The year 2004 wasn't a great one for my husband and myself. I was laid off beginning of January in the last 3 months of my preg. My husband spent 3 weeks in the hospital. We had a wonderful baby boy in March, and decided to buy a new house. We had a two bedroom house in an upscale city, and with now 2 children we needed to expand the house. We sold ours, and bought a new one, only to have my husband lose his $70,000 a year job. We borrowed against his 401K and IRA to the total of 31,000. Now that the tax man is waiting for his money for the taxes for those loans we took, we don't have it. My husband did get a job, but that's after months without one, and it's making 30,000 less a year. WE are back and forth with the decision to file. I currently don't have a job because our son that was born in March was born with a terrible condition that requires him to get surgery once a month, and he needs me to be with him everyday. If we file joint the total of 2,400 my husband brings home a month doesn't seem to be enough to pay our debt...
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1269 Mortgage (2 Payments behind, going on 3 in Feb.)
157 equity loan (4.5 years left to pay)
420 Husbands car (4 years left to pay)
494 My car per month (2 years left to pay)
157 Timeshare (8 years left to pay)
312 Insurance per month (10 months out of the year)
166 Personal loan (5 years left to pay)
30 Sears CC ($3000 on it)
15 Capital one ($500 on it)
30 Other CC ($300 on it)
140 Gas/Electric
120 Cell Phones (no home phone)
50 Cable and internet
and a wonderful $12000 to the good ol' IRS
not to mention about $1500 misc. on my credit report that would be rolled into Bk if we did file.
Plus all the costs of everyday living, diapers, formula, groceries, $15 co-pays for Dr. appts. toilet paper, baby wipes...and list goes on and on...
We talked to an attorney whom which I did research and is quite crediable in my area. He stated that we could file for BK 13, but that would leave us with NOTHING after we paid the debt back every month. I did ask what if I happened to get a night time job that way my husband was home with the kids....his responce was don't ask don't tell...meaning if we went ahead with the BK13 to look for a job after we got our monthy payback amount. Also my husband is looking everyday to get a career making close to what he was....again if we are making the monthly payments...and they don't ask what he is making don't tell the trustee. Does that scream fraud and jail to anybody?
Another idea is that I give back my car, it's nothing in reliability as my husbands is, and with 2 kids my husbands is quite more....family type
we do happen to have a pick up that my brother-in-law happened to give my son who is only 4 before his move across the country to a dream job of a lifetime. So that my husband can drive. But giving it back and filing BK by myself...since most of the bad credit is on my credit report from before we got married. We only share ONE joint account, yes with all that we have...it's only one...and it's the timeshare. The rest is in his name besides the car loan in my name only AND the misc. of $1500 medical bills on my CR. Is it possible for just myself to file even if we have one joint bill?? I wouldn't even know which chapter to go through....PLEASE anybody with advice we sure could us some, before me make a decision that could make us or break us forever.
************************************************** ********
1269 Mortgage (2 Payments behind, going on 3 in Feb.)
157 equity loan (4.5 years left to pay)
420 Husbands car (4 years left to pay)
494 My car per month (2 years left to pay)
157 Timeshare (8 years left to pay)
312 Insurance per month (10 months out of the year)
166 Personal loan (5 years left to pay)
30 Sears CC ($3000 on it)
15 Capital one ($500 on it)
30 Other CC ($300 on it)
140 Gas/Electric
120 Cell Phones (no home phone)
50 Cable and internet
and a wonderful $12000 to the good ol' IRS
not to mention about $1500 misc. on my credit report that would be rolled into Bk if we did file.
Plus all the costs of everyday living, diapers, formula, groceries, $15 co-pays for Dr. appts. toilet paper, baby wipes...and list goes on and on...
We talked to an attorney whom which I did research and is quite crediable in my area. He stated that we could file for BK 13, but that would leave us with NOTHING after we paid the debt back every month. I did ask what if I happened to get a night time job that way my husband was home with the kids....his responce was don't ask don't tell...meaning if we went ahead with the BK13 to look for a job after we got our monthy payback amount. Also my husband is looking everyday to get a career making close to what he was....again if we are making the monthly payments...and they don't ask what he is making don't tell the trustee. Does that scream fraud and jail to anybody?
Another idea is that I give back my car, it's nothing in reliability as my husbands is, and with 2 kids my husbands is quite more....family type
we do happen to have a pick up that my brother-in-law happened to give my son who is only 4 before his move across the country to a dream job of a lifetime. So that my husband can drive. But giving it back and filing BK by myself...since most of the bad credit is on my credit report from before we got married. We only share ONE joint account, yes with all that we have...it's only one...and it's the timeshare. The rest is in his name besides the car loan in my name only AND the misc. of $1500 medical bills on my CR. Is it possible for just myself to file even if we have one joint bill?? I wouldn't even know which chapter to go through....PLEASE anybody with advice we sure could us some, before me make a decision that could make us or break us forever.
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