Hi, all! I hope I am posting this in the right place.
I am a (very) newlywed...just 8 days in. I've been considering filing for BK for months now and finally worked up the nerve to discuss it with my husband earlier this week. He doesn't have good credit (at all) but still does not plan to file. Nor is he considering it.
My brother recently spoke to an attorney who advised him that he does not qualify for BK due to not having a lot of unsecured debt. He has two tax garnishments (federal and state), lots of student loans that are past due, a car, and charged off debt.
My concern is that I may not qualify for BK either. This was never even a consideration before speaking to my brother. I make a fairly decent living but still live paycheck to paycheck each month. Our rent is reasonable but in addition to rent, we pay $1200/mo for daycare and (my personal) car note is $567/mo with about $10k left to pay it off. It's roughly worth about the same. My student loan payment which is GREATLY past due has a remaining balance of roughly $107k. I owe approximately $7,000 in federal taxes for 2009-10 and those payments are due to commence next week. I have one credit card with an extremely small balance of $130 but is closed. Then I have about $10-15k in charged off credit card debt that I am still receiving calls and letters about. Last year I was admitted to the hospital so I have another $2,000 in debt from that which is also in collections.
Will I even qualify for BK? Can I include any of this debt in a repayment plan? I have an appointment with an attorney this afternoon so I will know more then, hopefully
My credit is in the toilet (FICO is probably below 500 at this point) but I don't know how to start improving that score so that we can purchase a home in the next 2-3 years.
Thanks in advance
ETA: I do have one open AMEX card. It's my corporate card that is necessary for work. I ONLY use it for work related expenses and expense everything on it.
I am a (very) newlywed...just 8 days in. I've been considering filing for BK for months now and finally worked up the nerve to discuss it with my husband earlier this week. He doesn't have good credit (at all) but still does not plan to file. Nor is he considering it.
My brother recently spoke to an attorney who advised him that he does not qualify for BK due to not having a lot of unsecured debt. He has two tax garnishments (federal and state), lots of student loans that are past due, a car, and charged off debt.
My concern is that I may not qualify for BK either. This was never even a consideration before speaking to my brother. I make a fairly decent living but still live paycheck to paycheck each month. Our rent is reasonable but in addition to rent, we pay $1200/mo for daycare and (my personal) car note is $567/mo with about $10k left to pay it off. It's roughly worth about the same. My student loan payment which is GREATLY past due has a remaining balance of roughly $107k. I owe approximately $7,000 in federal taxes for 2009-10 and those payments are due to commence next week. I have one credit card with an extremely small balance of $130 but is closed. Then I have about $10-15k in charged off credit card debt that I am still receiving calls and letters about. Last year I was admitted to the hospital so I have another $2,000 in debt from that which is also in collections.
Will I even qualify for BK? Can I include any of this debt in a repayment plan? I have an appointment with an attorney this afternoon so I will know more then, hopefully
My credit is in the toilet (FICO is probably below 500 at this point) but I don't know how to start improving that score so that we can purchase a home in the next 2-3 years.
Thanks in advance
ETA: I do have one open AMEX card. It's my corporate card that is necessary for work. I ONLY use it for work related expenses and expense everything on it.
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