I have been lurking here for a week or so now and would like to get some input on our situation.
Married w/5 kids in Oregon. Combined income ~80-85k.
We got in the cc debt due to my wife being off work for the last two pregnancies for extended periods of time. Some of the debt is paying bills, gas, utilities etc. Some of it is just poor choices. We have used the cards earlier this month. Nothing huge, but not for necessities.
We are finally coming to the realization that we are never going to be able to get out from under all this debt.
We called CitiMortgage several months ago asking for a modification/refi. They offered 30yr fixed at our current 7.5%. This would actually raise our payment so I turned it down and let them know that we were unable to afford it at the current rate why would I agree to raise it. A couple of months later I tried again. They would only offer what they had offered before. We kept paying for a while but stopped a month or so later.
I believe we are under the median with all of these kids.
When I do the means test it says we qualify for Ch7.
A couple of questions I can think of right now...
Thanks for reading. This forum and its members are an asset that I would hate to have to try and exempt.
Married w/5 kids in Oregon. Combined income ~80-85k.
- CC debt ~50,000 - current on all payments - Finance charge put me overlimit on one this month. I emailed and they will not reverse it.
- Mortgage - Owe 192k, neighbor short selling for 141k. One loan only - 2 months behind
- 2 cars - no equity. Owe ~58k
- Wife has student loan - I know this is not eligible for BK.
We got in the cc debt due to my wife being off work for the last two pregnancies for extended periods of time. Some of the debt is paying bills, gas, utilities etc. Some of it is just poor choices. We have used the cards earlier this month. Nothing huge, but not for necessities.
We are finally coming to the realization that we are never going to be able to get out from under all this debt.
We called CitiMortgage several months ago asking for a modification/refi. They offered 30yr fixed at our current 7.5%. This would actually raise our payment so I turned it down and let them know that we were unable to afford it at the current rate why would I agree to raise it. A couple of months later I tried again. They would only offer what they had offered before. We kept paying for a while but stopped a month or so later.
I believe we are under the median with all of these kids.
When I do the means test it says we qualify for Ch7.
A couple of questions I can think of right now...
- Each of the kids has a savings account in which 1/2 of any cash gift they receive goes into. My wife has access to these accounts. Will they be taken by the trustee?
- When do we stop paying the CCs? Is it 90 days from last payment or 90 days from last use? As stated above we are current now.
- I have read and am interested in buying the NOLO Ch7 book. Is it considered intent if I do. I would be buying the ebook online so it would be on bank statement.
- I believe we are ~9k under the median for OR. Is that too close or? I know we still have to file income and expenditure forms. Just asking.
- How long should we wait to file?
Thanks for reading. This forum and its members are an asset that I would hate to have to try and exempt.
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