My Situation:
Family: (6) My wife and I + 4 small kids
Cars: (2) paid for (with refinanced house funds!)
Home: (1) 1st and 2nd combined payment $2,300 - same lender - fixed rates
no equity as I refi'd a year ago at 100% and tapped it all - home is
currently below loan value by $30k maybe less - payment is current
Credit Cards (10+) $40k+ in debt - still current at the moment , but fading
Income (2 wage earner) both my wife and I have secure employment and gross about $80k per year
State: VA - Median Income says $46,056 for (1) wage earner and in the 4 person column it says $79,931 add the $6,900 (it says to add for each additional) and you come up with $93,731 for a total of 6 people in the house ( I think this is what it means)
**On median income I'm not sure if that list means the number of wage earners or is that (1 earner) column just supposed to represent the total household income and the subsequent columns just mean per the size of family the number changes to this--but is there another chart for (2) income earner families or is this it--i'm confused on this part as you can see**
We have decided we have to let go of the house and are looking to rent, we are upside down equity wise and the immediate real estate market doesn't look hopeful here.
Questions:
1.)Would Chapter 7 be a good choice for us or is it possible?
2.)I'd like to get a rental before my credit gets trashed is that smart or not?
3.)If you take our mortgage payment and cc bills away we look good on paper again financially speaking...when I go to the trustees office are they going to look at that and say "are you nutz...you are fine!!" or are they going to look at my prior situation vs. my midstream situation?
4.) Can you have cash in the bank midstream or just prior to filing or does that look bad? Obviously if you stop paying your bills just prior you will have more money accumulating? This part makes me dizzy.
5.) Been using the cards up until yesterday, discussed this with wife today, nothing but gas, food, minor purchases...does this look bad?
6.) My biggest question is timing...when should I file based on this in your best opinion? Should I let the bills run for a few months upaid not using them etc.
7.) How long would you normally have in the house before they actually kick you out?
8.) Is filing yourself or using one of the online form filling solutions ok? If so which ones?
9.) What are the average fees for a straight 7 for an attorney assisted BK?
Think thats it for now...sorry it was so long
Thanks in advance,
Family: (6) My wife and I + 4 small kids
Cars: (2) paid for (with refinanced house funds!)
Home: (1) 1st and 2nd combined payment $2,300 - same lender - fixed rates
no equity as I refi'd a year ago at 100% and tapped it all - home is
currently below loan value by $30k maybe less - payment is current
Credit Cards (10+) $40k+ in debt - still current at the moment , but fading
Income (2 wage earner) both my wife and I have secure employment and gross about $80k per year
State: VA - Median Income says $46,056 for (1) wage earner and in the 4 person column it says $79,931 add the $6,900 (it says to add for each additional) and you come up with $93,731 for a total of 6 people in the house ( I think this is what it means)
**On median income I'm not sure if that list means the number of wage earners or is that (1 earner) column just supposed to represent the total household income and the subsequent columns just mean per the size of family the number changes to this--but is there another chart for (2) income earner families or is this it--i'm confused on this part as you can see**
We have decided we have to let go of the house and are looking to rent, we are upside down equity wise and the immediate real estate market doesn't look hopeful here.
Questions:
1.)Would Chapter 7 be a good choice for us or is it possible?
2.)I'd like to get a rental before my credit gets trashed is that smart or not?
3.)If you take our mortgage payment and cc bills away we look good on paper again financially speaking...when I go to the trustees office are they going to look at that and say "are you nutz...you are fine!!" or are they going to look at my prior situation vs. my midstream situation?
4.) Can you have cash in the bank midstream or just prior to filing or does that look bad? Obviously if you stop paying your bills just prior you will have more money accumulating? This part makes me dizzy.
5.) Been using the cards up until yesterday, discussed this with wife today, nothing but gas, food, minor purchases...does this look bad?
6.) My biggest question is timing...when should I file based on this in your best opinion? Should I let the bills run for a few months upaid not using them etc.
7.) How long would you normally have in the house before they actually kick you out?
8.) Is filing yourself or using one of the online form filling solutions ok? If so which ones?
9.) What are the average fees for a straight 7 for an attorney assisted BK?
Think thats it for now...sorry it was so long
Thanks in advance,
Comment