Debt help needed

[dahrjo]

We have about $100k in credit card debt + my DH has another 100k in business debt from slow mortgage business and him ending up closing down. He hasn't had any income in months and we are paying some of our bills on CC. others we are not paying.
We were going to file Bk, but he recently got a new job and they won't hire him with a BK on his records.
How can we pay this off/reduce interest rates etc.???????????

[no_it_all]

Well, since this job is going to cost your family about 200K to get, I would suggest your DH look for another job....quick. BTW, if they won't hire him with a BK, they also won't hire him with his crappy FICOs and CR...since they know without a doubt that BK is coming...You better prepare for it also...Denial isn't just a river in Egypt...

[Flamingo]

We have about $100k in credit card debt + my DH has another 100k in business debt from slow mortgage business and him ending up closing down. He hasn't had any income in months and we are paying some of our bills on CC. others we are not paying.
We were going to file Bk, but he recently got a new job and they won't hire him with a BK on his records.
How can we pay this off/reduce interest rates etc.???????????

If he recently got the job and you have not yet filed bankruptcy, there is no BK on his record. If he files BK while working at this job, he cannot be fired just for filing bankruptcy. With the amount of debt you are stating above and your continual use of robbing Peter to pay Paul with your credit cards, your debt will just become deeper and you are in what I refer to as the "downward spiral" that all of us have experience which is the sign that you just have to file bankruptcy to get out of it unless you have a rich uncle that dies at that time and leaves you a bundle or you have the winning lottery numbers that were just pulled on TV. I would suggest consulting with at attorney now to see exactly where you all stand. Most give free consultations. Call and make an appointment and you and your husband take with you a complete listing of all your bills, monthly payments, paystubs, last tax return, asset listing and a listing of any other sources of income to that appointment. The attorney will let you know exactly where you stand and what your options are.

Best of luck to you.

[Lindsay]

Honestly, with 200K in debt, I think it would be better just to bite the bullet and file a chapter 7. It sounds like your BK will be the result of a failed business due to a bad housing market. It won't be the end of the world. I tried to negotiate with our 85,000 in debts and it was a whole lot of aggravation and not many results. Only a few of our creditors gave plans that we could live with. If he's already got the job, they won't be able to fire him if he files BK afterwards.

[Mickey77]

I'm a mortgage rep also considering bk. I wish you well. get to a lawyer. I know that you need to stop borrowing from one creditor to pay another. If he has the job before he files
bk they can't fire you for that. Even though were are in the mortgage business we have rights too. good luck

[dahrjo]

Thanks for the advice. I'm not sure yet what we'll end up doing. We will make it through this, right?

[no_it_all]

We will make it through this, right?

Absolutely...remember, it is only money we are talking about..paper actually. The paper moves from here to there and that is it...nobody gets sick and nobody gets hurt...It is just paper. Keep calm, do your research and take a deep breath..It is always darkest before the dawn...

[dahrjo]

A rep. from a CC card we owe on, called yesterday and told my husband, what he should do is-when he has income to work with a debt management company to pay off the cc's. What are opinions on that? Thanks.