Living with my parent (and other questions)

[BadChoiceMcGee]

Since I was fired and can't afford any of my bills, I will soon (by the end of the month) be moving back in with my mother. I have roughly 24k in CC debt, 95k in student loans, and about 11k left to pay on my car. Will not having any expenses besides car payments and student loans(which I will try to defer the best I can) cause any issues when I get around to filing for bankrupcy? Will the fact that student loans are over 70% of my total debt lead to trouble?

I haven't had the best luck holding down regular jobs, so I'm going to try to be self-employed (I work in the computer field). On another (non-bankruptcy) forum, I was told that the restrictions of bankruptcy would not allow me to be usefully self-employed, is this true?

[edwards2]

I think the guys on the other forum are referring to a Chapter 13 filing. Obviously you cannot pay back a percentage of your debt if your employment is not a definitive thing - as in self-employed. As for filing a Chapter 7 obviously the trustee will take into account your living arrangements but the fact you HAVE to move in with your mother to live certainly should suggest you have financial issues. We filed under the old law so I am not familiar with the facets of the new law; i.e, counseling, etc., however, I would consult an attorney and get some advice. It doesnt usually cost anything for a consultation.

[Minnymouth]

Be sure to consult with an attorney BECAUSE you do not want your filing BK to interfer with your mothers daily affairs.

I do believe her income (household income) plays a part in the bankruptcy and the exemptions even though its just you filing........

Since you will not be paying mortgage/rent/utilities, etc....you will end up with a lot of disposable income....

You need to consult with an attorney to find out what's in your best interest ........... File before you move or not?

Let us know,,,,

[queerguy]

oh boy, I might have to move back home too......

Gosh I wonder if I can even file if I won't be paying the bills at moms house?

[Minnymouth]

Queerguy,
Something to check into........ especially since you will have very little expenses at mom's..............

Better check with an attorney about this situation also.....

[BadChoiceMcGee]

I don't think filing before I move would be a possibility, since I'll realistically need to be gone in two weeks, because that's when they'll turn the electricity off.

When I was checking my credit reports, I noticed one of my mothers CC's showed up since my name is on there as an authorized user. And my name's on her checking account. All sort of fun intermingling to deal with.

Anyone have any info regarding getting an adversary proceeding to try and discharge student loans? I have been diagnosed with major depression and that could possibly explain why I wasn't able to hold onto my jobs. But I have the feeling that since I graduated from college just 3 years ago, there's not enough of a history to show the permanence of an undue hardship.

[Minnymouth]

Chances of "hardship case" - ZERO...............

Discharging student loans - ALMOST IMPOSSIBLE..........

Living with mom and your name on her accounts and vise versa can create problems for both of you.....

Discuss with attorney for sure...................... lots of issues here!!!

[poorme]

Dude -
I hope you truly appreciate your mom for allowing you a place to stay while you try to get on your feet. But do the right thing and get out on your own as soon as you are able. Since you won't have many expenses it would seem that you need to get serious about why you can't keep a job and try to resolve that. Perhaps a 2nd job would help? Maybe a bk alternative such as CCCS or someone to help you organize your income/expense/payments scenario would help settle things down a bit until you can save enough to maintain a decent car and get your own address...sorry, not preaching to you here. You've got to get serious about one or two of these issues and spend a year getting them under control. Good Luck.

[BadChoiceMcGee]

Minnymouth, isn't the only way to discharge student loans through a hardship case?

[Minnymouth]

Yes, and it is usually based on being disabled completely........ with no future of being able to repay it....

Is going to take more than a case of "depression" to get it dismissed.

Doesn't happen very often and hard to get it approved.

[queerguy]

Queerguy,
Something to check into........ especially since you will have very little expenses at mom's..............

Better check with an attorney about this situation also.....

I am actually thinking of paying my expenses off if I move home.
My credit card debits are less than $15,000. My be a bad choice to file.

[Minnymouth]

If you are young, working, living with mom, with no expenses, I would take half my income and pay off the debts (not file bankruptcy), divide the other half into spending money and savings.

Also wouldn't hurt to see if mom needs help with the groceries!!!

Count your blessing you still have mom to go back home too!!!

Remember, your supposed to be a grown individual.... so don't go back home looking for the "free ride" - BE RESPONSIBLE.................

[anonymuse]

Yes, and it is usually based on being disabled completely........ with no future of being able to repay it....

Is going to take more than a case of "depression" to get it dismissed.

Doesn't happen very often and hard to get it approved.

Sometimes people end up on disability because of their depression. I was out of work 6 months on medical leave since I couldn't get out of bed in the morning and was crying all of the time for no apparent reason. It took 6 months of trying different medications (which I had tried for a year prior already) and combinations before I could become functional again.

FYI: Everyone gets depressed some times, but clinical depression is something else.

[Minnymouth]

Yes, I'm aware that clinical depression is a whole different ballgame...... and yes I would consider it a disability.
But where the bankruptcy court would consider it a "lifetime disability" is a whole different thing.

With the medications available and you now say your stable and functional, it would highly unlikely they would grant a hardship case......on the student loans.

You can check into it and see what they think or say, file for it and get a response from them. Nothing lost by trying......

[anonymuse]

Yes, I'm aware that clinical depression is a whole different ballgame...... and yes I would consider it a disability.
But where the bankruptcy court would consider it a "lifetime disability" is a whole different thing.

With the medications available and you now say your stable and functional, it would highly unlikely they would grant a hardship case......on the student loans.

You can check into it and see what they think or say, file for it and get a response from them. Nothing lost by trying......

I wasn't considering a hardship case for myself (I feel lucky compared to others here--only $30 K of student loans). My bipolar depression has changed the type of jobs I can take resulting in a 35% pay cut. I can't work those 70 hours a week jobs and travel over 75% of the time. When your bipolar, one of the most important things I learned was staying to a consistent schedule that includes 8 hours of sleep--that never happened when I was travelling all the time and being overworked with many all nighters. Just wish medications didn't cost $210 in copays a month even when covered with medical insurance. And I can't wait until the insurance company comes back with the amount I'll have to pay for CPAP (sleep apnea breathing machine)