how do i know if i have enough debt to go bk?

[sarahispoor]

my hubby opened his own deli and is not bringing in any cash. I am trying to pay 715 a month in rent, over 750 a month in car payments and 330 a month in car insurance on my own. I make just enough to cover this but we still need food, utilities and I have 2 kids to care for. I have not been paying on credit cards and medical bills. I have a 7000 dollar loan that my father in law cosigned for. If i go bankrupt how will this affect him?
HELP:

[SinkingFast]

Generally, if you default on a note that has a cosigner on it, the bank will just turn to the cosigner to pay the payments. Cosigners are "guaranteors" of a sort.

BK is really serious stuff. It should be a step of last resort.

I can tell you're at your wits end, but your handling the elephant's share of the financial burden here, it sounds like to me. You need to sit down with your Hubby, at a time when you can be calm and rational. No interuptions. And let your Hubby know just exactly what shape your finances are in.

You may need to set up some sort of timeline for the Deli. Give it another year, maybe, to turn a profit. If it doesn't, then call it quits. In the mean time, learn about BK. Maybe make a few appointments to Consult with attnys. See what they have to say about your situation.

[sarahispoor]

I just got my credit score today and it was 456- I can't help but know it will just get worse. Bk seems like a good choice right now. My vehicles are leased, do you think I can keep one if I keep paying on it?

[FilingOnMyOwn]

I don't know if you understood what sinking just said, but basically that the cosigner of your 7000$ loan would have to pay if you filed. How much other debt do you have?

[sarahispoor]

i understand

probably about 8000 more, and then whatever the car companies sue me for once i stop paying on my leases. I'm would like to go bankrupt on everything BUT the 7000 loan if possible. I can't live on 20 bucks a week anymore.

[SinkingFast]

Maybe call the car lease people and ask, hypothetically, what would happen if you terminate your leases early. There may be some fee spelled out in your contracts, but it's not like you own the vehicles anyway. You're just "renting" them for a while. While there might be some fee involved, it may not be like giving back a car you own that sells for a deficit balance.

Check into that and see where it leaves you.

You wouldn't by any chance be writing off the leased vehicles to deli would you??