New Person here, considering filing...

[juniperGreen]

Hello all.
I have been struglling w/my debts for a while. Been doing what I could to pay, went to ACCC. Already have two jobs, looking for a third.
But it has come to the point that I really don't think I can make it.
I am thinking of filing. Primarly I want to save the house.
Get at least my life back so I can live a bit of it. Not worry everyday that I am going to loose everything. And to be able to stop thinking about novel ways of jumping from a very tall bridge.
Any feedback or similar experiences, advice?
Anything?

[JRScott]

Well maybe you could tell us a bit more about your economic situation.

What was your gross income for the last 6 months?
What State do you live in?
How many are in your household?
How much equity do you have in your home?
What is your monthly mortgage payment(s)?
What is your monthly car payment(s)?
How much unsecured debt do you have?
Do you have any more secured debt? What is it?
Is any of your debt Student loans?

This will help us see what you might can do.

[BK2008]

Don't jump from a bridge! It will all be ok after you get yourself a plan.

Can you list your debts / income so we can get a clearer picture??
How much is your house worth?? What do you owe on it??

[AngelinaCat]

Hi JuniperGreen:

Welcome HOME! You will find a lot of good advice and friends here. You can nix the bridge idea. Things will get better.

How much is your debt, and what jobs do you have? If you have one in which you have a retirement or 401-K plan, please tell us that you have NOT cashed those in trying to stay afloat. Many of us have made that mistake, yours truly and 'Hub for two. Retirement plans and 401-Ks are exempt in BK.

Continue reading through here on the various different threads. At some point you will want to consult a good BK attorney. There are suggestions throughout here that give advice on what to look for.

You may also wish to invest in a BK book from nolopress.com. There are print and online version there that cost about 1/2 of what the retail bookstore price is. The C13 book may not have been updated yet. We purchased the C7 book, and are using it like a handbook.

Good luck to you, and again, Welcome!!!

[juniperGreen]

Thank you,

Thank you for the welcome, as for the questions asked...

What was your gross income for the last 6 months?
- Gross, like after the taxes, about $1.400
What State do you live in?
- Lovely green oregon
How many are in your household?
- just one. The cats don't help out financialy
How much equity do you have in your home?
-not much, but I don't want to wind up homeless, give up my cats.
What is your monthly mortgage payment(s)?
-Variable mortgage. I have been paying the minium to help pay my other debts
What is your monthly car payment(s)?
- None, it was inherited
How much unsecured debt do you have?
- Don't actually know the diff between secured and unsecured debt. But i'd say about 15,000.00 in credit cards but I also have the property taxes to pay. Another 2000.00 plus a year.
Is any of your debt Student loans?
- the student loan is an additonal $30,000.00
and as a multiple cat owner, thank you angelinaCat for the welcome as well. I have been looking at my library catalog for book on this issue.

[JRScott]

Gross income is before taxes, what you earn before anything is taken out of the check

How much equity do you have in the car?


Taxes and Student Loans cannot be discharged in bankruptcy. You might could seek to have the student loans put into deferment if you can. That's where while you are financially strained you don't have to pay them.

[treehugger1]

Gross income is your total before taxes. If you are taking home $1400 per month, I'll guess you are making somewhere between $24K and $30K. Just a guess. If so, you might meet the means test without any presumption of abuse.

If you have no equity in your home, you might be okay, but why would you hang onto a mortgage that is variable? I understand the cats, but...?

You are allowed approximately $2150 to exempt for a vehicle. Your vehicle seems to be paid for. Is it worth more than $2150? If so, the car may have to go in a chapter 7.

You might sit down and write out all of your expenditures, including mortgage/taxes/liability insurance, and then be reasonable with your utilities, car insurance, medical, FOOD, gas, etc. Would you be better off to let go of your home (mortagage) and find a place to rent that allows the cats? I love cats, and have two myself. I rent.

The idea of BK is to reduce your debt or debt payments on secured holdings and still survive. "Secured" implies there is sometign you would have to give up to satisfy the debt owed on it, auto, home, jet skis, etc.

Others will have more help to offer you, but in my humble opinion, you need to first understand what your non-debt expenses are and then determine if you can continue to proceed in your current (debt) situation.

Welcome to the board!

[juniperGreen]

thanks for clarifying.

I need a roof over my head. I want to save the home. With two jobs and my debts discharge I can afford the house and pay more that the minum.
The car was inherited so it is only costing me for upkeep and insurance. It is saturn, 2000, a sedan.
I thought of selling to help me pay debts/bills. I don't think I could get $1000.00 (p.t. barnum might disagree of course)
I actually do not have any crazy card purchases. No jet ski, plasma tv or origami folding, massage giving, dinner cooking lazy boys.

I wil however do what you said and start making a list of all i have/own. (I must admit I am not too oragnized and when it comes to debt and misery I tried not to look)

[JRScott]

The important part is how much you spend on everything. That will help you see what you can do.

Even if the car was inherited it has a value. You can go to NADA.com or Kelly Blue Book and look up the value of the car. State's only allow so much value.

Don't become discouraged though as you start the process. Right now is just a time to get the info you need for when you go see some lawyers

When was the last time your home was appraised, it might be worth less than you think which might could help in the bk.

[Flowers]

welcome you will find many folks here supportive.
Flowers.

[leftyf]

Any chance of increasing your income? I know it seems like quite a load, but $15K is not really worth bk'ing over, in my opinion. BK is a great thing when you need it, but it could/will follow you around forever. Personally, I'm a financial guy so I know it will come back to haunt me at some point...hopefully you're not.
Lefty

[justplaintired]

Well it seems like you fit a 7, the car is questionable though. However, if you look at KBB, and see it's close maybe you have a wildcard to help cover it. Student loans your stuck with. I totally do understand wanting to keep your home, but the variable rate is something you may need to think about.

You need to sit down with your cc statements and add up all your debt, you maybe surprised you may have more then you realize.


From my understanding you can recover from a BK it's possible. Please sit down with all your debt, organize the bills. Then look around at what you own, make a list, put garage sale prices with it. Find exemptions for your state for a BK, find the median income for your state.

BK is a totally private decision only you can decide if it's for you and if your really serious, meet with a few attorneys and get some professional advice.

Oh and welcome!! This site has so much info and so many good people you'll find anything and everything you could possibly need to know when your going thru BK.

[juniperGreen]

Thank you all. Today i'll start by reviewing all my bils and calling re back taxes.
The husband of a friend of mine is a bankruptcy lawyer. So I can start by talking to him.
Thanks everybody. I'll keep you posted.