I guess I just need to vent. I am just feeling like our situation will never ever improve: We are married with 21 year twins in college....we had them take out private student loans which we co-signed for for the last 3 years and along with Government loans got through. They are not finished but last November things just really blew up for my husband and I financially..we have made some very bad decisions and just could not meet our monthly payment obligations to cc's, mortgage, utilities,etc. We met with an attorney (large operation that does only BK). She was brisk and said possible Chap 13 due to income for family of 4 around 4,000 over. We were scared and retained her on the spot. I guess I am confused, we have a takehome income of $3500/month; after paying the mortgage of $1348, utilities of $600, car insurance and repair, food and medical expenses there just isn't much left.
Stopped paying cc's and made final payment, turned in paperwork early February. Never heard anything back, so called 2 or 3 times in March. Finally heard from one of the paralegals she was having trouble with our DMI. I had not given her an accurate account of what we spend out of pocket for medical and car repair. We have 4 old clunkers (2 that are 1998, one 2000 and one 2001 all with around 100000 plus miles). When I gave her our medical expenses she said they were over IRS standard and we had better be ready to prove. I have all receipts form 2008 and 2009 so far. Same with cars all the repair receipts.
We finally told the kids in May as we have no way of sending them back to school as we cannot co-sign and won't get approved. The kids have tried to obtain private loans but not successful (they only have summer jobs and part-time jobs during the school year).
Still have not heard from attorney and seriously considering looking for someone else, but now I am just beside myself with guilt, worry and stress. I don't think we can afford our house payment of $1348 (we are underwater on mortgage and the payment is only set until for 2 more years) even if we file Chap 7. If we surrender the house then a Chap 13. I know we can't keep it, but I think that will ruin us as well. Our kids will be dropped from health insurance if not in school and with no complete education I am not sure what kind of jobs they will find and then there is the little matter of student loan payments.
I am jut scared to death of Chap 13, monthly payments that will wipe us out and no savings cushion for car repair, etc. Also, in a Chap 13 if we were renting we would have to increase withholding from our paychecks as we would lose the interest and property tax deduction for owning a home. Also, my husband is 58 years old and I just feel like we have not only ruined our lives but the two lives of our children. It sure doesn't seem like BK either Chap 7 or Chap 13 will give us a fresh start.
I am just so nervous and anxious all the time and I have to hold it together for my job. Sorry this is so long, but has anyone else out there seen such a desperate situation and then made it through. As I am not thinking very clearly due to nerves. Any opinions on going forward with a new lawyer.
Stopped paying cc's and made final payment, turned in paperwork early February. Never heard anything back, so called 2 or 3 times in March. Finally heard from one of the paralegals she was having trouble with our DMI. I had not given her an accurate account of what we spend out of pocket for medical and car repair. We have 4 old clunkers (2 that are 1998, one 2000 and one 2001 all with around 100000 plus miles). When I gave her our medical expenses she said they were over IRS standard and we had better be ready to prove. I have all receipts form 2008 and 2009 so far. Same with cars all the repair receipts.
We finally told the kids in May as we have no way of sending them back to school as we cannot co-sign and won't get approved. The kids have tried to obtain private loans but not successful (they only have summer jobs and part-time jobs during the school year).
Still have not heard from attorney and seriously considering looking for someone else, but now I am just beside myself with guilt, worry and stress. I don't think we can afford our house payment of $1348 (we are underwater on mortgage and the payment is only set until for 2 more years) even if we file Chap 7. If we surrender the house then a Chap 13. I know we can't keep it, but I think that will ruin us as well. Our kids will be dropped from health insurance if not in school and with no complete education I am not sure what kind of jobs they will find and then there is the little matter of student loan payments.
I am jut scared to death of Chap 13, monthly payments that will wipe us out and no savings cushion for car repair, etc. Also, in a Chap 13 if we were renting we would have to increase withholding from our paychecks as we would lose the interest and property tax deduction for owning a home. Also, my husband is 58 years old and I just feel like we have not only ruined our lives but the two lives of our children. It sure doesn't seem like BK either Chap 7 or Chap 13 will give us a fresh start.
I am just so nervous and anxious all the time and I have to hold it together for my job. Sorry this is so long, but has anyone else out there seen such a desperate situation and then made it through. As I am not thinking very clearly due to nerves. Any opinions on going forward with a new lawyer.
) your city,state and add bankruptcy to it. Should give you a website to your specific district. Lots of useful info found there.
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