Might end up having to file BK here soon, do I have other options?

[ksgirl38]

Go get Google Voice. Look it up. And get into all of your accounts NOW while you still have access and change the phones to GV.
You probably have 6 months or more before you have to worry about a lawsuit. So... breathe.

You can change the phone numbers in your accounts, but you'll still get the calls. I did that and I'm getting them and I just stopped paying in May.

If you have Verizon wireless you can block up to about 5 numbers for free. I just kept adding them to the list once they started calling. It's been rather quiet since I did that.

[MarkCantaur]

I would actually have to agree with Irish.

That's because you are one of the ones who will not listen and do not like it when you are told that you are wrong.

[ksgirl38]

That's because you are one of the ones who will not listen and do not like it when you are told that you are wrong.

I listen, I just think there's nicer ways to say things.

[MarkCantaur]

I listen, I just think there's nicer ways to say things.

I don't post often, but I do read. I have seen your posts and you are rude and argumentative. Now, back to the OP's topic.

[ksgirl38]

I don't post often, but I do read. I have seen your posts and you are rude and argumentative. Now, back to the OP's topic.

I rest my case right there.

Back to the topic, is there any way to swap out the cars for something less expensive?

You probably would be better off establishing a place to live before filing. Although from experience it usually helps to be in the state you are looking for work in. I always had a hard time getting people to take me seriously otherwise.

[keepsmiling]

Re cars: you might want to look into cram down options, depending on how long you have owned them.
You could conceivably come out of this thing way on top.

[Drazil65]

Hi, welcome. You made a good start with reading everything here so keep reading. Do you plan on filing before you move or after? If you plan on filing after the move then you will have residency issues to deal with for Florida. Might be a good thing though so you can continue with the preplanning and saving money. If that is the case then obviously you will want to make several appointments with attorneys down there for your free consults. Yes to the Google Voice phones and NO to the 401K thing.

[btbeme]

My two cents... (take them - you may need two cents somewhere down the road)...

Your primary problem isn't that you aren't making enough - its that you are spending too much. Really. Now that might make me the cruel bastard that you are referring to in your original post, but it is a fact. Now, I'll grant that living in or near the Beltway pretty much causes that all by itself...so what you need to deal with first and foremost is a plan. Call it your Escape Plan.

Let's say you file BK tomorrow and 90 days from now you are debt-free. Will you truly be better off, or still in the hole every month? Without knowing much detail, I am assuming that your debts came about in some part from necessity - even when making $100k a year like you and your spouse do, your necessary expenses can still outweigh your ability to pay. So groceries then go on the credit card, followed by gas, and then the bill comes in and you have enough to cover the minimum, and then you have to eat and fill the car again.... and then...

I get it.

What you need is a new way to look at "necessity." I can't help you there, but I can suggest that part of your Escape Plan include figuring out where you will want to live while spending on a cash-only basis within your limits to do so after BK. Because if you don't, you will still be in the hole. So, start figuring out how all the pieces of your future fit together on half the income or less.

Regarding a plan for BK...I suggest a few consults with some good attorneys ASAP. Some topics to discuss would be:
- income (yours is high) and how it would be structured for a Ch 7 Means Test or a possible Ch 13.
- venue. If you move, there will be limits on your BK structure having to do with residency requirements
- timeline. My gut instinct tells me that timing will be paramount for you, for income as well as venue and debt reasons. A great attorney told me his average client is 6-9 months away from filing when they first consult with him. He was in the bidness for 34 years before passing away late last year, so he obviously did something right (judges and Trustees were everywhere at his funeral).

Anyway, thats my contribution for now. Something tells me that this could be a grand play with a lot of drama (and good info for future reference for new forum readers) so I hope you will stay engaged here. It could be as helpful for all of us as it is for you.

[Irish]

I understand perfectly where you are coming from btbeme. We know we are both impulse spenders, and neither of us are any good at managing money. I spent several days at the beginning of this year creating a budget for us that projected our bank balance. This showed us just how much we would spend by how many times I'd have to go and make an adjustment down the road. It didn't help one bit, we were too far in at that point to crawl back out and with my job disappearing soon, our options are dwindling.

I think the best thing that could happen to us is removing our ability to put anything on credit. We have had this horrible mentality that "paying later means we don't have to worry about it now". I think this has mostly been eliminated, but I don't trust us haha.

I don't want to file until I absolutely have to and we will not have our current positions, or income, after September.

I definitely intend to file after we move to Florida, and I want to put it off as long as possible due to how recently we got this consolidation loan.

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As for our cars, I could conceivably sell mine and pay the difference and be out of that free and clear, however my wife's car which is also in my name is a Honda Civic that is upside down by around 10k, so there's no way we can get out of it. When we get to FL I'm sure they'll get repossessed and I intend to use some of my cash reserve to pay outright for a cheap vehicle.