So, like many others, I found this site on a google search and have been lurking around the past few days. My story ... I finally decided within the last 2 weeks that filing for bankruptcy is the way to go. Had enough of money worries all year that led to constant migranes and finally being put on blood pressure medication.
My appx debts without monthly living expenses are as follows -
Unsecured debt - 116,000 (Credit Cards, personal bank loan and line of credit)
Mortgage 1 - 265,000
Mortgage 2 - 59,800 (home equity loan on 80/20)
Mortgage 3 - 40,000 (HELOC)
Auto loan - 15,300 (2yrs pd, 3 yrs left Honda Pilot 06 blue book value 18,500 good cond but will say 17,500 fair)
Live in Northern California. Bought a 3bd 2.5 bath house in 06/2005 for 347K. Mortgage 1, 2 and 3 are all with the same bank although they have sold the 1st mortgage but I still send them my monthly payments. Last two on my street for the same model that sold in the last year sold for 160K and 190K on a short sale (and I owe 325K on my home). About 4 others for sale for several months with no bites even though they are short sales priced around 200K.
I bring home about $1500 net weekly ($2400 gross). Single, 43 but elder parents in their 70s live with me and I am responsible for all their care basically. My debts started when I bought my house and lost my job 2 weeks later for 7 months. Then I was also unemployed from Dec 07 thru end of Feb 08. Got this temp contract job in March 08 that pays decent money as you can see but means test will now show me as making over 110K gross avg for the year (note, at work I have no benefits, no vacation, no sick leave/pay, don't get paid for holidays or any days off even for jury duty, no retirement plans etc). I get paid by the hour and have put no money into retirement (no 401K or IRA) and have no health insurance (cancelled a long time ago). Basically no safety net. The temp job was originally for 6 months but been there almost 8 months now on another project and now they want to convert me to a FTE making probably 80-85K/yr with benefits. Could happen within next 3 to 4 weeks or so.
I don't plan on filing till Jan 09 or Feb 09 so I can get all my ducks in a row. I have less than $300 to my name as everything I make basically goes out immediately and I live paycheck to paycheck. Mortgage 1, 2 and 3 is (1600, 600 and 300) plus 400 for property taxes. Picked random lawyers via the net as nobody I know has filed for bk and can make a recommendation. Seen one lawyer this week who says I am a certainly a CH13 (make over CA median salary) but may be able to pass a CH7. He wants $500 to do the full means test which will be applied to the full fee if I retain him (about $2900 for CH7 and $3800 for CH13 - he's been doing bk law for 30 years). Seems high considering I have no major property above house and car, no stocks, bonds, etc, no business, no land or multiple properties, not married, not divorced, no kids, no child support. Anyway, I will be talking to 2 or 3 more lawyers before making a decision.
BTW, effective this month I have stopped paying all CCs, 2nd and 3rd mortgage. Late 30 days on 1st but will not pay anymore moving forward. I will keep paying the car as I can't risk a repo for I need it to get to work and back. Need to start saving the money for later. Parents will eventually go live with my sister next year but I am using them for taxes and bk filing (head of household of 3 persons). Anyway, that's my story. This forum, along with other sites, has been very useful in reading about the full grasp of what I should expect before, during and after BK. I just hope, hope, hope I can do a CH 7. Ready to walk away from the house and car.
My appx debts without monthly living expenses are as follows -
Unsecured debt - 116,000 (Credit Cards, personal bank loan and line of credit)
Mortgage 1 - 265,000
Mortgage 2 - 59,800 (home equity loan on 80/20)
Mortgage 3 - 40,000 (HELOC)
Auto loan - 15,300 (2yrs pd, 3 yrs left Honda Pilot 06 blue book value 18,500 good cond but will say 17,500 fair)
Live in Northern California. Bought a 3bd 2.5 bath house in 06/2005 for 347K. Mortgage 1, 2 and 3 are all with the same bank although they have sold the 1st mortgage but I still send them my monthly payments. Last two on my street for the same model that sold in the last year sold for 160K and 190K on a short sale (and I owe 325K on my home). About 4 others for sale for several months with no bites even though they are short sales priced around 200K.
I bring home about $1500 net weekly ($2400 gross). Single, 43 but elder parents in their 70s live with me and I am responsible for all their care basically. My debts started when I bought my house and lost my job 2 weeks later for 7 months. Then I was also unemployed from Dec 07 thru end of Feb 08. Got this temp contract job in March 08 that pays decent money as you can see but means test will now show me as making over 110K gross avg for the year (note, at work I have no benefits, no vacation, no sick leave/pay, don't get paid for holidays or any days off even for jury duty, no retirement plans etc). I get paid by the hour and have put no money into retirement (no 401K or IRA) and have no health insurance (cancelled a long time ago). Basically no safety net. The temp job was originally for 6 months but been there almost 8 months now on another project and now they want to convert me to a FTE making probably 80-85K/yr with benefits. Could happen within next 3 to 4 weeks or so.
I don't plan on filing till Jan 09 or Feb 09 so I can get all my ducks in a row. I have less than $300 to my name as everything I make basically goes out immediately and I live paycheck to paycheck. Mortgage 1, 2 and 3 is (1600, 600 and 300) plus 400 for property taxes. Picked random lawyers via the net as nobody I know has filed for bk and can make a recommendation. Seen one lawyer this week who says I am a certainly a CH13 (make over CA median salary) but may be able to pass a CH7. He wants $500 to do the full means test which will be applied to the full fee if I retain him (about $2900 for CH7 and $3800 for CH13 - he's been doing bk law for 30 years). Seems high considering I have no major property above house and car, no stocks, bonds, etc, no business, no land or multiple properties, not married, not divorced, no kids, no child support. Anyway, I will be talking to 2 or 3 more lawyers before making a decision.
BTW, effective this month I have stopped paying all CCs, 2nd and 3rd mortgage. Late 30 days on 1st but will not pay anymore moving forward. I will keep paying the car as I can't risk a repo for I need it to get to work and back. Need to start saving the money for later. Parents will eventually go live with my sister next year but I am using them for taxes and bk filing (head of household of 3 persons). Anyway, that's my story. This forum, along with other sites, has been very useful in reading about the full grasp of what I should expect before, during and after BK. I just hope, hope, hope I can do a CH 7. Ready to walk away from the house and car.
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