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    #1

    My situation - Need advice

    Ok I really need to understand what would be a better option for me and my family. Here is our situation - any advice would be greatly appreciated.

    Family of 4
    Florida
    CC Debt - 45K (stopped paying over a year ago)
    Student Loan - 13K
    Mortgage - 220K - currently less than 30 days late
    HELOC - 13K - currently less than 30 days late
    Car - 14K - currently less than 30 days late
    Property Taxes - 2 years behind - I have until 3/31 to pay $1800
    We both claim M-00 on taxes so we normally get about 2500-3000 refund. This year will be less b/c I took a 401K hardship withdrawl back in March.


    Gross Pay
    2813.44 Husband
    3242.84 Me
    110 Husband's VA

    Total:
    6166.28

    Medical/Dental/Vision 341.44 Month (Taken out of Husband's pay)


    Net:
    1976.65 Husband
    2708.43 Me
    110 Husband's VA

    Total:
    4794.99


    Expenses:

    Gas (cars)- Montly $150.00
    Food/Cleaning/Personal - Montly $1,000.00
    Clothing - Monthly $125.00
    Medical - Monthly $75.00
    Utilities - Monthly (Electric/Water) $300.00
    Cable/internet - Monthly $120.00
    Phone (3 cell phones only)- Monthly $120.00
    Home - Tax/Ins $200.00
    HOA $25.00
    Mortgage $1,650.00
    HELC - Mortgage $230.00
    Car $385.00
    Misc - Car/Home Repairs $150.00
    Tolls/Parking $100.00
    Auto Ins $135.00
    Entertainment $100.00
    Misc - Pet Care $50.00
    School Lunches/supplies $75.00

    Total: $4,990.00

    Not including $100 Student Loan payment - deferment ends in Nov.


    I would love to file Ch 7 but I just can't seem to get caught up on the mortgage and still have money to pay the attorney.
    "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11
    Tags: None
    #2
    I hear you. Trying to get things to "work out" has proven to be one curve ball after another. My husband was making quite a bit of OT last year and some extra pay that won't be recurring. It put us over the median, but at least we were close to getting caught up on the mortgage and things we got behind on while we were trying to keep up with the CC payments. Then in July we had a lightning storm at our house. Lost everything electronic. While the HOI paid for almost everything there we still expenses that we were out of pocket. So that was a set back. Then husbands hours got cut, which was good for getting us under the median income, but bad for saving for an attorney. Now the median income is lower starting Nov. 1st and we'll be back OVER. I swear we can't catch a break for anything!

    Oh ya, and we were served papers this month from Citi. *sigh*

    You said you aren't 30 days late on the mortgage......couldn't you still file since you aren't technically "late". Or is anything past the due date considered "late" when you file?

    Comment

      #3
      Originally posted by Freddy03 View Post
      Ok I really need to understand what would be a better option for me and my family. Here is our situation - any advice would be greatly appreciated.

      Family of 4
      Florida
      CC Debt - 45K (stopped paying over a year ago)
      Student Loan - 13K
      Mortgage - 220K - currently less than 30 days late
      HELOC - 13K - currently less than 30 days late
      Car - 14K - currently less than 30 days late
      Property Taxes - 2 years behind - I have until 3/31 to pay $1800
      We both claim M-00 on taxes so we normally get about 2500-3000 refund. This year will be less b/c I took a 401K hardship withdrawl back in March.


      Gross Pay
      2813.44 Husband
      3242.84 Me
      110 Husband's VA

      Total:
      6166.28

      Medical/Dental/Vision 341.44 Month (Taken out of Husband's pay)


      Net:
      1976.65 Husband
      2708.43 Me
      110 Husband's VA

      Total:
      4794.99


      Expenses:

      Gas (cars)- Montly $150.00
      Food/Cleaning/Personal - Montly $1,000.00
      Clothing - Monthly $125.00
      Medical - Monthly $75.00
      Utilities - Monthly (Electric/Water) $300.00
      Cable/internet - Monthly $120.00
      Phone (3 cell phones only)- Monthly $120.00
      Home - Tax/Ins $200.00
      HOA $25.00
      Mortgage $1,650.00
      HELC - Mortgage $230.00
      Car $385.00
      Misc - Car/Home Repairs $150.00
      Tolls/Parking $100.00
      Auto Ins $135.00
      Entertainment $100.00
      Misc - Pet Care $50.00
      School Lunches/supplies $75.00

      Total: $4,990.00

      Not including $100 Student Loan payment - deferment ends in Nov.


