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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Filing bankruptcy questions?
Posted by Dulcinea
I won't file either before consulting with a pro, 29k can be manageable. You can probably put your school loan on hold and pay the min. you can on the 9k balance.
If you you want to work, you can hire a nanny instead of sending all 3 kids to daycare, that's less expensive. Or pay a friend or relative to care for the kids at a reduced cost. My bro has a nanny who cares for his 3 kids for 1800/mo 6 days a week..
Or find a job that allows you to work from home - ie. customer rep, billing, etc. to reduce the cost on nanny care.
It's entirely possible, hang in there!
$1800 a month is a lot for someone who may not even make $1800 a month working.
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Posted 2/10/12 10:12 AM  |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Filing bankruptcy questions?
Did you call your credit card companies to see if they can put you on a payment plan with a lower monthly rate? I remember reading on here that most cc companies are willing to do this.
Can you cut out/lower other bills to be able to pay off your cc's? Get rid of cable/hd/dvr/hbo, get rid of smartphones/data plan/reduce talk/text plan, any other things you don't NEED right now.
Can you sell anything on craigslist? Baby stuff, etc?
Clip coupons, buy generic grocerites.
I read on fb a while back that someone called their cable company and said they wanted to cancel b/c they couldn't pay the high bill anymore, well they offered them a huge discount to stay. So I called mine when I heard about that just to see and i got a discount as well, really no questions asked!
Try everything first...
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| Posted 2/10/12 10:14 AM |
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OrganicMama
So in love with my little man!
Member since 6/08 5172 total posts
Name:
Mama
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Re: Filing bankruptcy questions?
Posted by DumpsterBaby
I don't think bankruptcy is the answer at all. You need to sit down and work with your creditors to get a handle on the debt. Bankruptcy is a lat resort, but it seems like you think it is an out instead of trying to find a better solution. Why can't you do babysitting or work overnight at a diner?
ITA. If your DH gets home at 7pm, you could try to find a waitressing job part time, or maybe something with a 4hr shift a few nights a week. There is also babysitting like the PP mentioned, and weekends. Or see if your DH can pick up extra hours at work to help. Get yourself on a strict budget if you aren't already, and cut out the non-necessities in your life like Netflix, cable, ordering out, etc. just some ideas 
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| Posted 2/10/12 10:16 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: Filing bankruptcy questions?
1800flowers does customer service from home, check it out.
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| Posted 2/10/12 10:17 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Filing bankruptcy questions?
First off
Secondly $29K is not unmanageable debt. Before you look into filing for bankruptcy I would call all your creditors and see if you could work out arrangements to get your interest and payments lowered. Most likely they will close out the cards but thats fine. Student loans are NOT dischargeable (is that even a word) so I would not file Bankruptcy when you will end up still owing a bulk of your debt.
Call your SL companies and try to put your SLs on deferrement or forebearance and work on paying off those CCs. Another option is to look into a LEGIT Non-Profit credit counseling company. There are a few out there.
I don't think Bankruptcy is a bad thing but I think it should be avoided at all costs. It seems like your debt is pretty manageable. I also highly reccomend reading books like My Total Money Makeover by Dave Ramsey and Debt Free by David Bach.
Message edited 2/10/2012 10:20:35 AM.
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| Posted 2/10/12 10:18 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by Karen
Posted by tarabelle99
If the student loans are causing that much pain financially, look into an income based repayment through your lender. You can also put your loans into forebearance if needed under most circumstances. They will continue to accrue interest but you could use that money towards the 9k and chip away at that quickly.
I like that strategy a lot, as I would have to think the interest rate of the student loan has to be a fraction of the interest on the CC's.
I am curious though - I can't believe a bankruptcy court would approve a filing where a household is set up that all assets are solely the hubby's and all debts are solely the wife? What's to stop every family with a SAHM to pursue that avenue??
Seems like it can't be that simple and that a court would dig deeper, but this certainly isn't my area of expertise.
It wasn't set up like that, these credit cards are cards that i had BEFORE we got married, it was not SET UP that way. I have tried to pay them off and can't seem to get ahead. This debt is from before we got married. We have paid off cards, a mortgage, medical bills and groceries to buy, we have one hosuehold credit card in DH's name that we use and DH pays it off every month, that does not laeve anything foe the $9k in debt for my cards that i have been fighting to pay off for the last 2 years and hav gotten no where. This is not a SET UP to work the system, i had debt before we got married, had kids and the debt has never gone away!!
