My wife and I our in approximately 65k of cc debt. I married into a lot of debt and due to medical bills from our 2 boys we have had to live on credit. We ended up using all our savings paying insurance deductibles (my company has a $2,000 deductible per person). We have been living in debt for about 5 years now. Living paycheck to paycheck. No matter how hard we try we can't beat the debt. We have called all the CC companies and none of them want to work with us. My wife was literally crying on the phone with Bank of America and they told her tough luck. We don't want to file for bankruptcy, but it's starting to get to that point where we might have to. We are at a point now where we can't make our minimum payments and can't see a way out of the debt. It got really bad when a year ago i had to take a 15% pay cut. We have been thinking about having her file for bankruptcy (chapter 7) and let me pay the debt off in my name. That way I keep my good credit and will be able to buy a house within a year or two.
I have about 25k in debt in my name and the rest is in her name. We don't pass th means test. My yearly income is $55668 and in the state of Ohio for a house of four the median is $74,234. We have two little boys who are 2 and 4 and we would like to buy a house in the next year or two. We currently own a condo which we owe money still on. We also own one car which we owe nothing on. Also our budget is very basic. We have basic cable and luckily my cell phone is provided by my company. We can't cut anything else out.
Would my wife be able to file chapter 7 or would she have to do chapter 13? Should we both bite the bullet and both file? My wife has no income so would they use my income to decide if she qualifies for chapter 7 or 13?
We have an appointment to meet with a bankruptcy lawyer here in Ohio so hopefully they can help out. I am just trying to find out as much info as I possibly can. This is a great forum and it's nice to know there are other people in our situation. thanks in advance.
I have about 25k in debt in my name and the rest is in her name. We don't pass th means test. My yearly income is $55668 and in the state of Ohio for a house of four the median is $74,234. We have two little boys who are 2 and 4 and we would like to buy a house in the next year or two. We currently own a condo which we owe money still on. We also own one car which we owe nothing on. Also our budget is very basic. We have basic cable and luckily my cell phone is provided by my company. We can't cut anything else out.
Would my wife be able to file chapter 7 or would she have to do chapter 13? Should we both bite the bullet and both file? My wife has no income so would they use my income to decide if she qualifies for chapter 7 or 13?
We have an appointment to meet with a bankruptcy lawyer here in Ohio so hopefully they can help out. I am just trying to find out as much info as I possibly can. This is a great forum and it's nice to know there are other people in our situation. thanks in advance.
We have 65k debt between the both of us. We have 40k in her name and 25k in my name. We are current on all our credit cards and mortgage. October will be our first month where we wont be able to make all the minimum payments. The condo mortgage is good. We don't owe more than it's worth. I have made all the payments and still plan to make payments on it.
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