Living in CA...
My husband & I just married. We have managed to stay afloat while engaged but recently became pregnant. In order to raise this baby I am going to stop working since my earnings = child care costs. We currently have only $200ishto spare each month after bills - not including gas or food. About $50k debt in his name (include a car we are willing to get rid of). That's not including his student loans of about $20K. Once I have the baby, my short term disability won't make ends meet, and his income alone deffinately won't work. Before we evaluated our standings indepth we bought some baby furniture on credit. So I guess these are my questions...
1. Will the baby furniture be taken since it's a recent purchase? Will waiting 60 make that "ok"?
2. Is ther another option?!
3. If he files alone since all the debt is in his name, will my wedding ring come into play? The diamond alone is $6k, +the band was $3k.
4. Do we have to let the bills default for 90 days? We currently manage to make payments by all means necessary, sometimes doing balance transfers or using unexpected gifts from family... we always manage to get them paid. Sometimes that means using cash to pay the bills and credit cards to live. The thought of intentionally not paying a bill to make a point is uncomfortable. Doesn't the debt to income ratio stand for itself?
Please help! We are in our young 20's and have no idea what to do. We got ourselves into a bit of a mess and we want to fix it before it gets worse!
My husband & I just married. We have managed to stay afloat while engaged but recently became pregnant. In order to raise this baby I am going to stop working since my earnings = child care costs. We currently have only $200ishto spare each month after bills - not including gas or food. About $50k debt in his name (include a car we are willing to get rid of). That's not including his student loans of about $20K. Once I have the baby, my short term disability won't make ends meet, and his income alone deffinately won't work. Before we evaluated our standings indepth we bought some baby furniture on credit. So I guess these are my questions...
1. Will the baby furniture be taken since it's a recent purchase? Will waiting 60 make that "ok"?
2. Is ther another option?!
3. If he files alone since all the debt is in his name, will my wedding ring come into play? The diamond alone is $6k, +the band was $3k.
4. Do we have to let the bills default for 90 days? We currently manage to make payments by all means necessary, sometimes doing balance transfers or using unexpected gifts from family... we always manage to get them paid. Sometimes that means using cash to pay the bills and credit cards to live. The thought of intentionally not paying a bill to make a point is uncomfortable. Doesn't the debt to income ratio stand for itself?
Please help! We are in our young 20's and have no idea what to do. We got ourselves into a bit of a mess and we want to fix it before it gets worse!
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