So as it sits right now I am planning on filing for Chapter 7 in March 2011. I know this may seem like a long ways away but I know Im headed for that road regardless and also that is the month in which I will be 6 months under the state median income and can file. Also Im holding out hope that Congress passes the proposed law to allow private student loans to be discharged by then.
I have a old debt Im paying that is in collections from an a personal loan with a credit union. Its handled by a law firm and I cannot stop paying because YEARS ago when I was unknowledgeable I signed a stipulation. That is $100 a month and Ive paid the original balance but interest, attorneys fees, etc are still at like $4k.
I have two credit cards with just under $10k each on them, so about $20k there. I have another cc with $1100 that Im not sure Ill include. I have a credit card with a balance of $2200 that I will not include because that is a joint card with my mom and Im not goin to screw her credit up since she helps out at times. I have a personal loan with $10k balance, and a 2009 Jeep with a $30k balance that I will be voluntarily giving up in the next few months and Im sure a deficiency will be $10k to $15k after sale. So that is a total of around $50k. My monthly obligations for just the two big cc's, the Jeep and the personal loan are $1400 a month and that is what is killing me and my wife. Its been hurting and financially straining us since May 2009 and I finally just got tired of living paycheck to paycheck, pulling an occasional advance to get by and just stressing out. Our mortgage of $1100 will always be paid, Im not letting that go nor do I need to as we can afford that.
So the reason we are waiting. My wife works part time (30 hours) and we are definitely over the state median income. However we have a child on the way and she is due in September. She will stop working no later than the end of August due to her nature of work. That will put us at 6 months under the median in March 2011. So the income reason and the hope of the proposed legislation allowing private student loan discharge.
One question I have is they wont try to ask why my wife isnt working will they? I mean with her field (pastries) she doesnt make enough to justify working because after childcare and gas she will net $100 or so a month.
Ive always completely blocked the thought of BK but last month I just came to the realization that we cannot sustain living like this. Since Ive come to that realization I have been much less stressed out and feel like a weight has been lifted off my shoulders.
I will be filing individually in FL.
I have a old debt Im paying that is in collections from an a personal loan with a credit union. Its handled by a law firm and I cannot stop paying because YEARS ago when I was unknowledgeable I signed a stipulation. That is $100 a month and Ive paid the original balance but interest, attorneys fees, etc are still at like $4k.
I have two credit cards with just under $10k each on them, so about $20k there. I have another cc with $1100 that Im not sure Ill include. I have a credit card with a balance of $2200 that I will not include because that is a joint card with my mom and Im not goin to screw her credit up since she helps out at times. I have a personal loan with $10k balance, and a 2009 Jeep with a $30k balance that I will be voluntarily giving up in the next few months and Im sure a deficiency will be $10k to $15k after sale. So that is a total of around $50k. My monthly obligations for just the two big cc's, the Jeep and the personal loan are $1400 a month and that is what is killing me and my wife. Its been hurting and financially straining us since May 2009 and I finally just got tired of living paycheck to paycheck, pulling an occasional advance to get by and just stressing out. Our mortgage of $1100 will always be paid, Im not letting that go nor do I need to as we can afford that.
So the reason we are waiting. My wife works part time (30 hours) and we are definitely over the state median income. However we have a child on the way and she is due in September. She will stop working no later than the end of August due to her nature of work. That will put us at 6 months under the median in March 2011. So the income reason and the hope of the proposed legislation allowing private student loan discharge.
One question I have is they wont try to ask why my wife isnt working will they? I mean with her field (pastries) she doesnt make enough to justify working because after childcare and gas she will net $100 or so a month.
Ive always completely blocked the thought of BK but last month I just came to the realization that we cannot sustain living like this. Since Ive come to that realization I have been much less stressed out and feel like a weight has been lifted off my shoulders.
I will be filing individually in FL.
Closed November 2010
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