OK, so here I am. This is the situation I have dreaded for years but I don't see any other way out at this point. We have a consultation with a lawyer on Thursday and I am actually looking forward to it. The stress of the last two years has really added years to my life.
I've made so many terrible decisions that had good intentions at first and now seem not only stupid, but irresponsible. We've managed to keep everything up to date save two items (luckily neither of which report to the bureaus) and our credit score while down 100 points or so is still in the 620-630 range.
Our problem is just way too much debt. The grand total, a shade over $700K with most of it ($600K) on mortgages on four properties. I am one of those idiots that thought he could make money in real estate. Another $30K on credit cards and $57K on auto loans of which $32K, $635 a month, we will be giving up. We would like to keep one car at $389 a month.
Right now we are right at the median income level for our state but we do receive rental income. Of course, none of it is profit by the time I pay everything but I am worried that we will not pass the means test to do CH7. We make around $5,200 a month before rental income but of course we net much less. Basically our bills out number our income and that is before we pay for food, utilites, etc. I've been making due for the last two years by basically robbing myself of anything of value. On top of all of that we were completely wiped out by Katrina in 2005 and lost everything we owned and then damaged badly again (although nothing like Katrina) by Gustav in September of last year. Because of this we want to keep our home so bad because to us it is a trophy that proves we overcame, the other three properties can go bye-bye.
I have so many questions and my lawyer has been wonderful in answering them via e-mail before our consult. Is there anything I should know going in there on Thursday?
I just wanted to introduce myself and ask for help from everyone. The last several years have been filled with pain and loss for us and we are desperate for a fresh start. Hopefully this will be ticket we need to get our lives back on track. We are in our early 30's and I feel 20 years older from the stress and pain.
Thanks in advance for your help!
I've made so many terrible decisions that had good intentions at first and now seem not only stupid, but irresponsible. We've managed to keep everything up to date save two items (luckily neither of which report to the bureaus) and our credit score while down 100 points or so is still in the 620-630 range.
Our problem is just way too much debt. The grand total, a shade over $700K with most of it ($600K) on mortgages on four properties. I am one of those idiots that thought he could make money in real estate. Another $30K on credit cards and $57K on auto loans of which $32K, $635 a month, we will be giving up. We would like to keep one car at $389 a month.
Right now we are right at the median income level for our state but we do receive rental income. Of course, none of it is profit by the time I pay everything but I am worried that we will not pass the means test to do CH7. We make around $5,200 a month before rental income but of course we net much less. Basically our bills out number our income and that is before we pay for food, utilites, etc. I've been making due for the last two years by basically robbing myself of anything of value. On top of all of that we were completely wiped out by Katrina in 2005 and lost everything we owned and then damaged badly again (although nothing like Katrina) by Gustav in September of last year. Because of this we want to keep our home so bad because to us it is a trophy that proves we overcame, the other three properties can go bye-bye.
I have so many questions and my lawyer has been wonderful in answering them via e-mail before our consult. Is there anything I should know going in there on Thursday?
I just wanted to introduce myself and ask for help from everyone. The last several years have been filled with pain and loss for us and we are desperate for a fresh start. Hopefully this will be ticket we need to get our lives back on track. We are in our early 30's and I feel 20 years older from the stress and pain.
Thanks in advance for your help!
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