Been wading in denial for way too long now..

[bkbiker]

queerguy,

If ignorance were blessed; you would be a saint!

Please leave us and don’t return!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

bkbiker

[scammer]

After much thought and many ulcers, I have come to the conclusion we need to file for BK. It's just so frustrating how we got this bad in debt. It's really pathetic that we have pretty good combined income and yet we can barely scrape by. Hind sight is definately 20/20.

I am going to start the hunt for a good bankruptcy lawyer in the Raleigh/Cary area.

Questions I will be asking:
- What are the fees to file for BK.
- Can I file chapter 7 or chapter 13.
- Will we be able to keep our home.
- Will will happen with both cars.

Our stats:
live in North Carolina
wife and I both work
we have 3 kids
combined income $101K

Our assets:
Home: mortgages-$325K last appraised at $325K
Car 1: loan-$15K kbb-$16K
Car 2: loan-$0 kbb-$4K

Our debt:
my student loan debt: $42K (all federal)
wife student loan debt: $120K ($90K federal and $30K private signature)
credit card debt: $42K
car 1: $360
car 2: paid off

Monthy Bills:
1st mortgage: $1690
HELOC: $625
credit cards: $1100
utilities: $290
auto insurance: $95
my student loan: $450 (in deferment)
wife student loan: $950 (in deferment)
prepaid college plans for all 3 children: $230
grocery bill: $800

Just a few things I would like to ask if you will allow me;

How much cash do you have right this moment?

What is your effective tax rate? total taxes paid/total income

What are your Federal and State exemptions on your paycheck?

What is HELOC?

Do I understand correctly, you will lose the $42k credit card debt, by declaring? thats it?

Any back taxes owed?

How much Federal and State taxes did you pay last year?

Not that it matters, but why are you living in a $325,000 house?
how long? Curious what % you put down on it to acquire?

401k, IRA were the hell are they???? If you were my client you
would have got a brow beating on buying the house, before funding retirement plans.

What kind and year is car #1, what I am after is; if this car is still rapidly depreciating.

1st mortgage: $1690 What is your property taxes? Are thet included in here?

Are your credit cards maxed? is the 42k at favorable rates or are they at the 20% plus.

prepaid college plans for all 3 children: $230, Is this a 529 plan? Custodial? what is title of assets?, how much?

What is your credit like? each of you?

Are debts both, his, or Hers?

These questions answered might get several realistic responses for options.

[AAAArt]

Please consider changing your user name. The situation sucks...not you! Everytime you write something as "I Suck", you reinforce your negative feelings about yourself. There are enough people in the world willing to beat up on you, that you never have to do it to yourself.
Many people on this board have changed their user names after a while.
Remember, we won't judge you because of your financial situation. You are a person of value and worth and almost everyone here will treat you as one, so start the road to recovery by remembering that the BK option was written into the constitution as a right, not as loophole for sleazy worthless people.
The process is hard, but all of us have been there. We're pulling for you. Art

[anonymuse]

Good point, Art.

The situation sucks. We all have been part of circumstances--some within our control and some not. IMO, the BK system treats people like guilty until proven innocent and don't let it get you down.

We're all in the same boat here--just some have been paddling a little longer and others are nearing the shore while a few get caught in the rapids for awhile.

[scammer]

Please consider changing your user name. The situation sucks...not you! Everytime you write something as "I Suck", you reinforce your negative feelings about yourself. There are enough people in the world willing to beat up on you, that you never have to do it to yourself.
Many people on this board have changed their user names after a while.
Remember, we won't judge you because of your financial situation. You are a person of value and worth and almost everyone here will treat you as one, so start the road to recovery by remembering that the BK option was written into the constitution as a right, not as loophole for sleazy worthless people.
The process is hard, but all of us have been there. We're pulling for you. Art

nice post, I agree, and look at me, I am always catching crap for my name.

[spongenotbob]

After much thought and many ulcers, I have come to the conclusion we need to file for BK. It's just so frustrating how we got this bad in debt. It's really pathetic that we have pretty good combined income and yet we can barely scrape by. Hind sight is definately 20/20.

I am going to start the hunt for a good bankruptcy lawyer in the Raleigh/Cary area.

Questions I will be asking:
- What are the fees to file for BK.
- Can I file chapter 7 or chapter 13.
- Will we be able to keep our home.
- Will will happen with both cars.

Our stats:
live in North Carolina
wife and I both work
we have 3 kids
combined income $101K

Our assets:
Home: mortgages-$325K last appraised at $325K
Car 1: loan-$15K kbb-$16K
Car 2: loan-$0 kbb-$4K

Our debt:
my student loan debt: $42K (all federal)
wife student loan debt: $120K ($90K federal and $30K private signature)
credit card debt: $42K
car 1: $360
car 2: paid off

Monthy Bills:
1st mortgage: $1690
HELOC: $625
credit cards: $1100
utilities: $290
auto insurance: $95
my student loan: $450 (in deferment)
wife student loan: $950 (in deferment)
prepaid college plans for all 3 children: $230
grocery bill: $800

I hate to say but I don't think it would be worth it for you. From your numbers, you would only be attempting to shed $42K (of a total of $219K of non-mortgage debt...) So even if successful (Chap 13 no doubt) you'd still have the $177K to contend with. Yikes.

There may be a way to make the student debt dischargeable - maybe - but I understand it's extremely difficult and you'd be well-advised to seek out a very, very competent attorney - take your time with this part. Not impossible, just very difficult.

Best of luck to you,
- spongenotbob

[anonymuse]

There may be a way to make the student debt dischargeable - maybe - but I understand it's extremely difficult and you'd be well-advised to seek out a very, very competent attorney - take your time with this part. Not impossible, just very difficult.

Best of luck to you,
- spongenotbob

Yes, extremely extremely difficult--highly improbable.

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