Hi I'm new here. I've lurked for a few days and thought I'd share my situation in the hope of getting sound advice and to a lesser degree, encouragement.
I live in CT. Married for 18 years with one teenage child. I founded and ran a successful mortgage company for just shy of 15 years. Due the economy and the awful state of the mortgage industry, I was forced to close the doors (Aug. 08). When I did so, I took a huge amount of unsecured debt with me. I've drained all resources, including credit available, to stay current on my obligations. As of yesterday, my credit scores were in the low 720ish range. As of today, I am current on all of them.
One of my creditors cut my line off. I can longer float payments while trying to originate mortgages (for another company and without success). As of this week, I am no longer able to service the debt.
Here are some vital stats...
Assets: Motorcycle worth $1,200 cash of about $1,000.
I quit claimed the house to my spouse in 1996 shortly after opening my business.
None of the debt I can no longer service is in my wife's name. It is all in my name alone. The only debt we share is the original mortgage on the house. It's my intention to leave my wife out of the filing to the greatest extent possible.
My wife leases the car she drives and owns the one I drive outright.
She earned 84,500 last year.
My earnings over the last six months is about $1,000.
I owe $115,000 to essentially 4 creditors.
I've had one thirty day late on a credit in the past 20 years. I take my debts seriously and always managed them in what I consider a conservative manner. With the income my company used to generate, servicing even this amount of debt was reasonably easy.
I'm ready to file for a 7. I've contacted one attorney already and have a referral to follow up on and want a third one to round out my options. I know I am close on the means test but the attorney I spoke to most recently believes it won't be a problem.
I have some questions but first let me state that I don't have a nerve left. I feel like I'm cracking up. I find myself paralyzed to go forward yet I know the clock is ticking and must which only adds to the angst. Filing the bk may also preclude me from working in my industry.
I was supposed to call the other two attorneys today but can't get myself to do it. Like I said I'm paralyzed. After speaking to the first attorney, I told my wife I would need six months of her pay stubs. She went off and hasn't indicated when she will or if she will provide them. I told her no stubs no filing. But this just thrust me back into "inaction and totally stressed mode".
My first question is how long does the process take?
Secondly, should I still use any credit available to me or is there a cut off to play things safe?
What are the odds of an adversarial action against me?
How do I deal with my creditors? Do I call them before going 30 days late or do nothing or let my attorney handle them?
I want to get a salaried or hourly job as my mortgage commissions are non existent. How should I time this with regard to filing?
Once established, can 7 eligibility change?
Thank you for any help and or insight you can offer. I never thought at this stage of my life (I'm 50) that I would be in such desperate shape. Sometimes I don't know how I make it through to the next day. Sadly, sometimes I wish i wouldn't.
I live in CT. Married for 18 years with one teenage child. I founded and ran a successful mortgage company for just shy of 15 years. Due the economy and the awful state of the mortgage industry, I was forced to close the doors (Aug. 08). When I did so, I took a huge amount of unsecured debt with me. I've drained all resources, including credit available, to stay current on my obligations. As of yesterday, my credit scores were in the low 720ish range. As of today, I am current on all of them.
One of my creditors cut my line off. I can longer float payments while trying to originate mortgages (for another company and without success). As of this week, I am no longer able to service the debt.
Here are some vital stats...
Assets: Motorcycle worth $1,200 cash of about $1,000.
I quit claimed the house to my spouse in 1996 shortly after opening my business.
None of the debt I can no longer service is in my wife's name. It is all in my name alone. The only debt we share is the original mortgage on the house. It's my intention to leave my wife out of the filing to the greatest extent possible.
My wife leases the car she drives and owns the one I drive outright.
She earned 84,500 last year.
My earnings over the last six months is about $1,000.
I owe $115,000 to essentially 4 creditors.
I've had one thirty day late on a credit in the past 20 years. I take my debts seriously and always managed them in what I consider a conservative manner. With the income my company used to generate, servicing even this amount of debt was reasonably easy.
I'm ready to file for a 7. I've contacted one attorney already and have a referral to follow up on and want a third one to round out my options. I know I am close on the means test but the attorney I spoke to most recently believes it won't be a problem.
I have some questions but first let me state that I don't have a nerve left. I feel like I'm cracking up. I find myself paralyzed to go forward yet I know the clock is ticking and must which only adds to the angst. Filing the bk may also preclude me from working in my industry.
I was supposed to call the other two attorneys today but can't get myself to do it. Like I said I'm paralyzed. After speaking to the first attorney, I told my wife I would need six months of her pay stubs. She went off and hasn't indicated when she will or if she will provide them. I told her no stubs no filing. But this just thrust me back into "inaction and totally stressed mode".
My first question is how long does the process take?
Secondly, should I still use any credit available to me or is there a cut off to play things safe?
What are the odds of an adversarial action against me?
How do I deal with my creditors? Do I call them before going 30 days late or do nothing or let my attorney handle them?
I want to get a salaried or hourly job as my mortgage commissions are non existent. How should I time this with regard to filing?
Once established, can 7 eligibility change?
Thank you for any help and or insight you can offer. I never thought at this stage of my life (I'm 50) that I would be in such desperate shape. Sometimes I don't know how I make it through to the next day. Sadly, sometimes I wish i wouldn't.
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