New. Need Help. Questions.
Hello everyone. I am new to this forum and was in desperate need of some help. Maybe my questions can be answered here or maybe someone can direct me to where I should be posting these.
First and foremost, I would like to thank anyone who is willing to help ;) *hug*
Here are my questions/comments:
1. I am deliberating filing Chapter 7 (according to the "Means" factor for Illinois I [we] fall under the median income). My debt is $40K. This is MY debt alone. Not DH's. Mine. This debt includes $11K for Sallie Mae for a student loan and $3K for another student loan I took out years ago. If I am not mistaken, these two loans will have to be paid back. No ands ifs or buts about it correct? However, are these two loans taken into consideration when filing?
2. DH's finances and my finances are separate. He has his own cards. I have mine (and shamefully I say I have misused
). What we pay together are rent, the caregiver, gas, car repairs, etc. Our cards are our responsibility but this is it how it goes. I deposit my pay checks into his account and pay my bills online using his checking. Sometimes what I pay out is more than what I put in therefore having to use his money which isn't much to begin with but he is responsible and pays his bills on time, are less than mine so what he makes covers what he needs to pay including the bills we pay together...Anyway, that's how our story is. It has worked up until I started paying my SM loan for school which is cutting us extremely thin and not having enough to cover EVERYTHING THAT HAS TO BE PAID INCLUDING CC's.
I have to emphasize, my debt is mine and his is his. With this said, he has a 401K (of course I don't). If I filed (alone) will this affect him? He also has a lil' saved up (don't know the exact amount). Would this be touched if I filed chapter 7? How would that work?
3. I have a paid for car. It was a purchase made w/DH's $ which I pay him (whichin fact I haven't in forever!). The purchase of the used vehicle was made because we had a new baby girl that I would be towing around to and from caregiver as well as taking our older son to and from school, sports, etc. My old car was NOT reliable so the need for a new one was not an option. Here is my question on that, will that be taken as an asset if I were to file a chapter 7?
4. How do I begin the process? I will tell DH I am doing this (if and when I decide to do so).
TIA to anyone who can help me!
P.S. Please understand that I incurred this debt, therefore I don't feel I should burden DH (or his savings) to help me out of this situation....
First and foremost, I would like to thank anyone who is willing to help ;) *hug*
Here are my questions/comments:
1. I am deliberating filing Chapter 7 (according to the "Means" factor for Illinois I [we] fall under the median income). My debt is $40K. This is MY debt alone. Not DH's. Mine. This debt includes $11K for Sallie Mae for a student loan and $3K for another student loan I took out years ago. If I am not mistaken, these two loans will have to be paid back. No ands ifs or buts about it correct? However, are these two loans taken into consideration when filing?
2. DH's finances and my finances are separate. He has his own cards. I have mine (and shamefully I say I have misused
). What we pay together are rent, the caregiver, gas, car repairs, etc. Our cards are our responsibility but this is it how it goes. I deposit my pay checks into his account and pay my bills online using his checking. Sometimes what I pay out is more than what I put in therefore having to use his money which isn't much to begin with but he is responsible and pays his bills on time, are less than mine so what he makes covers what he needs to pay including the bills we pay together...Anyway, that's how our story is. It has worked up until I started paying my SM loan for school which is cutting us extremely thin and not having enough to cover EVERYTHING THAT HAS TO BE PAID INCLUDING CC's. I have to emphasize, my debt is mine and his is his. With this said, he has a 401K (of course I don't). If I filed (alone) will this affect him? He also has a lil' saved up (don't know the exact amount). Would this be touched if I filed chapter 7? How would that work?
3. I have a paid for car. It was a purchase made w/DH's $ which I pay him (whichin fact I haven't in forever!). The purchase of the used vehicle was made because we had a new baby girl that I would be towing around to and from caregiver as well as taking our older son to and from school, sports, etc. My old car was NOT reliable so the need for a new one was not an option. Here is my question on that, will that be taken as an asset if I were to file a chapter 7?
4. How do I begin the process? I will tell DH I am doing this (if and when I decide to do so).
TIA to anyone who can help me!
P.S. Please understand that I incurred this debt, therefore I don't feel I should burden DH (or his savings) to help me out of this situation....
9/10/07
10/16/07
1/23/08
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