Help Me!

[jbevans]

Income DH - $676 per week = $2704
Income Me - None, lost job in November 09 (Was another $2600 bring home monthly)

Bills:
Home - $303 including insurance Balance $22000 (behind)
Truck - $480 Balance $7000 (behind)
Truck - $388 Balance $8000 (behind)
Loan - $50 Credit Union Balance $2000
Loan - $103 Bank Line of Credit Balance $3500
Loan - $100 Loan Company Balance $900
Loan - $170 Furniture Balance $2000 (behind)
CC - $200 (cause we behind) Balance $1500
CC - $100 (cause we behind) Balance $700
CC - $100 (cause we behind) Balance $700
CC - $80 (cause we behind) Balance $300
CC - $276 Balance is $7500

Utilites/Other:
Electric - $250 (down from over $300)
Auto Ins - $100 (that's good considering it is full coverage on both trucks)
Life Ins - $55
Cable - $60
Cell/Internet - $243
Grocery - $400 (that is practically rice and beans for a family of 5)
School Lunch - $56 (already on reduced plan)
Work Lunch - $160 (that is just hubby. He travels all over state every day and just assuming $10/day))
Gas - $240 (that's not even filling up both)

That's not counting doctor/dentist/haircuts/emergencies/maintenance/auto or home repairs/ Nothing else when it should be budgeted and put back. We lost all that sort of stuff when I lost my job. I'm sure there is other stuff I'm missing to. This is just a fast draft of what's going on in our little world!

Total Outgo - $3914
Total Income - $2704
= -$1210

Have not been able to find another job that covers daycare for the summer. I'd spend $255 per week in daycare this summer. (3 kids ages 5 and under) Can't find a job to even bring that home. Small Towns - SUCK!

Help me explain to DH that this is about the only choice that we have considering we are behind in a lot of bills and have received REPO notices already. Can you give estimates on what we'd have to pay Bankruptcy in order to keep all that we have? We live in small town Georgia! Anything to help him understand this stuff. He is embarrassed that he will have to have a garnishment through his company.... So what - Life happens! Who cares!
We've made it this far but are really starting to get behind, soon we will be losing everything! We have 3 small kids to take care of... help me persuade him!
Thanks for all your help!

[momofthree]

Why are you behind on your house? I doubt that you'll be able to find rent for cheaper than $300 a month. Pay your house first! How far behind are you?

IF you are going to file bk, then get your house and vehicles caught up on payments and then file ch.7. I'm not sure you can support a ch.13 payment on such a low income for a family of 5, but even with a ch.7, you may need to look at some lifestyle changes--downgrading your cell phone plan, ditching cable tv, husband brown-bagging it for work, and get into couponing for grocery shopping. I spend $450 a month on groceries for a family of 5 and we eat very well. I average approx 60% savings at the grocery store each month by shopping sales and using coupons--and we have a special diet (gluten-free, dairy-free) which is quite expensive to maintain. That $450 also includes all household products: bathroom supplies, cleaning products, diapers/wipes, and dh's chewing tobacco! It's time consuming, but if you're not going to be working, then you can consider it your new part-time job. Check out http://www.hotcouponworld.com/forums/index.php and click on "getting started."

[LadyInTheRed]

Have you tried laying things out to your husband as you have here? I'd leave out the "so what - life happens! Who cares!" I agree with your point and realize you may just be venting, but just in case: He'll just resist more if you don't respect his concerns. Acknowledge them, express some understanding, but point out that those concerns need to be balanced with the need to support your family.

If you get rid of all of your unsecured debt, you are still $31 in the hole without including the expenses you left out. Bankruptcy won't solve that. Do you need two trucks? Can you get something less expensive and more fuel efficient? Can your husband take sandwiches for lunch? Are any of the "loans" secured?

A little more information is needed to evaluate your situation. How much are your trucks and home worth? How long ago did you buy your trucks? How far behind are you on payments for the trucks and home? Do you have a 2nd mortgage?

[keepinitreal]

Income DH - $676 per week = $2704

$676 per week is $35,152 a year, which is $2929 a month, not $2704.
Is this gross pay or net pay? They use gross pay in the income calculation, then they back out the taxes and other allowable deductions.

You still have more expenses than income, but I wanted to make sure your income was correct.

[debtinohio]

That's high debt payments, but overall balances are pretty low. A CH13 may be a good option and may just be a 36 month plan.