So I figure for you all to give me your input, suggestions, advice or personal experience, it would be most helpful to know the details. I feel our situation is tricky because of a. our family size. b. our unknown income/variables and c. because we ride the line between a ch7 vs ch13 due to income and expenses.
Income:
DH's- Salary 67,000 yearly. Bonuses generally another 25% of his salary so roughly 18,000 yearly but these are not guaranteed and the amount is based on performance and company success. However, we did have to include these in our means test and that sunk us.
Mine- This is tricky as well. My last 6 months are showing I make 30K a year. I do not now. I make roughly 1400 a month before taxes working 1 day per week.
Taxes: We are in a high tax bracket and the only reason we get a refund is because the bonuses are taxed at a high rate- approx 2500 month in taxes.
We bring home after taxes roughly 5,200 a month (not including bonuses).
Groceries and household supplies: 1000 a month. There are 7 of us and 1 is still in diapers. I cook all our meals and pack my kid's lunches. My dh does eat out at lunch at work.
Gas- this kills us. Probably easily $500 month.
Utilities - including propane gas for heat, $600 month.
Health expenses, copays, dental. $400-500 a month depending on winter vs. summer.
Car pmt, taxes, ins. - $525. This is a lease (2007 minivan). We owe 11k on it, it's worth 7-8k. Our lease is up in February. We will have a payment due at that time of 6K. We aren't sure if we are going to keep it or not? But our credit is shot so not sure we can buy something else.
House pmts. Our 1st mort is 721/mo (owe 99,000-house is worth 70,000 and we are NOT keeping it)
2nd mort is 370/mo.
House insurance is $60 mo.
Taxes are around $75 mo.
Unsecured, consumer loan in amt of 47,000. Bad thing is we have a codebtor on this and it is a relative so we cannot leave them hanging on it. pay $489/mo.
Student loans. Approx owe 30K and pay roughly $325 mo right now. One is late, the other 2 current. One has a codebtor on it through Sallie Mae.
Credit cards. Owe approx 25k. Pay roughly $800 mo.
That's not including what we spend for kid's clothing, activities, orthodontist bills (we have dental but no ortho insurance) etc. With 5 kids, even if they aren't spoiled (which they're not) it adds up.
Our car is 5 years old. We only have 1 to drive. Dh drives a company truck. It has 94,000 miles on it. Our oldest daughter will be 16 in 3 years. So stressful.
I know this is a lot of info. Any guidance is appreciated. Am I missing anything major that we need to account for? Our next meeting with our attorney is Monday and I'd like to be as educated as possible going in to the meeting.
Income:
DH's- Salary 67,000 yearly. Bonuses generally another 25% of his salary so roughly 18,000 yearly but these are not guaranteed and the amount is based on performance and company success. However, we did have to include these in our means test and that sunk us.
Mine- This is tricky as well. My last 6 months are showing I make 30K a year. I do not now. I make roughly 1400 a month before taxes working 1 day per week.
Taxes: We are in a high tax bracket and the only reason we get a refund is because the bonuses are taxed at a high rate- approx 2500 month in taxes.
We bring home after taxes roughly 5,200 a month (not including bonuses).
Groceries and household supplies: 1000 a month. There are 7 of us and 1 is still in diapers. I cook all our meals and pack my kid's lunches. My dh does eat out at lunch at work.
Gas- this kills us. Probably easily $500 month.
Utilities - including propane gas for heat, $600 month.
Health expenses, copays, dental. $400-500 a month depending on winter vs. summer.
Car pmt, taxes, ins. - $525. This is a lease (2007 minivan). We owe 11k on it, it's worth 7-8k. Our lease is up in February. We will have a payment due at that time of 6K. We aren't sure if we are going to keep it or not? But our credit is shot so not sure we can buy something else.
House pmts. Our 1st mort is 721/mo (owe 99,000-house is worth 70,000 and we are NOT keeping it)
2nd mort is 370/mo.
House insurance is $60 mo.
Taxes are around $75 mo.
Unsecured, consumer loan in amt of 47,000. Bad thing is we have a codebtor on this and it is a relative so we cannot leave them hanging on it. pay $489/mo.
Student loans. Approx owe 30K and pay roughly $325 mo right now. One is late, the other 2 current. One has a codebtor on it through Sallie Mae.
Credit cards. Owe approx 25k. Pay roughly $800 mo.
That's not including what we spend for kid's clothing, activities, orthodontist bills (we have dental but no ortho insurance) etc. With 5 kids, even if they aren't spoiled (which they're not) it adds up.
Our car is 5 years old. We only have 1 to drive. Dh drives a company truck. It has 94,000 miles on it. Our oldest daughter will be 16 in 3 years. So stressful.
I know this is a lot of info. Any guidance is appreciated. Am I missing anything major that we need to account for? Our next meeting with our attorney is Monday and I'd like to be as educated as possible going in to the meeting.
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