Need Help - Don't know what to expect

[NEWBIE911]

Hello Everyone! - what a great site.

Well, I think I'm on deck to file. I've lost $165000 in the stock market - half of which came off my credit cards. My total unsecured debt is approx 190k. Half CC , half LOC'S and d Consol loan

All in my name - my wife and I work. HHI approx 200k. House in my name - both notes. My income 140k

2 cars in my name - approx 6k positive equity between them.

approx 50k worth of the debt is from my husiness CC's - although I'm a wage earner. Business never happened. Have a C corp I will be unwinding - lost approx 30k in due dil searching for business oppurtun...

my two mortgage notes are apprx $4500 / Cars approx 520/mo for both

communting alone cost approx 700/mo for me.

food , utils, etc,


what can I expect to pay on a 13 plan monthly - have no clue - please help!

will they squueze me since my salary is decent? - How can I present discr income that will yield the lowest possible payment? Is three yrs or 5 yrs to be expected.

Do I stop using my cards? - I have approx 50k in avbl credit..

no lates ever - until last month - first 30 day late on my mortgage.

have no idea what to do - my CC bills are approx 7k month right now. thats about what my net salary is. Between CC's , Mortgages, expences - I am approx 15k / mo -waaayyy more than I can afford. Can someone shed some light? Any 'insight' or tips or anything would be so so appreciated

[casdem1]

Check my posting today under CASDEM - 341 over.
I'm not sure what you will pay, though I know there is a website to figure it up. I will tell you that the worse thing we did was wait to file. I wish I had done it months ago. Also, we got three months behind on the mortgage and I wish I had tried harder to stay current and quit paying credit cards a lot sooner. Our payback is 3260, which leaves us with about 1700 per month to pay utilities, food, gas, insurance, entertainment, and other necessities. It will be hard, but before we filed, we had nothing left over and started using cash advances and pay day loans to make it through the month. Also, there is usually a month or two cushion of not paying anything, that you can use to put some $ away before filing and making that first payment. Good Luck!

[AngelinaCatHub]

Hey man, we all make mistakes. How many stupids jumped out of windows in ’29? Get a lawyer, you have a complicated situation. I doubt anyone here can tell you what a Trustee will do or charge you. I can’t but I’m only one in hundreds that can hold a helping hand.

If you do not ask, there is only one answer. If you ask there is one of two. I think you should start attacking and liquidating all things you do not need and can turn into cash. Use this money to stay a-float and DO NOT hide anything from your lawyer or Trustee. You are fortunate to even have a good job as it seems things are getting a bit worse here and there. I wish you will. ‘Hub

[sal]

It blows me away how many folks with 6 figure incomes are having to file bk's.
Best of luck.

[13bound]

It blows me away how many folks with 6 figure incomes are having to file bk's.
Best of luck.

6 figure incomes just spend more than 5 figure incomes. the boat sinks the same.

[NEWBIE911]

6 figure incomes just spend more than 5 figure incomes. the boat sinks the same.

exactly - if i made 70k yr - and had half the debt I'd be in the same (sinking) boat

[NEWBIE911]

Thanks Angelina - I guess it could always be worse. My wife is probably going to leave me being I wrecked everything - so , I may have alimony / child support to boot.
I hear horror stories about Lawyers - that's the toughest job thus far - I am in NJ if anyone knows a good attorney

[NEWBIE911]

Check my posting today under CASDEM - 341 over.
I'm not sure what you will pay, though I know there is a website to figure it up. I will tell you that the worse thing we did was wait to file. I wish I had done it months ago. Also, we got three months behind on the mortgage and I wish I had tried harder to stay current and quit paying credit cards a lot sooner. Our payback is 3260, which leaves us with about 1700 per month to pay utilities, food, gas, insurance, entertainment, and other necessities. It will be hard, but before we filed, we had nothing left over and started using cash advances and pay day loans to make it through the month. Also, there is usually a month or two cushion of not paying anything, that you can use to put some $ away before filing and making that first payment. Good Luck!

Thanks Casdem - Can you tell me why it was the worse thing to do (wait to file)? - Are you saying it's better to file while payments are still somewhat current? - I mean as soon as I file, all my avbl credit goes bye bye - so I still have it (for emergency use) - if needed. Whats the diff of waiting or not?

Also not sure about this in NJ - But my second mortgage is 100k over the market value of the home - wonder if i can strip partial

[AngelinaCatHub]

Thanks Angelina - I guess it could always be worse. My wife is probably going to leave me being I wrecked everything - so , I may have alimony / child support to boot.
I hear horror stories about Lawyers - that's the toughest job thus far - I am in NJ if anyone knows a good attorney

[laurannm]

You can only strip your 2nd mortgage if it is 100% unsecured (i.e. the value of your house is less than the balance on your first mortgage). You'll definitely want to consult with a lawyer

[casdem1]

In my case I should have filed sooner because I did not have any available credit and could barely get through the month. I kept hoping for a windfall or some kind of consolidation loan that would help us out of the hole. It was just months of stressing and now I feel relieved. That is why I wish I had filed sooner.

[liz417]

Hi there Newbie911,

You will most likely be in a 5 year plan. As for the payment amount, everyone's situation is different. Start by going to LegalConsumer.com and take the means test, then go to the IRS web page and find out the IRS Living standards for your state. It'll give you a rough idea. Please consult with 3-4 attorneys (free) before retaining one. Depending on when and the amount of your last credit card transaction, your attorney will be able to tell you when the best time to file BK. Stop using credit cards, the more time between the recent charges and BK filing the better. Your attorney will probably tell you to stop paying the credit cards too...but do talk to an attorney before you stop.

Best of Luck to You!!

[NEWBIE911]

Thanks all for the kinds words and support - going to try and sta a float a few months

[epiphany]

Thanks all for the kinds words and support - going to try and sta a float a few months

Not to sound harsh, but my question would be why?

So you can piss more money down the drain?

I can tell you that most of us here tried to "stay afloat" much longer than we should have.

I kept telling myself things were going to get better. I did that for more than a year. I wasted a lot of money with that line of thinking.

If you are truly going to file, the sooner you face it the better. The better for your own well being and the better for your finances, which really go hand in hand.

You are afraid on not having any available credit in case of an emergency. However, you need to ask yourself if you would have that money available to you if you were to stop paying those bills. If the answer is no, then your maybe you should reconsider whether or not you really even need to file. If this answer is yes, you need to reconsider your timeline.

I do hope things turn around and that you win the lottery or something so that you can avoid the whole BK thing but if it's inevitable, I think putting it off is only going to be detrimental to you.

Good luck,
ep