Well figured it was time to start posting some questions in regards to my situation. But first just wanted to express appreciation for this forum. I've been mostly lurking since I found the forum a couple of weeks ago and I've learned a great deal in that time. I also commend the members here. I can imagine how difficult it is to post your personal stories all for the benefit of others. It is a very brave thing to do, and quite admirable.
I have approx 27k in debt that comes to almost $800 a month. Mortgage of $1200 and car of $170 a month with two years left. My full time and wife's part time brings in about $3300 a month. Although my job is very secure, my health won't allow me to work overtime to catch up on bills like I used to in the past. With the other normal monthly expenses it seems there is very little left over each month. But we've continued to manage to stay out of trouble thus far, usually at the expense of frugality. The kicker is my son and his wife and daughter had to move in with us early last year because of financial difficulty. We are so happy to have them with us mainly because we get to see our granddaughter all the time now. But make no mistake, this has put a big burden on us financially. My son has a full time job but it goes almost all to his debt. He does try to give us something now and then but I've told him to not worry about it and focus on getting himself and his family back on their feet. Now we've learned they have another baby on the way. So, they may be with us a little while longer. Also, my wife may have to quit her part-time job to help our daughter in law.
Up until a few weeks ago I had not even considered BK. But now I am in research mode gathering all my information together before I make an appt with a BK attorney. My question is, do I count my son and his family as dependants? And if so, do I include his pay as income (even though I seldom receive anything from him)? I'm really confused about that point..the obvious answer would seem to be yes, include his income. But then wouldn't I have to also include HIS debt? I'm sure the attorney will have a definitive answer, but just thought I'd ask here first.
Also, my wife and I charged a $1500 tv at Walmart and I charged a $1400 new computer from an online vendor all about two months ago. I know, stupid. It had been so long since we'd been able to splurge like that, we had the credit, so why not? Plus we really needed those two things at the time - old tv suddenly went out on us and my computer was in need of an upgrade so I bought a new one. We were current on all debt and BK wasn't even on my radar. Well you know what they say about hindsight..
I know about the 90 day thing. These would obviously fall into the assets category. And I am willing to part with them. But just wondering how badly does that reflect on my situation if I want to file?
My apologies this is so long. I'll stop here and invite all comments, good or bad. And thanks!
I have approx 27k in debt that comes to almost $800 a month. Mortgage of $1200 and car of $170 a month with two years left. My full time and wife's part time brings in about $3300 a month. Although my job is very secure, my health won't allow me to work overtime to catch up on bills like I used to in the past. With the other normal monthly expenses it seems there is very little left over each month. But we've continued to manage to stay out of trouble thus far, usually at the expense of frugality. The kicker is my son and his wife and daughter had to move in with us early last year because of financial difficulty. We are so happy to have them with us mainly because we get to see our granddaughter all the time now. But make no mistake, this has put a big burden on us financially. My son has a full time job but it goes almost all to his debt. He does try to give us something now and then but I've told him to not worry about it and focus on getting himself and his family back on their feet. Now we've learned they have another baby on the way. So, they may be with us a little while longer. Also, my wife may have to quit her part-time job to help our daughter in law.
Up until a few weeks ago I had not even considered BK. But now I am in research mode gathering all my information together before I make an appt with a BK attorney. My question is, do I count my son and his family as dependants? And if so, do I include his pay as income (even though I seldom receive anything from him)? I'm really confused about that point..the obvious answer would seem to be yes, include his income. But then wouldn't I have to also include HIS debt? I'm sure the attorney will have a definitive answer, but just thought I'd ask here first.
Also, my wife and I charged a $1500 tv at Walmart and I charged a $1400 new computer from an online vendor all about two months ago. I know, stupid. It had been so long since we'd been able to splurge like that, we had the credit, so why not? Plus we really needed those two things at the time - old tv suddenly went out on us and my computer was in need of an upgrade so I bought a new one. We were current on all debt and BK wasn't even on my radar. Well you know what they say about hindsight..
I know about the 90 day thing. These would obviously fall into the assets category. And I am willing to part with them. But just wondering how badly does that reflect on my situation if I want to file?
My apologies this is so long. I'll stop here and invite all comments, good or bad. And thanks!
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