Very long post, meeting lawyer tomorrow in Fl
Hello, my husband & I have reached the point of needing to file bankruptcy.
Today marks the first time ever that we have not made a CC payment on time. But since we are seeing the lawyer tomorrow and know we will file I read we should not even bother and keep the money for our immediate bills.
I am a stay at home mom and My husband is the money maker.
He still has his job but has only been getting 20-30 hours a week the last 4 weeks, needless to say we can not pay even minimum CC payments this month.
He made about 57 grand this year & we have 2 kids (pass the means test) we have about $1400 in a employee stock plan, have about $7500 in a 401k but we just took a loan for 3 grand thinking we would use it to pay the bills and repay with our income tax refund which should be about 4 grand. We did this before we realized his hours will not be getting better, we have half that money in the bank for the bills due March 1st.
We each have a car and the cars are worth a total of maybe 4 grand tops. (old pieces of crap that run well)
I need to keep a roof over our heads and pay basic bills such as rent, water, electric, phones, car insurance. Thats about $1600, then baby diapers,formula, and household food and gas.
The CC bills are almost $1700.00 a month,which right now is only about $400 less than what he is brining home.
We owe close to 60 grand on 6 cards. 3 cars are with BOA and we just opened a Credit Union account and transfered all of our monies in to it because I read the BOA can freeze your accounts if you owe them
I am trying to figure as much out as possible before we see the lawyer so i have somewhat of an idea of what to expect.
I have read that we each get to have up to 1 grand of equity in our cars, we each get 1 grand of personal property exemptions and we each get a 4 grand wild card exemption we can use.
Does that mean we can use the wild card exemptions and apply them to the cars?
Also i read that you can keep 60 days of bill & living expense monies, is that above what our exemptions will be?
I know I will have all these questions answered tomorrow But I would love to get any other knowledgeable persons advice and opinions given the info i have provided.
Also we are using a legal plan we have through the job and only have to pay court costs, credit counseling and credit report fees if we decided to use him.
Are these lawyers just as good as one you would have to pay yourself?
Today marks the first time ever that we have not made a CC payment on time. But since we are seeing the lawyer tomorrow and know we will file I read we should not even bother and keep the money for our immediate bills.
I am a stay at home mom and My husband is the money maker.
He still has his job but has only been getting 20-30 hours a week the last 4 weeks, needless to say we can not pay even minimum CC payments this month.
He made about 57 grand this year & we have 2 kids (pass the means test) we have about $1400 in a employee stock plan, have about $7500 in a 401k but we just took a loan for 3 grand thinking we would use it to pay the bills and repay with our income tax refund which should be about 4 grand. We did this before we realized his hours will not be getting better, we have half that money in the bank for the bills due March 1st.
We each have a car and the cars are worth a total of maybe 4 grand tops. (old pieces of crap that run well)
I need to keep a roof over our heads and pay basic bills such as rent, water, electric, phones, car insurance. Thats about $1600, then baby diapers,formula, and household food and gas.
The CC bills are almost $1700.00 a month,which right now is only about $400 less than what he is brining home.
We owe close to 60 grand on 6 cards. 3 cars are with BOA and we just opened a Credit Union account and transfered all of our monies in to it because I read the BOA can freeze your accounts if you owe them
I am trying to figure as much out as possible before we see the lawyer so i have somewhat of an idea of what to expect.
I have read that we each get to have up to 1 grand of equity in our cars, we each get 1 grand of personal property exemptions and we each get a 4 grand wild card exemption we can use.
Does that mean we can use the wild card exemptions and apply them to the cars?
Also i read that you can keep 60 days of bill & living expense monies, is that above what our exemptions will be?
I know I will have all these questions answered tomorrow But I would love to get any other knowledgeable persons advice and opinions given the info i have provided.
Also we are using a legal plan we have through the job and only have to pay court costs, credit counseling and credit report fees if we decided to use him.
Are these lawyers just as good as one you would have to pay yourself?
I'm far from being the most knowlegable person on this forum, but it's nice to know there's people in your geographical area to talk to about this common situation.
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