My doctor put me on disability today, and it looks like I will not be returning to work. So, my last paycheck will be December 31st. Our income will drop to about 9K gross/mo, which turns out to be about 6800 net/mo. I'm thinking that this is a good timeline for us:
Feb-Mar: Don't make credit card, car, trailer, or mortgage payments (3). This will net us about 6K in cash to purchase an older car to replace the one that will be repossessed for lack of payments.
March: (After buying replacement car) Call bank to come and get car w/loan and trailer w/loan, since I will not be paying them, and I'd rather not have a "forced" repossession.
April-Jun: Continue saving the 3K/mo that is no longer going to mortgage, credit, etc. payments to pay attorney and have 1st and last for rent if banks foreclose quickly.
July 1: File Ch.7 (6 months income will average 9K/mo, but with mortgages, we pass means test.) Continue saving the 3K/mo X 4 mos for future move, etc...
Nov: Discharged? Will have been 9 months since we made a mortgage payment, and I'm assuming one of the three lenders will have forced the foreclosure by then, but maybe I'm wrong??? There will have been a stay from July 1 (or whatever the filing date is) until discharge, right? So, that would buy us time.
Please give me all and any advice you have. I'm new to all of this and trying to figure out the best way to approach it. I will be interviewing attorneys over the next two months, of course.
Feb-Mar: Don't make credit card, car, trailer, or mortgage payments (3). This will net us about 6K in cash to purchase an older car to replace the one that will be repossessed for lack of payments.
March: (After buying replacement car) Call bank to come and get car w/loan and trailer w/loan, since I will not be paying them, and I'd rather not have a "forced" repossession.
April-Jun: Continue saving the 3K/mo that is no longer going to mortgage, credit, etc. payments to pay attorney and have 1st and last for rent if banks foreclose quickly.
July 1: File Ch.7 (6 months income will average 9K/mo, but with mortgages, we pass means test.) Continue saving the 3K/mo X 4 mos for future move, etc...
Nov: Discharged? Will have been 9 months since we made a mortgage payment, and I'm assuming one of the three lenders will have forced the foreclosure by then, but maybe I'm wrong??? There will have been a stay from July 1 (or whatever the filing date is) until discharge, right? So, that would buy us time.
Please give me all and any advice you have. I'm new to all of this and trying to figure out the best way to approach it. I will be interviewing attorneys over the next two months, of course.
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