First, I want to say thank you. I am so happy to have found this forum as I found it a couple of weeks ago and have spent much time reading and learning. It appears that I should have filed over a year ago when my business failed, but live and learn.
I'll give you a highlight of our situation and then ask my questions.
I would like to file seperate from my spouse and only on the CC debt as it is only my name. It is also a result of a failed business that I had. I obtained a stable job over a year ago and thought we would be able to make it and pay them down.
Since then the CC co's have raised my rates to the crazy 20%+, we are barely getting by. These increases were simply unreasonable because we have never been late and we stopped using all but one over a year ago. I have requested rate reductions etc....the CC co's suck. We also have a baby on the way with added cost and daycare, we will not be able to pay the card pmts.
House is underwater by about $30k - we will stay here even so.
1st & 2nd mortgages are held jointly.
1 Car with a loan and payment is in Spouses name only.
1 Car paid for with HELOC is in my name - no car payments (so to speak) est value $13k.
Both of us have a base rate plus bonus and because of it being somewhat seasonal we made the bulk of our income in the last part of 2009. Based on what I have read, it would make more sense to wait 6 months as we will both mostly only be making base the next few months, plus I will be on maternity leave during that period as well. Adding another child would then help our income stay below the median.
My question:
1) 1 CC in my name that has 1 big ticket household appliance purchased that we are on track for paying off within the 18 month interest free period. However, that ends in Feb 2011 and I would like to file in June-July. I'd really like that paid off because we need to keep the appliance and I am assuming if I file something will happen with the card or at least the interest rate. How does it look if a family member pays it off as a gift? Or what else would you suggest?
2) Since we did earn the bulk of our income in the last part of 2009 and we under paid our taxes by having high withholdings, we have about $7000 in our savings account. This will get depleted from living on our base the next few months, paying the IRS, and paying bills during my maternity leave - do you see any problems with that. I am sure they will ask how it was accumulated and I can show bank statements that speak to it.
3. Do they use CA SDI in our 6 month income calculation? Or how does that work?
We have not had an attorney consult yet. Now that I know we should wait from what I have read here, I will now have a couple of months to have consults.
Thank you again!
I'll give you a highlight of our situation and then ask my questions.
I would like to file seperate from my spouse and only on the CC debt as it is only my name. It is also a result of a failed business that I had. I obtained a stable job over a year ago and thought we would be able to make it and pay them down.
Since then the CC co's have raised my rates to the crazy 20%+, we are barely getting by. These increases were simply unreasonable because we have never been late and we stopped using all but one over a year ago. I have requested rate reductions etc....the CC co's suck. We also have a baby on the way with added cost and daycare, we will not be able to pay the card pmts.
House is underwater by about $30k - we will stay here even so.
1st & 2nd mortgages are held jointly.
1 Car with a loan and payment is in Spouses name only.
1 Car paid for with HELOC is in my name - no car payments (so to speak) est value $13k.
Both of us have a base rate plus bonus and because of it being somewhat seasonal we made the bulk of our income in the last part of 2009. Based on what I have read, it would make more sense to wait 6 months as we will both mostly only be making base the next few months, plus I will be on maternity leave during that period as well. Adding another child would then help our income stay below the median.
My question:
1) 1 CC in my name that has 1 big ticket household appliance purchased that we are on track for paying off within the 18 month interest free period. However, that ends in Feb 2011 and I would like to file in June-July. I'd really like that paid off because we need to keep the appliance and I am assuming if I file something will happen with the card or at least the interest rate. How does it look if a family member pays it off as a gift? Or what else would you suggest?
2) Since we did earn the bulk of our income in the last part of 2009 and we under paid our taxes by having high withholdings, we have about $7000 in our savings account. This will get depleted from living on our base the next few months, paying the IRS, and paying bills during my maternity leave - do you see any problems with that. I am sure they will ask how it was accumulated and I can show bank statements that speak to it.
3. Do they use CA SDI in our 6 month income calculation? Or how does that work?
We have not had an attorney consult yet. Now that I know we should wait from what I have read here, I will now have a couple of months to have consults.
Thank you again!
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