I’m new to the board and could really use some advice. I have retained a lawyer but right now I’m still feeling very unsure about some of this and just need some other opinions--I also have a few questions at the end of my post. This is my situation—I’m sorry this is a bit long:
I’m 70 years old and married. I would like to retire but we have no retirement accounts or savings. I lost my job last year that I was at for 10 years—it had pretty good pay and benefits—I only had life insurance coverage of $210,000 through my work which I then lost. I was able to get another job for less pay and less benefits. That job only lasted 5 months. I recently started another job for the same lower pay but now I have no benefits. We have to get all our insurance on our own—no retirement benefits or vacation either so any time off is without pay. I also receive social security. My wife hasn’t found a job yet and now she’s dealing with health issues that are making it harder for her to work.
We have a lot of debt—mortgage, car loan, school loans, and over $80,000 in credit card debt. I have to work since my social security would never cover the bills we would have left even if we get the help with bankruptcy for the credit card debt. The problem is we are under the median for chapter 7 but when you include social security, it leaves too much disposable income that we are told that we need to file for chapter 13.
We still need to sign up for medical, dental and life insurance before we file. The rates we are seeing so far are extremely high since we are doing this on our own and because of my age and that I’m a smoker. It’s looking like these expenses are high enough that they will eat up most of our disposable income. I’m just wondering if this will be okay to get insurance or will the courts give us trouble about this? We really needed bankruptcy to help us with the credit card debt and allow us to build up a savings since I can’t work forever and who knows how long this job will last. But now there’s the problem with the disposable income. I don’t feel I could work long enough to complete a three or five year plan to pay on a chapter 13 and we would still be in the same trouble that we are in right now—we would have no savings and social security still wouldn’t cover what we have left in bills—I might as well just quit working now then. I would at least like to have the disposable income go to insurance that would protect us in case something would happen.
We missed the deadline to sign up for medical insurance and can’t do it until November. If we file in November, will we be able to include the medical insurance expense in our paperwork for insurance once we sign up in November even though payments won’t start until January? Will we just need to show the approved paperwork and cost?
We stopped paying on the credit cards about four months ago—I’m worried they will try to sue us before we are signed up for insurance and before we are ready to file for bankruptcy. Does anyone know the soonest credit card companies would take this route and sue us?
Thanks for your help.
I’m 70 years old and married. I would like to retire but we have no retirement accounts or savings. I lost my job last year that I was at for 10 years—it had pretty good pay and benefits—I only had life insurance coverage of $210,000 through my work which I then lost. I was able to get another job for less pay and less benefits. That job only lasted 5 months. I recently started another job for the same lower pay but now I have no benefits. We have to get all our insurance on our own—no retirement benefits or vacation either so any time off is without pay. I also receive social security. My wife hasn’t found a job yet and now she’s dealing with health issues that are making it harder for her to work.
We have a lot of debt—mortgage, car loan, school loans, and over $80,000 in credit card debt. I have to work since my social security would never cover the bills we would have left even if we get the help with bankruptcy for the credit card debt. The problem is we are under the median for chapter 7 but when you include social security, it leaves too much disposable income that we are told that we need to file for chapter 13.
We still need to sign up for medical, dental and life insurance before we file. The rates we are seeing so far are extremely high since we are doing this on our own and because of my age and that I’m a smoker. It’s looking like these expenses are high enough that they will eat up most of our disposable income. I’m just wondering if this will be okay to get insurance or will the courts give us trouble about this? We really needed bankruptcy to help us with the credit card debt and allow us to build up a savings since I can’t work forever and who knows how long this job will last. But now there’s the problem with the disposable income. I don’t feel I could work long enough to complete a three or five year plan to pay on a chapter 13 and we would still be in the same trouble that we are in right now—we would have no savings and social security still wouldn’t cover what we have left in bills—I might as well just quit working now then. I would at least like to have the disposable income go to insurance that would protect us in case something would happen.
We missed the deadline to sign up for medical insurance and can’t do it until November. If we file in November, will we be able to include the medical insurance expense in our paperwork for insurance once we sign up in November even though payments won’t start until January? Will we just need to show the approved paperwork and cost?
We stopped paying on the credit cards about four months ago—I’m worried they will try to sue us before we are signed up for insurance and before we are ready to file for bankruptcy. Does anyone know the soonest credit card companies would take this route and sue us?
Thanks for your help.
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