC, BTW.
We've barely been keeping our heads above water by paying bills via an inheritance which is now exhausted. We're about $2000.00 over our monthly income in unsecured debt bills. My husband has been on disability for two years now and that's the reason for our downfall.
We aren't 30 days or more delinquent with any bill. We own 4 vehicles and have no liens on them. They are a beater '91, '96, '00, and '02. The '02 was a gift to my daughter for commuting to college but is in our name as recommended by our insurance agent. If it matters, the '00 was purchased with 401k funds. I use this vehicle to get to work, the '96 is used by my husband to pick up our 3yr old and get to various dr. appts and therapy.
Our home has negative equity (meaning none) and we have a trailer (RV) that has about $8000.00 worth of equity with a payment of $125/mo that we would like to re-affirm and have never been delinquent on.
In a nutshell, I guess I'm trying to find out what I can expect to lose. We have no other assets that I'm aware of. My husband's student loans and possibly my daughter's will be forgiven due to his disability. I'm scared witless, can't sleep and am suffering horrible symptoms of stress but think if we can make it through this, we may find a light at the end of our tunnel. Disabilty takes away so much more than financial security, KWIM?
I sound like I want our cake and eat it too, but I just can't see giving up our cars at the cost of getting to work. Does anyone have any input? The counselor indicated that there is a really good chance we won't lose anything. How true can that be?
Thanks! Sorry this is a novel!
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