Pandora,
Would the money my mom Contributes be counting as income?
Thanks for all you help!
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You're right - its going to be hard. Let's break it down: 45500K gross, so we'll say roughly $35K after taxes as net income. Broken down into 12 months = roughly $2900 take home pay a month.
Your bills (excluding credit cards) total roughly $4300 a month, take your mom's vehicle payment out of $460 and you're still at $3840 not including credit cards.
You've got some major decisions to make, like it or not - you dont have the income to support what you have/want to keep.Leave a comment:
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Financial breakdown - Help me figure this out please
Well until yesterday i was certain i would just file BK. Now i am not so sure and wondering what other options may exist. I am not feeling too bright and could really use some help. Here is my situation:
Income: $45500
1st MTG 175K/780Mo
2nd MTG 40K/335
CC1 $9500 / 19.99
CC2 $12000 / 17.99
CC3 $7000 / 13.99
CC4 $3400 / 9.9
CC5 $2000 /13.99
CC6 $1400 / 23.99
CC7 $1000 / 21.99
Auto
Veh1 28k/614Mo / 3.17
Veh2 18k/460Mo / 3.99
Veh3 20k/380MO / 6.5
Moto 4k/84Mo / .9
Insurance is $1500 every 6 months
Med Insurance $85 every two weeks
Utilities/Water/Garbage 200MO
Cellphone 120Mo
HomePh/Internet/Cable 135MO
Food 350MO
Fuel 200MO
Dog 40MO
Misc 200MO
This is rough...might actually be missing something.
Looking at the means test i could possibly also qualify as a caregiver, even tho i do not live with Mom i do help on reg basis. Her cell phone is part of my plan. I have payed her utilities probably 8 of the past 12 months - sometimes like in the Aug HEAT is was $650. (i will really miss the credit cards) she has the $460 vehicle and usually pays between 4-500 so that may count as income for me as i have deposit records...I also added her as additional cardholder on the 3400 CC4 last year with a zero balance. I just knew she would rack it up so gave her the one with teh best interest - less than a year later it was maxed out. I just asked her to make the Min payments but unfortunatley that only happened once before. Like so many she fell on tough times and i am the only one she can turn to - I am not upset with her and hope i don't sound like it. She has helped me in the past and would now if she could. I love her so much and would do anything for her!
SO maybe a CCS? if not a BK. waht about just stopping paying the 2nd, Home is worth maybe 100k so 2nd could not foreclose. How about negotiating settlements or getting on hardship programs with individual creditors? any success with that??
I think i read someone was getting wage garnished for CC's...is that possible? In Fl.
The obvious answer is to get rid of the vehicles, i know this. Unfortunately i am having a hard time with that. I could also stop paying on everything else and commit paying the vehicles, play the lets see how long it takes to Foreclose game. I could move in with Mom - Don't want that, don't want to lose the house...ugggh. A second Job? maybe make 10-12 an hr maybe 20-30 hrs a week. I hate doing the math on that figuring how long it will take to get out of the hole. Oh...the Lotto. Yep. I lose money 2x a week on that.
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