This is my husband and I in a nutshell;
We live in MA
One child under two
Both work full time
no childcare costs (rely on grandparents for now)
Household bills each month =$2050 (2 car payments, insurance, rent, student loans, gas, electric, 1 cell phone, and cable/internet/landline)
Credit cards - We have 20, including a 5,000 personal loan, which total 52k. Our monthly minimum payments are almost 2,000.
Last year we grossed 81,000. (sorry, that means before taxes right?) It may sound like a lot but after taxes, health insurance we are taking home $4000 a month, minus household bills and minimum payments we are left with practically nothing.
My checks are always the same each pay period. My husband gets overtime, but recently it has decreased due to cutbacks. Last year,in addition, I worked parttime as a waitress but now I only pick up a shift every couple of months, again due to cut backs.
Right now we are contemplating chapter 13 or 7, which ever we are eligible for, because we using credit cards just for basic neccesities, our balances are not going down because we can only pay the minimum payments, and our checking accounts are negative every two weeks before we get paid. We have no money saved and we are really overwhelmed.
We don't really own anything, we are still paying on our cars, we have two computers, a flatscreen tv and my wedding rings. That's about it.
Does it sound like we might qualify for 7 or 13?
Will we keep our checking accounts? (we both have one at seperate banks) He has a loan through his, I don't.
Will we be able to keep cable/internet/cell phone?
I have a toddler I need cable! JK
Any idea what our chapter 13 payments might be?
Any advice would be great!
Thank you
We live in MA
One child under two
Both work full time
no childcare costs (rely on grandparents for now)
Household bills each month =$2050 (2 car payments, insurance, rent, student loans, gas, electric, 1 cell phone, and cable/internet/landline)
Credit cards - We have 20, including a 5,000 personal loan, which total 52k. Our monthly minimum payments are almost 2,000.
Last year we grossed 81,000. (sorry, that means before taxes right?) It may sound like a lot but after taxes, health insurance we are taking home $4000 a month, minus household bills and minimum payments we are left with practically nothing.
My checks are always the same each pay period. My husband gets overtime, but recently it has decreased due to cutbacks. Last year,in addition, I worked parttime as a waitress but now I only pick up a shift every couple of months, again due to cut backs.
Right now we are contemplating chapter 13 or 7, which ever we are eligible for, because we using credit cards just for basic neccesities, our balances are not going down because we can only pay the minimum payments, and our checking accounts are negative every two weeks before we get paid. We have no money saved and we are really overwhelmed.
We don't really own anything, we are still paying on our cars, we have two computers, a flatscreen tv and my wedding rings. That's about it.
Does it sound like we might qualify for 7 or 13?
Will we keep our checking accounts? (we both have one at seperate banks) He has a loan through his, I don't.
Will we be able to keep cable/internet/cell phone?
I have a toddler I need cable! JK
Any idea what our chapter 13 payments might be?
Any advice would be great!
Thank you
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