Hello, like many people I found this forum for advice.
My wife and I separated last February, she moved in with her parents and our two young children and I began paying child support. I lost my job in November and was only recently able to get another job, although I have to work a part time job at night to get to about 60% what I had been making.
After losing my job, I utilized COBRA to keep my wife and kids insured and it was a huge expense. I cashed out a small pension and took on personal loans to avoid falling behind on my mortgage, pay for the medical insurance and continue paying child support while I was looking for work. I ended up, with the personal loans as well as credit cards, about $19000 in debt not including my mortgage. So far I've been able to keep everything paid on time (minimums, naturally) but the little bit I have in the bank from the pension is about to run out.
I'm trying to sell my house and am in the process of selling pretty much everything I have of any value to stay ahead, but the writing's on the wall. Working two jobs would have been enough had I not dug myself into such a hole while looking for work, but finding a job making what I was (around 70000 annually) is just not going to happen, I make about 3400 a month and the bills add up to about 3500.
My divorce will be final within the next month, and I'm waiting for that before taking the next step. The debt is all in my name alone and I want to make sure my ex-wife and children are clear.
As far as possessions go, I have a paid off car that's about ten years old and not much else other than old furniture and my clothes.
I guess I was just wondering if anyone had some advice for me. Two personal loans amounting to 9k and about 5k in cc debt. Up to date mortgage with about 155k owed, that's about it.
Is it too early to consider filing since everything is currently in good standing, even if I know there's no way I'll be able to keep my head up?
Will selling off my possessions (nothing major: yard sale stuff) look like I'm transferring assets? I did it to pay bills, not hide anything.
I'd love some advice and any insights into my situation. Thanks.
My wife and I separated last February, she moved in with her parents and our two young children and I began paying child support. I lost my job in November and was only recently able to get another job, although I have to work a part time job at night to get to about 60% what I had been making.
After losing my job, I utilized COBRA to keep my wife and kids insured and it was a huge expense. I cashed out a small pension and took on personal loans to avoid falling behind on my mortgage, pay for the medical insurance and continue paying child support while I was looking for work. I ended up, with the personal loans as well as credit cards, about $19000 in debt not including my mortgage. So far I've been able to keep everything paid on time (minimums, naturally) but the little bit I have in the bank from the pension is about to run out.
I'm trying to sell my house and am in the process of selling pretty much everything I have of any value to stay ahead, but the writing's on the wall. Working two jobs would have been enough had I not dug myself into such a hole while looking for work, but finding a job making what I was (around 70000 annually) is just not going to happen, I make about 3400 a month and the bills add up to about 3500.
My divorce will be final within the next month, and I'm waiting for that before taking the next step. The debt is all in my name alone and I want to make sure my ex-wife and children are clear.
As far as possessions go, I have a paid off car that's about ten years old and not much else other than old furniture and my clothes.
I guess I was just wondering if anyone had some advice for me. Two personal loans amounting to 9k and about 5k in cc debt. Up to date mortgage with about 155k owed, that's about it.
Is it too early to consider filing since everything is currently in good standing, even if I know there's no way I'll be able to keep my head up?
Will selling off my possessions (nothing major: yard sale stuff) look like I'm transferring assets? I did it to pay bills, not hide anything.
I'd love some advice and any insights into my situation. Thanks.
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