      I would love to file Ch 7 but I just can't seem to get caught up on the mortgage and still have money to pay the attorney.
      your expenses look good

      are u keeping your house and car?
      do u pass the means test?
      Filed chapter 7 on 9/17 341 on 10/20
      Chapter 7 Trustee's Report of No Distribution on 10/21
      Discharged and Case Closed on 12/21/2010

      Comment

        #4
        Not reaffirming the house - do not plan on surrendering it either. We plan to pay and stay for as long as we can.

        Car we will reaffirm.

        I did pass the means test online according to the Oct median levels.
        "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

        Comment

          #5
          About Freddy03's signature:

          Oscar: "Hey, I just wanted you to know, that you can't just say the word bankruptcy and expect anything to happen. Michael Scott: I didn't say it, I declared it. Oscar: Still.. that's.. it's not anything. Michael Scott: I DECLARE BANKRUPTCY!"

          Just wanted to say I LOVED THAT EPISODE!!!

          Comment

            #6
            Unless my eyes are missing something, your expenses get my rubber stamp!! For whatever that's worth...I guess rubber means it bounces???
            Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
            AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

            Comment

              #7
              "There is no try; there is only do". Yoda

              Freddy, as a superior adviser, you know this. Go forth and conquer. 'Hub
              If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

              Comment

                #8
                Originally posted by ryan View Post
                About Freddy03's signature:

                Oscar: "Hey, I just wanted you to know, that you can't just say the word bankruptcy and expect anything to happen. Michael Scott: I didn't say it, I declared it. Oscar: Still.. that's.. it's not anything. Michael Scott: I DECLARE BANKRUPTCY!"

                Just wanted to say I LOVED THAT EPISODE!!!
                Me too! It's def one of my favorite episodes.
                "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

                Comment

                  #9
                  Thanks everyone. After my mini break down yesterday guess what I'm feeling better today.....LOL I'm sure I'll have a few more "yesterdays" before I actually file. Please just bare me. I really do appreciate everyone's help.
                  "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

                  Comment

                    #10
                    Originally posted by Freddy03 View Post
                    Ok I really need to understand what would be a better option for me and my family. Here is our situation - any advice would be greatly appreciated.

                    Family of 4
                    Florida
                    CC Debt - 45K (stopped paying over a year ago)
                    Student Loan - 13K
                    Mortgage - 220K - currently less than 30 days late
                    HELOC - 13K - currently less than 30 days late
                    Car - 14K - currently less than 30 days late
                    Property Taxes - 2 years behind - I have until 3/31 to pay $1800
                    We both claim M-00 on taxes so we normally get about 2500-3000 refund. This year will be less b/c I took a 401K hardship withdrawl back in March.


                    Gross Pay
                    2813.44 Husband
                    3242.84 Me
                    110 Husband's VA

                    Total:
                    6166.28

                    Medical/Dental/Vision 341.44 Month (Taken out of Husband's pay)


                    Net:
                    1976.65 Husband
                    2708.43 Me
                    110 Husband's VA

                    Total:
                    4794.99


                    Expenses:

                    Gas (cars)- Montly $150.00
                    Food/Cleaning/Personal - Montly $1,000.00
                    Clothing - Monthly $125.00
                    Medical - Monthly $75.00
                    Utilities - Monthly (Electric/Water) $300.00
                    Cable/internet - Monthly $120.00
                    Phone (3 cell phones only)- Monthly $120.00
                    Home - Tax/Ins $200.00
                    HOA $25.00
                    Mortgage $1,650.00
                    HELC - Mortgage $230.00
                    Car $385.00
                    Misc - Car/Home Repairs $150.00
                    Tolls/Parking $100.00
                    Auto Ins $135.00
                    Entertainment $100.00
                    Misc - Pet Care $50.00
                    School Lunches/supplies $75.00

                    Total: $4,990.00

                    Not including $100 Student Loan payment - deferment ends in Nov.


                    I would love to file Ch 7 but I just can't seem to get caught up on the mortgage and still have money to pay the attorney.
                    the attorney we used down here was GREAT...he took $100 a month until we could file and let us have all collection calls routed to HIS firm...LOL!!! we was young...and quiet...but very smart and did really well for us... there are some good one's in this area.
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                    Comment

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