lost 17 lbs in 3 wks b/c of all this...help

[dovette7]

Where to start? Always have had cc debt. My husband makes a very high income. 2 years ago I made a good income, last year over 6 figures, this year less than 15K. Over the last year, daughter had baby, mother moved in, another family member moved in for a few months. I'm in real estate and closed NOTHING over the last year. Now cc debt is 130K, savings is gone, Huge mortgage, huge electric bills, high maintenance home.. Worse, I didn't know we were in this position until a few months ago b/c I didn't handle bills at all. We were waiting on my to close a deal to catch up and it never happened. Owe about 15K in 2004-2005 taxes also.

I have lost 17 lbs over the last 3 weeks when the reality of all this slapped me in the face. We were stupid and very poor money managers. Now what?
I talked to a debt settlement company, however our monthly bills are barely covered by my husband's income and we can't afford anything else.

I talked with a few attorneys, first meeting tommorrow.
I'm afraid, distraught.... My world is falling apart. My husband and I aren't fighting,, but not talking that much either b/c I'm so consumed by all this.

On phone, 1st attorney said we wouldn't qualify for chapter 7, but we could work out a payment plan that we could afford. 2nd attorney said we could look at chapter 7 because we are negative monthy right now. 3rd attorney said chapter 13 only and that payments could be high enough we couldn't pay! What if my home and the utilities are so high I can't afford it anyway??


I'm so confused. Trying to pray for wisdom and guidance, but I feel so hopeless. I don't have money for the kids college, an extra car for her to drive to college. I read somewhere that they will take your children's income also???

Please share any suggestions or thoughts. I've been reading here for a few weeks and get more afraid sometimes. Only good thing is that I'm not alone. Others are going through this too even though it just feels like me.

CC

[SinkingFast]

Hi Dove and Welcome to the Forum!!

You are not alone!! Many of us have lost weight, been put on drugs by our doctors, imbibe to get to sleep, so know you are not the only one.

When the attnys talk about a payment plan, I'd bet they are talking about filing Ch 13 even tho that's not what you specifically said.

I wonder if it's a possibility,......... If you could file Ch 7 on your own. That would save your Hubby's Credit for the future and still help you with your debt issues. Something to ask about as you Consult with attnys.

[dovette7]

I think we will have to file together since the taxes and the cc's are both ours.. Is that right? I should know more tommorrow.
My biggest concern is that they will give me a payment I cannot afford...then what? I told the lawyer on the phone, they can have the house, the expensive car, any other valuables we have. We just have to start over, but the Chapter 13 plan dosen't seem to let you get a fresh start. I've read so many horror stories!

If I want to surrender my house b/c the maintenance and utilities are so high, do I do that before filing, or during, or after? Confused.

[miss puff]

Welcome Dovette. Yes, like SinkingFast said, many of us go through all sorts of personal issues when contemplating/going through bankruptcy. Some of us even gain weight!!!

I am no pro on chapter 13 as I filed chapter 7. But.. I would have to think that if you are forced into a chapter 13, you could repay the debt that they make you, keep the house out of it, let it go and rent something cheaper. Do know that your home will go into foreclosure which is another 15 lbs at least

Good luck, keep posting, ask tons of questions. We're all here, been there done that and survived. You can too. Hugs

[dovette7]

Attorney meeting today. I prayed for some direction and peace when I left and I had it. Very calming guy. I checked him out before meeting him personally and his firm was appointed to the area Bankrupcy Trustee to investigate fraud? I'm assuming that's good?

Anyway, we talked and the plan is to find a less expensive place to live and MOVE. After we move, get all the relavent numbers together and file. At least I have a plan and if I just focus on that right now, one day at a time then maybe I won't feel the overwhelming sinking feeling in my gut that's been around the last few weeks.

Thanks for the support here!

[lrprn]

Attorney meeting today. I prayed for some direction and peace when I left and I had it. Very calming guy. I checked him out before meeting him personally and his firm was appointed to the area Bankrupcy Trustee to investigate fraud? I'm assuming that's good?

Anyway, we talked and the plan is to find a less expensive place to live and MOVE. After we move, get all the relavent numbers together and file. At least I have a plan and if I just focus on that right now, one day at a time then maybe I won't feel the overwhelming sinking feeling in my gut that's been around the last few weeks.

Thanks for the support here!

Glad to hear your meeting with the lawyer went well, Dove! If the trustee has him investigating fraud for the court, then he's aware of all the loopholes in the law, that's for sure! Sounds like a promising candidate - did you decide to retain him?

Focusing on one day at a time does help get through the terrible stress of preparing to file. Hang in there - know that we are all rooting for you and are always here whenever you need support or just need to vent.