Overextended and Falling Behind

[Minnymouth]

Wannabedebtfree,

This forum is a "help and support" forum for people who need to claim bankruptcy, or at least think they do....
Sometimes they have other options other than BK...

This forum also has a "general talk" section, where you can vent, throw out your ideas, input small talk, and bring up other topics.

As for "Lightening" - he and I butt heads all the time....his foot fits his mouth real well - size 14 maybe??? LOL His intentions may be good, he just has a bad way of saying things!!!!

I'll get out my "ugly stick" and smack him a couple of times to help out.

So you stay with this forum, let us offer suggestions, ideas, and options for you. It always "helps" to talk it out!!!

And YES, Robivi3, SOMEDAY, I hope to meet you and yours too!!!

My input on the subject,

Minny

[Charmony]

wannabedebtfree
Just my opinion, I think you should file now. Oct. 17th is fast approaching and if you are having problems paying your bills, file. At this point what do you have to loose. I sat on filing for months, and then realized that I would not be able to get out of this rut.

I have a 2000 Toyota Celica that I have been paying a little over 500$ a month on, and am no where near paid off. Car is worth 9000 and I still owe 15000. I am not able to find any means to pay my bills on time nor do I even have money to get enough groceries to get me through 2 weeks. Living pay check to pay check is hard. If you have kids it is even worse. Day care is 229 a week and I need daycare to work. No family where I live.

I feel bad that it had to come to this, but what else is there. Because of so many late payments, I was going to be doomed to fail paying all my debt. A couple of weeks ago I filed, even though I feel bad, I feel some relief.

Prior to filing I was really stressed, my daughter needs cloths, food, diapers, and shoes, and I have no money what so ever to get this for her.

[StaciMM]

Just a little comment-if you're heading for foreclosure no matter what, filing BK would allow you to start fresh so that the 1st & 2nd wouldn't be able to come after you for balance owed. The owner financing living arrangement that you've found, if its closer to work, that would improve things also since it would save time & money on commute.

[Viper]

[Becky C]

Wannabe,
When I answered your question in the Foreclosure section, I didn't realize you had the negative car stuff too. Perhaps bankruptcy is your best bet. The time to do it is now, before the law changes. The bankruptcy won't wreck your credit any worse than a foreclosure would, and if you qualify for chapter 7, you could be totally in the clear when it's over. Consult an attorney.

Becky C

[wannabedebtfree]

Viper-My husband does spend about $600 per month commuting, he drives a pickup because he hauls stuff for work. We spend about $800 per month total for gas which includes our other vehicle. I was not just guessing off the top of my head, like you might have thought. I realize that number is outrageous, that's why we are trying to find another way.

[sunshine08]

My husband drives a minimum of 700 miles a week. Depending on my work etc. I drive about 200 miles a week. With the way gas prices are going, it is hard for us even after filing bankruptcy, especially with winter coming on, we heat with propane. Oh well.
My opinion is to file -now- while you still can. Sounds like you don't really have many options that are going to have long term consequences anyway.
We have gotten numerous flyers from car dealers that specialize in rebuilding credit and getting you in a decent, late model vehice. We got 2 reasonably new vehicles not long before we filed, we new we wouldn't be able to get a decent vehicle in the near future with a bankruptcy. Hopefully don't have to worry about repairs etc. like we were doing.
Take a few minutes (or hours) and make a list of pros and cons and weigh your options carefully. Pray on it and make a decision one way or the other, but you only have a month to do something.
Good luck in whatever you decide to do. Keep us posted!

[bezoar]

Particularly if you're going to lose the house in foreclosure, BK might be the way to go. Otherwise you'll probably hear from them again - maybe in a year - when they pursue you for the deficiency balance. Of course, by then you'd be subject to the new BK laws.

Make some appointments to see some atty's - most first consultations are free. I was at my atty's office last week. His phones were ringing non-stop. He's so covered up, the receptionist was referring the callers to 2 other lawyers, as he can't accept any more and still get 'em done by the deadline.

[wannabedebtfree]

We are filing. Turned in paperwork to lawyer last Tuesday. I am hoping everything works out fine. Gas is really a huge problem for us. When we bought our place 1 1/2 hours away from Husbands job, we honestly didn't think "what if gas prices jump"? We just assumed as in the past that as they gradually rose, so would our income. WRONG!! Life doesn't always work out like we expect. We are surrendering our "gas guzzling" trucks in the bankruptcy. We are debating whether or not to buy a car that is good on gas mileage before the bankruptcy. We bought a '90 Ford Festiva but aren't able to drive it yet, "title issues". We aren't really sure how soon the trucks will be taken. We are just a couple weeks late on the payments and will probably file around Oct. 1st. If the trucks aren't taken for a few months that would give us time to save and pay cash for a vehicle, but if they are taken quickly we're going to be in a mess. Any suggestions??

[StaciMM]

You'll probably have a little time at least w/ the trucks. You would generally need to be 60 days past due before repo action starts, and from what you mentioned I'm guessing you'll only be 30-45 days past due once you file. When you file, the automatic stay goes into effect.

Your attorney will be able to give you a better idea of how much time you have after that.

We aren't really sure how soon the trucks will be taken. We are just a couple weeks late on the payments and will probably file around Oct. 1st. If the trucks aren't taken for a few months that would give us time to save and pay cash for a vehicle, but if they are taken quickly we're going to be in a mess. Any suggestions??