This is my situation.....
Single, no dependents.
38K in CC's.
26K in Student Loans.
5K balance on a car that's probably worth about 5K.
87K balance on a home that might sell for 100K.
No boats, other cars, real estate etc. Whats here is it!
Texas resident.
Owned home 3.5 years. Current on mortgage of $800.00 a month.
Unemployed. Beginning the end of last year, my hours at work were gradually decreased...so my income from work went from $2500.00 in November 06, $2300.00 December 06, $1950.00 in January 07 to $685.00 February 07 so far.
My employment was terminated the last week in January.
I am retired military, disability rated. I collect approx $800.00 a month in pension plus $225.00 in V.A disability.
Stopped using all my CC's starting December when I heard of the coming changes at work. Last activity was late December on one card, under $350.00for a computer printer I felt I needed for resume' building....
No payments on any card (except MSC...see below) since late November...I hoped to catch up with a new job....which is not happening.
2001 Ford Taurus...$300.00 payment....about $5K to payoff. Current on payments. Excellent condition.
$150.00 mo student loan.....current.
Home, utilities, car, insurance, all current from savings. Savings pretty much tapped out at this point.
Nothing else gets paid except my Military Star Card $100.00 mo. Bal. of 4K. (a CC for the px...and I pay them because if I don't they WILL garnish my pension...cause they can because its money owed the government...like taxes...)
My pension/disability is what makes my house payment.
Yes, I have confirmed the Star Card will except a discharge from the BK court....and stop garnishment IF that action has been taken. Not an issue 'cause it's current.
Looking ahead: appears that the end of March, my income falls below the median for a single wage earner.....by about 1K...that income includes my pension/disability. Assumes I do not find suitable work.
I will be many months behind on my CC payments.
I want to file BK7, use the exemption to keep my home.
I'm selling an (exempt) item on ebay to fund March's bills...should bring close to $900.00 which should cover most of my living expenses.
First week in April I hope to file...... The only income I will have will be from my pension/disability.
There is little opportunity for work in my profession, so I may need a career change.
Questions:
Can I hold out until the beginning of April?
If I find work that pays far less that my old job, but enough to fund my car can/should I reaffirm it? This may be my only option as far as work is concerned. How do I look for and attend work without a car to do so?
Assuming so, I couldn't accept that job until after my 341 hearing 'cause they will probably push me into a BK13...correct?
How the hell did I get myself into this position?...a little humor would be good here...go ahead I have thick skin.
My intent is to "start over" on an income I can attain. My work specialty is disappearing, and finding my original income will not be easy...probably not possible. I would like to begin again with less income required to support myself.
Any and all other comments appreciated.
Thanks.
Single, no dependents.
38K in CC's.
26K in Student Loans.
5K balance on a car that's probably worth about 5K.
87K balance on a home that might sell for 100K.
No boats, other cars, real estate etc. Whats here is it!
Texas resident.
Owned home 3.5 years. Current on mortgage of $800.00 a month.
Unemployed. Beginning the end of last year, my hours at work were gradually decreased...so my income from work went from $2500.00 in November 06, $2300.00 December 06, $1950.00 in January 07 to $685.00 February 07 so far.
My employment was terminated the last week in January.
I am retired military, disability rated. I collect approx $800.00 a month in pension plus $225.00 in V.A disability.
Stopped using all my CC's starting December when I heard of the coming changes at work. Last activity was late December on one card, under $350.00for a computer printer I felt I needed for resume' building....
No payments on any card (except MSC...see below) since late November...I hoped to catch up with a new job....which is not happening.
2001 Ford Taurus...$300.00 payment....about $5K to payoff. Current on payments. Excellent condition.
$150.00 mo student loan.....current.
Home, utilities, car, insurance, all current from savings. Savings pretty much tapped out at this point.
Nothing else gets paid except my Military Star Card $100.00 mo. Bal. of 4K. (a CC for the px...and I pay them because if I don't they WILL garnish my pension...cause they can because its money owed the government...like taxes...)
My pension/disability is what makes my house payment.
Yes, I have confirmed the Star Card will except a discharge from the BK court....and stop garnishment IF that action has been taken. Not an issue 'cause it's current.
Looking ahead: appears that the end of March, my income falls below the median for a single wage earner.....by about 1K...that income includes my pension/disability. Assumes I do not find suitable work.
I will be many months behind on my CC payments.
I want to file BK7, use the exemption to keep my home.
I'm selling an (exempt) item on ebay to fund March's bills...should bring close to $900.00 which should cover most of my living expenses.
First week in April I hope to file...... The only income I will have will be from my pension/disability.
There is little opportunity for work in my profession, so I may need a career change.
Questions:
Can I hold out until the beginning of April?
If I find work that pays far less that my old job, but enough to fund my car can/should I reaffirm it? This may be my only option as far as work is concerned. How do I look for and attend work without a car to do so?
Assuming so, I couldn't accept that job until after my 341 hearing 'cause they will probably push me into a BK13...correct?
How the hell did I get myself into this position?...a little humor would be good here...go ahead I have thick skin.
My intent is to "start over" on an income I can attain. My work specialty is disappearing, and finding my original income will not be easy...probably not possible. I would like to begin again with less income required to support myself.
Any and all other comments appreciated.
Thanks.
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