Lost Job , need help :(

[Blue_Ray]

[keepmine]

Frankly, you have a lifestyle you can't afford.
Your wife needs to find a job ASAP-even if it is low paying. Let the house go in the bk along with the cc's. Is it possible for you to find a better job or a pt job?
BK won't fix your problems.Sure your debt will be wiped out but how will you support a damily of 5 going forward? It's time to downsize and, oncrease your hh income.

[SinkingFast]

File BK or go into Foreclosure, your Credit is gonna take a hit. Credit Scores should be the least of your worries right now. Let the house go in BK. Just Surrender it and be done with it.

You should be doable for a Ch 7. I don't know of a State where the Median is below $33K/yr for a family of 5. Even if your wife does take a low paying job to help with the family finances ($8-$9/hr), it looks like you'd still be good for a Ch 7.

As far as getting replacement transportation,............. You could do a 722 Redemption loan. 722 refers to the Section of the Code that allows for Ch 7 filers to take on a new car loan while in BK. Attnys can explain how it works to you.

Or your could Reaffirm your current vehicles with the current Lenders. If/When you file BK, you'd be in a position to negotiate with your current Lenders. Get the $$$ amounts down to the value of the vehicles. Possibly favorable interest rates and maybe even better terms.

If you can get into a car payment that will be doable for your post Lay-Off budget, that would be one way to go. Another thing to consider is old, cheap beaters that will get you around until better days return.

One thing I would stress is don't rush. You'll have time to work with. Your mortgage Lender probably won't send you a "Notice of Default and Acceleration" demand letter until you've missed your 2nd payment. Generally, that's a 30 day notice. So you're looking at a minimum of 2.5 months or so before things get dicey with your house.

That's time you can use to Consult around. Find an attny your comfortable working with. Get your docs all gathered together and on file. Look for a new place to live.

[Blue_Ray]

Thanks U2. She will be getting a severence for 4 months worth of salary.
I think she may land something.

What were thinking of doing is file chpt 7, have her go to school (trade school) and also draw unemployment. I think we maybe able to manage.

Other thing to do is sale our vehicles to Carmax and pay some of the difference. I think we can save the home, but the unsecured CC's I don't think we can make those for sure.

[Blue_Ray]

I didn't expect it so quick or at all but I just got off the phone w/ a buyer on our Nissan Truck. Looks like they are going to buy it. One payment out of the way

[Blue_Ray]

I didn't expect it so quick or at all but I just got off the phone w/ a buyer on our Nissan Truck. Looks like they are going to buy it. One payment out of the way

Well it didn't happen.


Ok, wife got another job lined up.

I calculated that with her new income and work 8hrs day per 5 days a week, we will make less then 60K a year (total gross). I feel we can make the payments on the cars, home and regualar bills, but not the credit cards.

Maybe shooting for chpt 7 is the better hope. Anyone confirm?

[lrprn]

Ok, wife got another job lined up. I calculated that with her new income and work 8hrs day per 5 days a week, we will make less then 60K a year (total gross).

Ray, if your combined incomes add up to below your state's median income for your family size, you should be able to file Ch 7. What state are you in? I remember you said in another post that you have a newborn - any other dependents?