now that the cards are on the table, understand why.
Want to give you all my story, and see if I can gain any insight. I'll try to keep it less wordy than I'd normally be!
Wife and I married 6 years, both spendaholics. Bought a home in 03, paid too much, caught up in the boom. We're currently waiting to see if we get loan mod. If not, we're in bigger trouble than we are now.
Overspending, credit given out like nuts, new jobs, etc, etc, and we're now buried. I'd guess 100k in unsecured debt. Both have car payments. Not big ones, but car payments. Once interest rates on cards skyrocketed with the credit crunch, and we both took pay cuts to keep our jobs, (20% for me, 10%for her) we got behind big time. Called CC companies, no help given, we were on time with good credit, so no help! (go figure) Now, I'm 6 months late on most, and the calls are non stop. Now that we've been living on cash only, we realize how little money we truly have at the end of each month. We were living on credit.
Together, we make about $120k a year, (give or take 10k depending on the year) so a Chap 7 is out. We are upside down on the home, but not by much. I'd guess if we were lucky, we'd get $575k for our home, and we owe $585k. (Paid $650k) Please, no lectures about overbuying, we've realized. We got caught up in it. All seemed okay back then, and oddy enough, didn't have the usecured we have now.
Because I think we can still make money on the home eventually, and we love our home, we do not want to lose it. If the loan mod doesn't go through, we'll try Chap 13 and hope for the best. Even IF it goes through, I'm starting to think Chap 13 is the way to go anyway.
It's all so confusing, all so frustrating, and we're both just losing it. (at times) I'm working nights for some extra money, but I'm not going to do it forever. I have a 2 year old son, and sorry, being with him is more important than anything to me. If it means we have to have my wife quit, lose the home, then file Chap 7 and start over, so be it. But, I'm hoping Ch. 13 can help. Sorry, not sure why I posted. Venting I guess, and hoping for some insight as to why Ch. 13 may be a good decision for us. Any questions or comments, have at it.
Thanks.
Oh, by the way... have talked to one attorney, (I live in So. Cal) and was quoted 4k for a Ch 13. 2k up front, 2k built in to the payments. Have no idea if that's high, he says it's pretty standard nowadays.
Want to give you all my story, and see if I can gain any insight. I'll try to keep it less wordy than I'd normally be!
Wife and I married 6 years, both spendaholics. Bought a home in 03, paid too much, caught up in the boom. We're currently waiting to see if we get loan mod. If not, we're in bigger trouble than we are now.
Overspending, credit given out like nuts, new jobs, etc, etc, and we're now buried. I'd guess 100k in unsecured debt. Both have car payments. Not big ones, but car payments. Once interest rates on cards skyrocketed with the credit crunch, and we both took pay cuts to keep our jobs, (20% for me, 10%for her) we got behind big time. Called CC companies, no help given, we were on time with good credit, so no help! (go figure) Now, I'm 6 months late on most, and the calls are non stop. Now that we've been living on cash only, we realize how little money we truly have at the end of each month. We were living on credit.
Together, we make about $120k a year, (give or take 10k depending on the year) so a Chap 7 is out. We are upside down on the home, but not by much. I'd guess if we were lucky, we'd get $575k for our home, and we owe $585k. (Paid $650k) Please, no lectures about overbuying, we've realized. We got caught up in it. All seemed okay back then, and oddy enough, didn't have the usecured we have now.
Because I think we can still make money on the home eventually, and we love our home, we do not want to lose it. If the loan mod doesn't go through, we'll try Chap 13 and hope for the best. Even IF it goes through, I'm starting to think Chap 13 is the way to go anyway. It's all so confusing, all so frustrating, and we're both just losing it. (at times) I'm working nights for some extra money, but I'm not going to do it forever. I have a 2 year old son, and sorry, being with him is more important than anything to me. If it means we have to have my wife quit, lose the home, then file Chap 7 and start over, so be it. But, I'm hoping Ch. 13 can help. Sorry, not sure why I posted. Venting I guess, and hoping for some insight as to why Ch. 13 may be a good decision for us. Any questions or comments, have at it.
Thanks.
Oh, by the way... have talked to one attorney, (I live in So. Cal) and was quoted 4k for a Ch 13. 2k up front, 2k built in to the payments. Have no idea if that's high, he says it's pretty standard nowadays.
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