to file or not to file.

[ariclp]

here is a summery of out problem.. We need to do something. 34000 and climbing in unsecured debt. 25000 on two car loans that will go another 4-5 years. income is between 5000 - 6500 a month depending on how many hours we are allowed to work.. Our monthly exspences are 5400 not including credit cards but with the the cars. My wife will not be able to file chapter 7 untill june of next year. She filed on march of 03. What should we do .. wait with the bill collectors calling ever hour or file a chapter 13 now.. I am in construction so layoff is always in our minds. all we have for assests that are worth any thing is a four wheeler and a boat. total combined 4000-5000.

[Floridagail]

Will you be able to pass means test? If so I would wait and file chptr 7. We are in same boat, My bF would be 100 payback on 13, and we are not sure if he will have job tomorrow , no sense in starting a 13 drag it out until layoff or retirement in our case. We stopped paying mortgage this month and ccs. save for what ever happens. disconnnect our phone and use cellphones. Bought 2 new cars to last us 5 yrs.
dodge the cc for a year and see what happens by then in our case. If they come after your wages then you may have to file but i would try to wait it out. my opinion.

[ariclp]

i think i can... we are going to a lawyer on monday to see what are options are... I dont think i would be a 100% payback or not..

[ariclp]

onto chapter 7

The lawyer said that she would wait until jan and file a joint chapter 7.. Her fees are 1700 total. So i think that is the route we are going to go..

[espo1357]

here is a summery of out problem.. We need to do something. 34000 and climbing in unsecured debt. 25000 on two car loans that will go another 4-5 years. income is between 5000 - 6500 a month depending on how many hours we are allowed to work.. Our monthly exspences are 5400 not including credit cards but with the the cars. My wife will not be able to file chapter 7 untill june of next year. She filed on march of 03. What should we do .. wait with the bill collectors calling ever hour or file a chapter 13 now.. I am in construction so layoff is always in our minds. all we have for assests that are worth any thing is a four wheeler and a boat. total combined 4000-5000.

it depends a lot on what your goals are. for example, do you want to buy a home within the next few years? if so, you will need to get the credit up.

however, if you can do without credit for several years, then file. it seems to make sense based on the information you presented.

there really is not enough information here.

good luck.

[momofthree]

Since your wife filed in Mar 03, she should be able to file again in Mar 11. That just a little over 6 months away. I'd wait it out...