When to know, when???

[NH68GTO]

Hello all, new here. This may be a common question but.. When is enough-enough?? How do you know its the right time to start this process?? I do not know much about it but am going to start reading up on it more.

Will try and keep it sort.

Lost home in end of 08 due to short sale (I am a carpenter that has never struggled and getting punched in the face with this economy). With the short sale came a "promissory note" to my PMI company for 13K. We were able to get enough cash together and find rental home. I am use to making a grand a week. Have been on unemployment off and on since 08. It started paying 625 a week, was laid off again in November of 09 and is was 517 a week. So quite a hit right..? YA now I have started a new term cause I have been out since November and is now 225 a week. Ya ok.... How do you live off that??? With rent, two low car payment (for what most people have) of 189 each (trying to sell one now), all house bills and 20k in credit cards. This is like the sinking of the titanic. Wife does work but not even close to being able to pull this together. I am just so tired of of the B.S. I already lost my home and am close to having utilities shut off and getting kicked out. Just need a fresh beginning. Every week I am at a $775 week loss, the bills were even tight with my normal check.

The worst part is I have almost a 100K in my name in a annuity from work but they will not give it to me till I am at two years of NO hours recorded.

What does one do??? Thanks in advance.

[keepmine]

First of all, you have to be able to support yourself post bk or, a bk filing is just wasted. You want to leave bk in better shape than when you entered.
From your post, it's hard to see how bk will help longterm without an increase in income.
If, you haven't stopped paying those cc bills, do so right now and use that money to support yourself.
Also, not sure how this annuity plays out in bk. Most states do exempt traditional insurance products like annuites.
I'd suggest you take that annuity contract to a bk lawyer and see if it is exempt in your state. Most bl lawyers give free or lowcost initial consultations. Speak with a few and see what they say.

[NH68GTO]

I could be fine if it were not for all the cc's. I have tried consolidations and other things and don't qualify due dept to income.... NO crap that why I need help... LOL. Also have a muscle car I restored before #### hit the fan and have fear if I go bk, I will loose it.

[keepmine]

I gotta say, it's tme for a reality check. You are afraid you're going to be evicted and the utilities are about to be shutoff and you want to hang on to a muscle car?
Sell the car, and use the money for basic HH expenses. Let the cc's go and you and your wife both start looking for better jobs or 2nd jobs.
At the end of the day, your most pressing issue is lack of income-not cc debt.
Once you have a basic safety net under you then, explore filing for bk.

[NH68GTO]

I get what you are saying with the car, but it is not of any huge value and something like that is not the easiest to sell in these markets. It would do nothing more but prolong what is already here. I dealt with this when I lost my home. Was more than ok with selling the car, but was doing nothing more than giving me another couple of months and still would have lost the house and in turn lost the car too. Trust me I am not above selling off things to help. But some times the juice is not worth the squeeze. I have sold one of my other dialy cars and now have a window to find work. Have a few good leads that look like they are going to pan out.