Scared to death!

[Crazymel21]

Hi All. I'm fairly new to the board, but have spent a lot of time researching my options. I'm married, filing without my spouse. All of my debt is CC - 50k and school loans - 50k government and 35k private. We do own our home, but the loan is in my husband's name only (my debt/income ratio was too high). We do not have any credit cards jointly and I haven't added his name to any of my student loans. I have found the calculators online, but have a few questions.

1. Even though I am filing w/o my husband, can I still take the standard amounts for a household of 2?

2. How long does the process usually take from filing until you begin making payments?

3. Do I continue to make what payments I can, if I decide to file? Each paycheck I'm forced to chose which cards I'm paying which check and then try to pay the others on other checks.

4. I have changed my deductions on my payrolls as I couldn't make payments on my cc's without the extra money that wasn't being deducted from taxes, so I'm not 100% sure how much I bring home monthly, but without takes, it's right at $2300, which is under the state median. Do I include my spouses information to determine whether we are under the state median or just mine? My CC expenses alone average $1200 a month, not including any expenses.

Sorry I have so many questions, I'm trying to keep track of all of the questions I have and all of the answers I find on here. This forum is amazing!

[LadyInTheRed]

1. Even though I am filing w/o my husband, can I still take the standard amounts for a household of 2?

Yes. You also will need to list his income.

2. How long does the process usually take from filing until you begin making payments?

I believe you have to start making your plan payments within 30 days after you file your plan, which is usually part of your petition for bankruptcy.

3. Do I continue to make what payments I can, if I decide to file? Each paycheck I'm forced to chose which cards I'm paying which check and then try to pay the others on other checks.

If you are certain you are filing bankruptcy, you should stop paying unsecured creditors. Save the money for attorney fees. Once you have the attorney fees, either spend the money for valid living expenses or, or save as much as you can exempt in your state. (But, if you have an old car, you may want to consider replacing it before you ruin your credit rating. Discuss this with an attorney first.)

4. I have changed my deductions on my payrolls as I couldn't make payments on my cc's without the extra money that wasn't being deducted from taxes, so I'm not 100% sure how much I bring home monthly, but without takes, it's right at $2300, which is under the state median. Do I include my spouses information to determine whether we are under the state median or just mine? My CC expenses alone average $1200 a month, not including any expenses.

Yes, you include your spouse's information. You use gross income for determining whether you are over the state median, not net (net=take home).

Put your payroll deductions back to where they should be! You should pay your taxes before you pay your credit cards. The credit cards are dischargeable. Current and recent income taxes are not! Find an online calculator where you can input year-to-date income and deductions in order to calculate what your exemptions should be to make up for your lowered deductions. Or pay a CPA to do the calculation for you. That might be more accurate. You don't want to owe taxes at the end of the year when you are in a Chap 13.

Sorry I have so many questions, I'm trying to keep track of all of the questions I have and all of the answers I find on here. This forum is amazing!

Yes, the forum is amazing. Keep in mind that most of my answers are from what I've learned from this forum, my own research and 2 consultations with attorneys, not from personal filing experience. I probably won't file for another 3 months. I hope my answers are accurate and am sure somebody will correct me if they aren't. When in doubt, consult an attorney. In fact, consult an attorney even if you aren't in doubt.

[BKchapter13]

talk to an attorney in your area that specilizes in bankruptcy, he will ease your mind as soon as you talk with him. not sure what state your from and every state is different. Believe me when I say you will be relieved of the not knowing and the questions you have.

[Crazymel21]

Thanks everyone. I have an appointment with a BK lawyer at 8:30 in the morning, hope all goes well!