Well I here is the whole story, I am sorry if I have repeated myself but it may be easier to follow. Thanks again everyone!
We lived in our previous home (mobile home in a mobile home park) for six years. It cost us $750/month between house and lot rent. The home was new when we moved in but just became waaaay to small for our family of 5.
When we were 18-19 we incurred alot of credit card debt. ALOT. Like $20g. We went into credit counseling and did that for a year or so but went out of it to pay the rest off on our own.
The home that was perfect for our family was up for sale in March and so we went ahead and got the financing for it while our mobile home was up for sale.
((Now, we also had vacant property my dad gave to me that we were going to put the trailer on and sell it there for a good profit but my sister*******me over on it and now is sitting there empty, can't put a thing on it))
DH hours are getting cut at work and my hours have been on the low side since my Dr. is not been in the office alot. We are having difficulty making ends meet left and right and basically there is just not enought to pay everything. We are so overextended Frown
We went and seen a bankruptcy lawyer last night. This is so hard for me Frown We having been trying and trying to get our stuff straightened out for 5 years but this is the worst it has ever been. The lawyer was really nice and right to the point. He said we should file Chapter 7 and soon.
We wanted to get out from under the mobile home and lot rent and the rest of our credit cards. But I was totally unexpecting him to tell us that we should give back our current home also!! I broke down. There was no way in h@ll that I was giving my home back. NO WAY! So we agreed to *sniff* give back our van, mobile home and they would discharge the credit cards.
We will be down to 1 vehicle for a while. DH works with FIL at the same shop, same department, same hours so they are going to carpool. I keep crying because I don't want to loose my van but I know that it is for the best right now. And I get to keep my house. I am just so sad.
The will also sell our property that my dad gave me because it is owned free and clear and is worth more than the states exemption allows. I am going to hate telling my dad this. I know he is going to be angry but I didn't plan for it to all go like this. I am so sorry that it went this way.
The good news, I guess if you will call it that, is that we get the first $16,000 off the property. We will not have to give this to bankruptcy, we get to keep it. I told Jason that this is our Starting Over money.
With it we will be able to buy another vehicle and have a little nest egg saved up. Our credit cards will not be an issue anymore, we won't be paying on the mobile home and lot rent anymore, our car insurance will drop, we will save on gas. It will be for the best I am sure.
The lawyer did an awesome budget for us. For the first time in my life I have a clothing budget of $150/mo to use. I have never had a clothing budget before and it feels wonderfully freeing to be able to shop now with out putting it on the card. He also factored in $200/wk for groceries for a family of 5. Once again, no more worries about not being able to buy much food this week. We even get to keep our internet, cell phones, satellite and he factored them into our budget also.
I am very ashamed. I am incredibly sad. I am angry at DH and I for the way we handled things. I keep crying and the tears just overflow. I know that this is our fault and only ours and if we have to give the van back, we have to give the van back. It is not the end of the world. It is our chance at starting over. To be a bit more knowledgeable about finances, credit and budgeting. I am grateful that we are allowed this opportunity. I am grateful that we are allowed to keep our home.
Bless you all if you've read this far!
I am going to try not to be sad, to look at the positive in this.
WE ARE STARTING OVER
We lived in our previous home (mobile home in a mobile home park) for six years. It cost us $750/month between house and lot rent. The home was new when we moved in but just became waaaay to small for our family of 5.
When we were 18-19 we incurred alot of credit card debt. ALOT. Like $20g. We went into credit counseling and did that for a year or so but went out of it to pay the rest off on our own.
The home that was perfect for our family was up for sale in March and so we went ahead and got the financing for it while our mobile home was up for sale.
((Now, we also had vacant property my dad gave to me that we were going to put the trailer on and sell it there for a good profit but my sister*******me over on it and now is sitting there empty, can't put a thing on it))
DH hours are getting cut at work and my hours have been on the low side since my Dr. is not been in the office alot. We are having difficulty making ends meet left and right and basically there is just not enought to pay everything. We are so overextended Frown
We went and seen a bankruptcy lawyer last night. This is so hard for me Frown We having been trying and trying to get our stuff straightened out for 5 years but this is the worst it has ever been. The lawyer was really nice and right to the point. He said we should file Chapter 7 and soon.
We wanted to get out from under the mobile home and lot rent and the rest of our credit cards. But I was totally unexpecting him to tell us that we should give back our current home also!! I broke down. There was no way in h@ll that I was giving my home back. NO WAY! So we agreed to *sniff* give back our van, mobile home and they would discharge the credit cards.
We will be down to 1 vehicle for a while. DH works with FIL at the same shop, same department, same hours so they are going to carpool. I keep crying because I don't want to loose my van but I know that it is for the best right now. And I get to keep my house. I am just so sad.
The will also sell our property that my dad gave me because it is owned free and clear and is worth more than the states exemption allows. I am going to hate telling my dad this. I know he is going to be angry but I didn't plan for it to all go like this. I am so sorry that it went this way.
The good news, I guess if you will call it that, is that we get the first $16,000 off the property. We will not have to give this to bankruptcy, we get to keep it. I told Jason that this is our Starting Over money.
With it we will be able to buy another vehicle and have a little nest egg saved up. Our credit cards will not be an issue anymore, we won't be paying on the mobile home and lot rent anymore, our car insurance will drop, we will save on gas. It will be for the best I am sure.
The lawyer did an awesome budget for us. For the first time in my life I have a clothing budget of $150/mo to use. I have never had a clothing budget before and it feels wonderfully freeing to be able to shop now with out putting it on the card. He also factored in $200/wk for groceries for a family of 5. Once again, no more worries about not being able to buy much food this week. We even get to keep our internet, cell phones, satellite and he factored them into our budget also.
I am very ashamed. I am incredibly sad. I am angry at DH and I for the way we handled things. I keep crying and the tears just overflow. I know that this is our fault and only ours and if we have to give the van back, we have to give the van back. It is not the end of the world. It is our chance at starting over. To be a bit more knowledgeable about finances, credit and budgeting. I am grateful that we are allowed this opportunity. I am grateful that we are allowed to keep our home.
Bless you all if you've read this far!
I am going to try not to be sad, to look at the positive in this.
WE ARE STARTING OVER
It's all good from here on out!
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