met with a lawyer yesterday, oh boy

[san-d-eggo]

so heres the whole rundown.
i work 2 jobs, over 60 hours a week
wife owns her own business
we are struggling every month because our cc rates have gone through the roof. we pay around 1500 monthly on minimum payments of cc.
without paying our credit cards, there is no way we make the means test. then again i had 63 cents in my bank account until i got paid yesterday. and we are pretty dang frugal. our 1 bed condo is WAY upsidedown and so are our cars.

so our plan is to quit paying our cc right now after we get the wife a cheap car. save that money and then i quit my full time job so i can finish my school. losing 4300 on our monthly income will definitely help us pass the means. does knowing you are single handedly destroying your credit effect anyone else like its doing to me. we have never missed any payments but our scores are down to 610 because all the debt. im stressed out.

[PoorGrammyinBK7]

so heres the whole rundown.
i work 2 jobs, over 60 hours a week
wife owns her own business
we are struggling every month because our cc rates have gone through the roof. we pay around 1500 monthly on minimum payments of cc.
without paying our credit cards, there is no way we make the means test. then again i had 63 cents in my bank account until i got paid yesterday. and we are pretty dang frugal. our 1 bed condo is WAY upsidedown and so are our cars.

so our plan is to quit paying our cc right now after we get the wife a cheap car. save that money and then i quit my full time job so i can finish my school. losing 4300 on our monthly income will definitely help us pass the means. does knowing you are single handedly destroying your credit effect anyone else like its doing to me. we have never missed any payments but our scores are down to 610 because all the debt. im stressed out.

Hi and welcome to this little BK discussion board!

My answer to your question about the stress that knowing your about to destroy your credit is: YES - we ALL have experienced that! Many of us have been frustrated, distraught, sick, nervous and totally depressed when it "hits" as to the various situations we have somehow gotten into.


But --- the GOOD news --- is that it seems to be TEMPORARY for most of us! It gets better! You are NOT alone. And, believe it or not, even the credit can be restored - much more quickly that you probably thought.

So, take a deep breath. There are much worse problems to have. You will survive this. And the good people on this board are here to help and try to answer your questions - which, in itself helps a lot!

[JRScott]

Many people have to plan for bk and yes it is scary that is normal. It'll be okay in the long run though

[san-d-eggo]

i think the scariest thing for me is quitting my job and then waiting a couple months before we file. that way the 6 month average goes down. so i guess you just stop paying? and ignore the phone calls? how many months before they reposses a vehicle?

[InDebtNeedHelp]

We stopped paying on our two credit cards last year (2007). We get an occasional letter and a daily call. We don't respond to either. If they attempt to garnish our wages, we will declare Chapter 7 BK.

i think the scariest thing for me is quitting my job and then waiting a couple months before we file. that way the 6 month average goes down. so i guess you just stop paying? and ignore the phone calls? how many months before they reposses a vehicle?

[PoorGrammyinBK7]

i think the scariest thing for me is quitting my job and then waiting a couple months before we file. that way the 6 month average goes down. so i guess you just stop paying? and ignore the phone calls? how many months before they reposses a vehicle?

Can't remember how much you said you made or what your job is, but might there be something else you could do besides quitting your job? I say that because in todays economy, the job market is getting tight and it might be very hard to get another job! That may or may not effect your line of work.

But - maybe you should seek the advice of a few other attorneys. Several people on here have been over / above income on the means test, but still did a Ch 7 sucessfully! Do some searches on this. You may not have to quit.

Also, the business that your wife has - does that have assets? That is a reason to seek more professional advice. In a Ch 7, you could possibly lose the business (depending on the type of business it is) and therefore that income.

As I said - I am not a lawyer, so please don't take this as legal advice.

Good luck!

[ready2puke]

Hi and welcome, wish you werent here of course. But you are so believe me your computer will turn into your best friend. I hope your wife wont be jelous. This forum will be your therapy and the folks on here are the best!. Its a life saver. We are or have gone thru this and its so nice to have info and know it'll be better. I had a 800 fico score in Jan. 08. I stopped paying my cards Sept. so Im in the beginning stages. It comes in waves for me. Knowing what Im going to do and having some sort of plan helps. Going to see as many attorneys as you can really helps. Dont take the first one or two you see. Make darn sure your happy with the one you want. I hired my first one and found out the info he gave me probably would of landed me in the pokey. I lost 200.00 on that one, but I guess thats cheap looking at the big picture. Keep reading this forum and in no time your know enough to which attorney will fit your needs and gut feeling. If you can get a referal from someone in your community. Get someone experienced and that will call you back. That seems to be a major issue, no return calls or too busy to make an effort. Anyway I wish I could be more help, but Im right next to you in this boat were all in. Your not alone here thats for sure. Take care and keep posting. Im assuming by your screename your in S.D. Ca. I think theres a ton of good attorneys in your area