Long story short…because of reduced hours I fell behind in my car payment. It was repoed in late 2008. in april of 2009 we stopped using and paying our credit cards. Again because of the reduced income, we stopped paying our mortgage in nov 2009. I was finally laid off in may of 2010.
I then found a job in sept of 2010, but between the repossed car and the defaulted cards we were to behind far to catch up. In jan of 2011 I was given a special forbearance to make my home loan current and allow me to keep my upside down house. To make the payment I had to tap my IRA for 8000 to make 2 months of modified payments. My second car that we have paid sometimes is about to be reposed and I had to use some of the 8000 to buy me a cheap 4000 car to have a way to work. I have 3000 left but now that my wifes last day of work has come and gone we wont have her income so I need that 3000 to help with our mortgage.
It gets better….i have had a personal family loan that I have been paying for 500 a month. I am also on my moms bank account that I NEVER deposit any thing into, but have written checks from but none in the last year.
I know im in for a rough time, but I just got my first lawsuit filed on me from one of the credit cards. I have tried to keep my family out of this but I made things worse. My income is 54,000, a family of 4 in California and I have roughly 45,000 in debt.
Can someone help with what to look forward too? Should I even file? Should I just take a judgment?
Please any advise would be appreciated.
I then found a job in sept of 2010, but between the repossed car and the defaulted cards we were to behind far to catch up. In jan of 2011 I was given a special forbearance to make my home loan current and allow me to keep my upside down house. To make the payment I had to tap my IRA for 8000 to make 2 months of modified payments. My second car that we have paid sometimes is about to be reposed and I had to use some of the 8000 to buy me a cheap 4000 car to have a way to work. I have 3000 left but now that my wifes last day of work has come and gone we wont have her income so I need that 3000 to help with our mortgage.
It gets better….i have had a personal family loan that I have been paying for 500 a month. I am also on my moms bank account that I NEVER deposit any thing into, but have written checks from but none in the last year.
I know im in for a rough time, but I just got my first lawsuit filed on me from one of the credit cards. I have tried to keep my family out of this but I made things worse. My income is 54,000, a family of 4 in California and I have roughly 45,000 in debt.
Can someone help with what to look forward too? Should I even file? Should I just take a judgment?
Please any advise would be appreciated.
Closed November 2010
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