please help
My husband and I are debating on filing chapter 13. We have an ok income, but with 4 kids, something is always coming up. If we stuck to a very strict budget, and barring no surprises, we could possibly be debt free in about 2 years (not including house payment). My question is should we live so tight financially, no nest egg for a rainy day or heaven forbid something breaks down or should we file? What are the pro's and con's of filing? We have overextended ourselves and tried to get "lucky" at the casinos with no luck. We are struggling to get school clothes for our kids and it seems like there is never enough at the end of the week. We have bad credit right now, and have a high debt ratio so refinancing/home equity are both out. We can't considate either and I really have heard terrible things about credit advisors type companies. I have called our credit companies to see if they would work with us, but was told unless we are very behind, there is nothing they can do. Any and all help would be great. I would love to hear from others who have gone through the same situation. Thank you in advance your your time.
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Not including your "house" payment, how much debt do you both have? I don't know how old you and your husband are, but I'm speculating that you two are still fairly young. Without actually income to debt figures it is difficult to provide sound advice.Originally posted by soconfused
If you provide some figures I will be able to provide more assistance to you.
Good Luck!
The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
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