hey all,
i've been reading on this forum all day and there is some great info. now hopefully you all can answer a few questions about my scenario.
my ex gf and i had a business that came to a horrible end about a year ago or so. we made quite a bit of money in a short period of time and also sank that money back into the business. when it ended the company we were doing business with basically defrauded us and took our money. we had business money, credit card money, and heloc money all tied into this biz.
well fast forward a while and we're broken up and fighting a legal battle. because of the high carrying costs of the business debt, i've been using my credit cards to basically live on.
i have about 100k of debt on personal cards, and about 235k worth of debt from a heloc i took out of my mom's house (although i'm not on paper, i own 1/3 of the place.)
i'm a self employed handyman who's work is up and down...more down in the current market. i did this work when we had the other business too.
my credit is just about out. i'm awaiting to go to trial which is coming up very soon. i've started missing payments on some of my cards since i'm running out. i figure a month and i'll be tapped.
i'm needing some strategic advice about how to go about all of this. i CANNOT miss the heloc payment ($1,000) to my mom's house. but how can i make that payment and not pay the credit cards? i know that will look funny when i file and someone examines my finances.
when my ex and i split i let her use my car which has just recently been paid off. it's worth about 6k. i imagine it will be taken in the bk? i have a beater work truck worth about 2k or less, and a beater civic i bought for 2k.
i'm losing some serious sleep over all of this. i'm not sure if we'll win our lawsuit so i'm preparing for the worst. but one thing is i cannot bail out of that heloc payment no matter what.
any advice out there for me?
thanks!
i've been reading on this forum all day and there is some great info. now hopefully you all can answer a few questions about my scenario.
my ex gf and i had a business that came to a horrible end about a year ago or so. we made quite a bit of money in a short period of time and also sank that money back into the business. when it ended the company we were doing business with basically defrauded us and took our money. we had business money, credit card money, and heloc money all tied into this biz.
well fast forward a while and we're broken up and fighting a legal battle. because of the high carrying costs of the business debt, i've been using my credit cards to basically live on.
i have about 100k of debt on personal cards, and about 235k worth of debt from a heloc i took out of my mom's house (although i'm not on paper, i own 1/3 of the place.)
i'm a self employed handyman who's work is up and down...more down in the current market. i did this work when we had the other business too.
my credit is just about out. i'm awaiting to go to trial which is coming up very soon. i've started missing payments on some of my cards since i'm running out. i figure a month and i'll be tapped.
i'm needing some strategic advice about how to go about all of this. i CANNOT miss the heloc payment ($1,000) to my mom's house. but how can i make that payment and not pay the credit cards? i know that will look funny when i file and someone examines my finances.
when my ex and i split i let her use my car which has just recently been paid off. it's worth about 6k. i imagine it will be taken in the bk? i have a beater work truck worth about 2k or less, and a beater civic i bought for 2k.
i'm losing some serious sleep over all of this. i'm not sure if we'll win our lawsuit so i'm preparing for the worst. but one thing is i cannot bail out of that heloc payment no matter what.
any advice out there for me?
thanks!
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