Ok, almost 4 years ago I move across country to start a new career. I had recently purchased my first house, I was already making payments on one auto loan. After starting almost from scratch, using credit to pay for most everything with the intention of beilng able to pay it off over a couple years, things have not panned out according to plan.
Now, I have about 35k of combined cc debt between my wife and I, on top of that I now have two cars I am paying for, house+ related expenses...I have cut as much out of my budget as I can. Unfotuneatly I am not permitted to do a second job: 1) Unauthorized by employer (law enforcement) and 2) I work from 1400-2200, my wife works from 000-0830. Whe have a 7 month old, and no money for a sitter or daycare.
I am seeing no raises in the future as the state (Nevada) is in terrible financial shape. My wife is trying to find a better job, but now she is making less than a dollar above min. wage. The only things I have of value are my house, and a project car I have had for over 8 yrs.
I have a collection agent harrassing me, and we are barely breaking even from paycheck to paycheck. The house and car loans are current, but we push the grace periods often. I hear mixed opinions regarding BK.
I am sure these questions have been answered, but I dont even know where to start. I am now being backed into a corner, as of now a co-worker of mine is having his wages garnished and I want to avoid this.
Now, providing I file under the appropriate chapter, what items of mine will they try to "liquidate". I havent made a credit card purchase in well over a year. I cashed out my pension from my old job about 1.5 years ago. Will I have to worry about having my pension garnished? What are all the items that are looked at. I have no stocks, 401k, savings...ect. I have a checking account and a savings. Both of which are as dry as the air out here. There is probably another dozen questions I have but its late and I cant think of them.
Any info will help, this is something I wish to research a bit before I make a knee-jerk decision.
Now, I have about 35k of combined cc debt between my wife and I, on top of that I now have two cars I am paying for, house+ related expenses...I have cut as much out of my budget as I can. Unfotuneatly I am not permitted to do a second job: 1) Unauthorized by employer (law enforcement) and 2) I work from 1400-2200, my wife works from 000-0830. Whe have a 7 month old, and no money for a sitter or daycare.
I am seeing no raises in the future as the state (Nevada) is in terrible financial shape. My wife is trying to find a better job, but now she is making less than a dollar above min. wage. The only things I have of value are my house, and a project car I have had for over 8 yrs.
I have a collection agent harrassing me, and we are barely breaking even from paycheck to paycheck. The house and car loans are current, but we push the grace periods often. I hear mixed opinions regarding BK.
I am sure these questions have been answered, but I dont even know where to start. I am now being backed into a corner, as of now a co-worker of mine is having his wages garnished and I want to avoid this.
Now, providing I file under the appropriate chapter, what items of mine will they try to "liquidate". I havent made a credit card purchase in well over a year. I cashed out my pension from my old job about 1.5 years ago. Will I have to worry about having my pension garnished? What are all the items that are looked at. I have no stocks, 401k, savings...ect. I have a checking account and a savings. Both of which are as dry as the air out here. There is probably another dozen questions I have but its late and I cant think of them.
Any info will help, this is something I wish to research a bit before I make a knee-jerk decision.
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