My Situation any idea's or pointers before I file?

[daver443]

First I have posted a lot in the recent days, just trying to get everything in order. I'm very analytical and have represented myself legally previously so I do understand courtroom procedures and how to go about that, importance of filing deadlines, etc.

My financial situation :

39 Divorced and remarried Child with (new) wife
My wife(current) was became a homemaker after 17 years as a dental assistant (when our son was 8 months old, I was making plenty)
I was stuck with my previous home from my previous marriage as my ex was to sign it over to me and I buy her out (for 50k), long story short house didnt have 50k in equity so no ability to do so. Hense.

Debt to ex (not listed as "Support" in judgement) 50,000
Debt on old house now being foreclosed (Roughly) 170,000
Credit cards (roughly) 35,000
Debt on Current wifes vehicle (titled in my name) 8,000
electric bill for foreclosed house roughly 1200
phone bills roughly 400
various smaller bills roughly 2500
Student Loan (Wells fargo) 16000

Income and own
Income is about 2215 a month over the last 6 month snapshot
Previously (Before I was let go a year ago (due to reduction in force, not termination) 120k+
Last years tax return with being laid off in October was 120k gross
(prior roughly the same (Severence))
I own (paid off ) a 2007 Accord 145k miles V6 special edition (fair condition I would say)
Also a 1998 Dodge dakota, still jointly titled to myself and ex-wife (inoperable)
rent is roughly 1800 a month
I do get some public assistance for medical and food (food is 180 a month)


I am considering at this point to file for SSDI as I have lost my security clearance do to debt risk and wonder if I could ever get it back and I am currently being treated for PTSD (SSDI would improve my finances to roughly 4k per month or Roughly)


I dont know how we are making it but we are, and I am happy, except for finances..heh

I am just looking if there are any pointers or possibly anything I have overlooked?

Would filing for SSDI before or during the BK process have any affect on my BK?

also, when I have to turn in my tax returns, I am afraid my previous salaries (between 90k-130k) would negatively affect me as I honestly have looked for work, I have even applied to drive a truck, but no takers with my background (over qualified)

[keepmine]

also, when I have to turn in my tax returns, I am afraid my previous salaries (between 90k-130k) would negatively affect me as I honestly have looked for work, I have even applied to drive a truck, but no takers with my background (over qualified)

Not sure why you think this might be a problem. Nothing in the code requires you to have a job or even be looking for work. You won't be the first person who filed bk and was unemployed.
The goal of the execrise is, make the bk routine and run of the mill so you never see the inside of a courtroom.
Not sure about SSDI. Most bk lawyers will give a free or lowcost initial consultation. Speak with a few and see what they suggest.

[daver443]

I was not worried about being out of work, but without my clearance (and in Maryland doing Cyber related work) I will not be able to make even close to that Money, I previously was a IT Systems admin, but that was over 10 years ago, and Operating systems, etc have changed a lot, I have basically been a Intelligence analyst, with a "Cool Cyber name in front of it" cause that is the current buzz word..

I am worried someone may look at previous returns and think I am scamming, due to previously making so much money, if I could, I would (make that much again) but, I can and will be living on less

[Pjmax]

I was not worried about being out of work, but without my clearance (and in Maryland doing Cyber related work) I will not be able to make even close to that Money, I previously was a IT Systems admin, but that was over 10 years ago, and Operating systems, etc have changed a lot, I have basically been a Intelligence analyst, with a "Cool Cyber name in front of it" cause that is the current buzz word..

I am worried someone may look at previous returns and think I am scamming, due to previously making so much money, if I could, I would (make that much again) but, I can and will be living on less

But, the thing is, you are not making that much now and don't know when/if you will in the future. You are not alone. Unfortunately, it's a very frequent scenario now and for the past several years.

I don't know much about SSDI and BK, but what I do know is it's difficult and time-consuming to be approved for. I think the process takes about 2 years usually, and you should consider hiring an SS attorney if you are going this route.

[bcohen]

I am not sure that filing for bankruptcy when you have rent of $1800 on income of $2215 is such a good idea, unless you plan to reject the lease, and downsize to something MUCH more economical. For two adults, and one child, surely you can find something for under $1000 a month, perhaps in a different neighborhood or city?

Once you have lowered your living expenses to fit within the income which you can realistically make going forward, THAT is when you file for bankruptcy. Otherwise, you can find yourself in debt again, and without the "escape hatch" of bankruptcy being available.

[Pjmax]

I agree with bcohen. $1800 rent, wife's car payment that you are trying to hang on to (don't know that payment amount.) Neither of you working and $2215 income? I'm guessing you have been 'making it' by using credit cards. I think you can make it after BK, but only if you decrease your rent, possibly give up one car for now, and one of you needs to get some work, any work. Don't count on filing BK, getting your sec. clearance and another good-paying job quickly enough to carry you through without getting deep in debt again. You have to look at structuring your life under the conditions as they are now, not what you hope they'll be.

[keepmine]

Yeah, I missed that about the rent.
There's no tearing hurry to file bk. You really have nothing anyone can take plus, those student loans will survive bk.
If you're not working, your wife needs to consider reentering the workforce. You're in an area of the country witha high cost of living. ven if you find cheaper housing a family of 3 with ongoing medical expenses will struggle.

[daver443]

Let me clarify I thought I said it above, but sorry if I did not

for more explanation, My wife is now working, at first it was Sporadic, however now she is working much more regular (with a high profile catering company), doing the income calculation however, it works out to her making $545 avg over the last 6 month snapshot. The company she is working for is opening a brick and mortar eatery and my wife will be managing it and going Salary in the next month or so at $36k. My income was 1720 a month, but with the sequester my Unemploment was cut back to 1372 in July

Also as a money saver and because my parents are aging, they are moving into the house with us (probably in Sept/Oct), they are both retired and living on Social security and personal savings, however it works cheaper for all of us (and we are a close family, but they live 45 minutes away currently)