I have a question I am filing chapter seven on Monday and was worried about
my fee I recive for being a foster parent. This amount of money is non taxable because it is for the day to day living expenes of my foster child and you do not recive a w-2 or 1099 for it. (Side note she is leaving our home Dec 17th that is the current plan). But this fee is well above the normal it is $1500,00 per month because she is a special needs child and her need cost a lot. She is only 10 and was in a hospitial for 18 monts before we took her in. We must pay for any special care that is non medical.
Well in June of 05 we bought a new truck our old one blew up. And I used the foster care money as income on the app with the credit union to show we do have more than enough income to make the payment. We are wanting to keep this truck my husband is in constuction and needs it.
Can the credit union use this aganist us. We are still reciving this money but after Dec we are not going to do it anymore the whole foster care thing has become to hard on my family and once we are finished with our work with this last girl we have promised our children no more. I am really worried that this could force us to convert to 13 but our foster parent fee end the day the child leaves.
My story:
We have $62,000 in credit card debt
Truck payment $674.00
Travel trailer payment of $254.00
and two homes one is a rental unit that we have been pitiching in $750,00 for the 2nd mortage tenets have been paying rent to equal 1st mortage $2000.00. they have not paid the last two months and the evection cost and the money to keep the payments up are more then we have.
The plan is to let the rental unit go in the bankrucpty total owe is $340,000.00 worth 355,000.00- $370,000.00 but nothing is selling in this area we had planed on renting for two years and then selling when the market improved home mortage is Wam mu I called them up to see if we could hand the house over to them but was told no. Also lawyer says we have to get the tenents out. I also tried the refy way no savings Real savings in total monthley payment just add another 5000. to balance.
I am not the land lord type we have only been doing this since 12/23/04 so less than a year so this has been hard on us. I had My hip and knee replaced in late 2003 so the two story house became a problem for me to go up and down it also has a sunken living room and family room master suite is and extra three steps up to on the second floor. We Bought a Ranch style house for me in 12/04 and thought we would sell the big house but no one wanted to bye it and we had to rent it. We did not have the money to pitch in for a short sale and no one offered. Very nice house with eveything in top notch shape its just home owners selling are going below market just to sell.
The home we live in payments are 1940.00 and we are planing on keeping it
if any one has anything they can share please do so. I am still in the crying mode wondering like all of you how did I get here and will things be ok.
.
my fee I recive for being a foster parent. This amount of money is non taxable because it is for the day to day living expenes of my foster child and you do not recive a w-2 or 1099 for it. (Side note she is leaving our home Dec 17th that is the current plan). But this fee is well above the normal it is $1500,00 per month because she is a special needs child and her need cost a lot. She is only 10 and was in a hospitial for 18 monts before we took her in. We must pay for any special care that is non medical.
Well in June of 05 we bought a new truck our old one blew up. And I used the foster care money as income on the app with the credit union to show we do have more than enough income to make the payment. We are wanting to keep this truck my husband is in constuction and needs it.
Can the credit union use this aganist us. We are still reciving this money but after Dec we are not going to do it anymore the whole foster care thing has become to hard on my family and once we are finished with our work with this last girl we have promised our children no more. I am really worried that this could force us to convert to 13 but our foster parent fee end the day the child leaves.
My story:
We have $62,000 in credit card debt
Truck payment $674.00
Travel trailer payment of $254.00
and two homes one is a rental unit that we have been pitiching in $750,00 for the 2nd mortage tenets have been paying rent to equal 1st mortage $2000.00. they have not paid the last two months and the evection cost and the money to keep the payments up are more then we have.
The plan is to let the rental unit go in the bankrucpty total owe is $340,000.00 worth 355,000.00- $370,000.00 but nothing is selling in this area we had planed on renting for two years and then selling when the market improved home mortage is Wam mu I called them up to see if we could hand the house over to them but was told no. Also lawyer says we have to get the tenents out. I also tried the refy way no savings Real savings in total monthley payment just add another 5000. to balance.
I am not the land lord type we have only been doing this since 12/23/04 so less than a year so this has been hard on us. I had My hip and knee replaced in late 2003 so the two story house became a problem for me to go up and down it also has a sunken living room and family room master suite is and extra three steps up to on the second floor. We Bought a Ranch style house for me in 12/04 and thought we would sell the big house but no one wanted to bye it and we had to rent it. We did not have the money to pitch in for a short sale and no one offered. Very nice house with eveything in top notch shape its just home owners selling are going below market just to sell.
The home we live in payments are 1940.00 and we are planing on keeping it
if any one has anything they can share please do so. I am still in the crying mode wondering like all of you how did I get here and will things be ok.
.
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