Before start I would like to thank everyone who has contributed to this forum. Your thoughts, comments and stories have helped me get through this process. Here is my story:
Perfect credit for the last 20 years. My financial situation changed over the last two years due to family loans and gambling boyfriend (who is now out of the picture). I am the single mother of two. My daughter just started college last week.
Residence - New Jersey
Income - $88,500 (household of 3, my son and 18 year old daughter)
Property - Current residence payments a few weeks behind but catch up.
2nd mortgage behind two months but plan to pay 1st week in October.
Rental property in Texas - payments current (mortgage paid with tenant rent)
Automobile - Just bought 2004 nissan murano, my 2001 car died on me. paying high interest rate due to two months late on credit cards, but I must have a car to work.
Unsecured cc debit - over $65,000 (7 credit cards) some cash advances to support my boyfriends habit.
Used credit card to pay car insurance, daughters college textbooks and bills up to July 24, 2008.
My daughter is 18 years old and works part-time.
I have no savings or investments.
I met with a bk attorney who advised that even though my salary is above median income (by almost $6,000) she believe I can do chapter 7 which is $1,500. I had to stop paying cc to save money to pay attorney.
CC companies call my job, home and cell phone all day.
After reading this forum I plan to file end of October due to the 70/90 rule.
Your comments, suggestion and thoughts are greatly appreciated. Thank you
Perfect credit for the last 20 years. My financial situation changed over the last two years due to family loans and gambling boyfriend (who is now out of the picture). I am the single mother of two. My daughter just started college last week.
Residence - New Jersey
Income - $88,500 (household of 3, my son and 18 year old daughter)
Property - Current residence payments a few weeks behind but catch up.
2nd mortgage behind two months but plan to pay 1st week in October.
Rental property in Texas - payments current (mortgage paid with tenant rent)
Automobile - Just bought 2004 nissan murano, my 2001 car died on me. paying high interest rate due to two months late on credit cards, but I must have a car to work.
Unsecured cc debit - over $65,000 (7 credit cards) some cash advances to support my boyfriends habit.
Used credit card to pay car insurance, daughters college textbooks and bills up to July 24, 2008.
My daughter is 18 years old and works part-time.
I have no savings or investments.
I met with a bk attorney who advised that even though my salary is above median income (by almost $6,000) she believe I can do chapter 7 which is $1,500. I had to stop paying cc to save money to pay attorney.
CC companies call my job, home and cell phone all day.
After reading this forum I plan to file end of October due to the 70/90 rule.
Your comments, suggestion and thoughts are greatly appreciated. Thank you
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