Mu husband and I have been married for three years and have a 2 year old son. In that time, we have managed to buy a house, 2 cars, a motorcycle. We have 5 CC, all maxed totaling $4000.00. We got a home improvement loan at one point and did some improvements but we mainly payed off cc's, which we then promptly maxed out again. We both have school loans totaling about $18000.00 We are two payments behind on our home and current on our cars, but consistently late. We aslo have car insurance, power, water and a gas bill to pay for every month. Not to mention gas for our cars, food, and daycare. We both work like crazy and together we make about $50,000 a year. We live far away from family, but we have had some family come to visit to help take some of the day care burden off. We are both thinking of things we can do. Our credit is horrible and we have been trying, with no success, to get a second mortgage or refinance. We finally are think of filing bankruptcy. Before we take this step, is there any other road we could take???
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Well, other than bankruptcy there is always the simple option of doing nothing, just continuing the way you are. But bear in mind there is such a thing that they call an 'involuntary bankruptcy' where they start taking your stuff back and garnishing your wages.Originally posted by toomanybills
If you're close to that point I'd say go ahead and file voluntarily. That way you're more in control.
The only other viable option I can think of is if one of you gets a second job but that could be really detrimental to your home life.
In my personal opinion, I do not recommend debt management programs or whatever they're called, where they negotiate for you and supposedly make your payments for you. I believe if you're going to do that, you may as well file a Chapter #13 because it would probably have the same impact on your credit. I know that others will disagree on that issue and I do respect their opinions.
Best of luck and keep us posted! -
Thank you for your advice.
My husband did the whole consumer credit thing with his cc before we were married which worked out alright. Our problem now is that we have cars and a house to think about. We both work odd hours and continually work all the overtime we can get and with daycare, it is hard and sometimes seemingly pointless to have a second job. I sometimes feel like I am just working to keep my son in daycare. Frustrating, but we both like our jobs, and in any other circumstance the pay is really not that bad, considering where we live.
Thank you for your advice and I also think filing would give us a better chance. My husband thinks our credit is so screwed up anyway, that the length of time bankruptcy stays on our report is not such a big deal. Thanks again!Comment
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I agree.Originally posted by toomanybills
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You may wish to visit the following free website...
This website provides complete bankruptcy information and services.
Best of luck to you!Comment
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