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| Posted 2/10/12 10:19 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by DumpsterBaby
1800flowers does customer service from home, check it out.
1800flowers does not work with my state, i tried that and i have spent 2 years looking for a work from home job, they are scarce here
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| Posted 2/10/12 10:19 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by CaMacho
Did you call your credit card companies to see if they can put you on a payment plan with a lower monthly rate? I remember reading on here that most cc companies are willing to do this.
Can you cut out/lower other bills to be able to pay off your cc's? Get rid of cable/hd/dvr/hbo, get rid of smartphones/data plan/reduce talk/text plan, any other things you don't NEED right now.
Can you sell anything on craigslist? Baby stuff, etc?
Clip coupons, buy generic grocerites.
I read on fb a while back that someone called their cable company and said they wanted to cancel b/c they couldn't pay the high bill anymore, well they offered them a huge discount to stay. So I called mine when I heard about that just to see and i got a discount as well, really no questions asked!
Try everything first...
We buy all generics, we have not had cable in 7 years, we have not had a home phone in 7 years, we don't have smartphones, we have basic phones, i have sold everything i possibly can on ebay and craigslist, i have nothing else to sell, i have applied for numerous jobs, i have looked for 2 years for a work from home job, there are scare here, jobs are scarce here, it's not like NY or a big city, people fight for jobs here. Im
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| Posted 2/10/12 10:21 AM |
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TruePisces
LIF Infant
Member since 10/11 70 total posts
Name:
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Re: Filing bankruptcy questions?
Posted by BargainMama
Posted by Dulcinea
I won't file either before consulting with a pro, 29k can be manageable. You can probably put your school loan on hold and pay the min. you can on the 9k balance.
If you you want to work, you can hire a nanny instead of sending all 3 kids to daycare, that's less expensive. Or pay a friend or relative to care for the kids at a reduced cost. My bro has a nanny who cares for his 3 kids for 1800/mo 6 days a week..
Or find a job that allows you to work from home - ie. customer rep, billing, etc. to reduce the cost on nanny care.
It's entirely possible, hang in there!
$1800 a month is a lot for someone who may not even make $1800 a month working.
I think it can be done its going to depend on the poster and her overall willingness to get a job. She may not bring a lot in at first but as those kids go to school one by one it will get better. Or she can get an overnight job when her husband is home.
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| Posted 2/10/12 10:23 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by mzsocialworker1
Posted by DumpsterBaby
I don't think bankruptcy is the answer at all. You need to sit down and work with your creditors to get a handle on the debt. Bankruptcy is a lat resort, but it seems like you think it is an out instead of trying to find a better solution. Why can't you do babysitting or work overnight at a diner?
I know. I keep wondering this too. I could be wrong, but it's like the OP is avoiding answering these.
I didn't see her mention that there's anything going on on the weekends.
Seruiously?!? I have answered questions about that, i don';t live in a big state like NY with all those oportunties, i live in a tiny town that fight for jobs. I have spent 2 years looking for work at home opportunities and all the high school kids have the baby sitting jobs. My kids don't even have playdates here. I have sold evetrything i possible can on ebay and craigslist and have not had cable or even a home pphone for the last 7 years, we have cut everythign we can.
Im not avoiding anything, im answering everything!!
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| Posted 2/10/12 10:26 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Posted by DumpsterBaby
I don't think bankruptcy is the answer at all. You need to sit down and work with your creditors to get a handle on the debt. Bankruptcy is a lat resort, but it seems like you think it is an out instead of trying to find a better solution. Why can't you do babysitting or work overnight at a diner?
No it is not an out and i don't think of it that way. If i did overnight when i would i sleep? You need sleep to function, i have 3 crazy kids all day long while DH works 12 hour shifts, then dinner, if i worked overnight and then came home to sleep, what, 2 hours and then get up to do it all over again. I don't live in NY, i live in a small town near the Candaian border, there are not opportunities like that here, no busy cities, it's a small town and not alot of jobs and not alot of overnight jobs either. High scholl kids have all the babysitting jobs, i advertised for that as well, to babvysit kids in my home. There is not much in the newspaper. I don't know what else to do, we have no extra money and the creditors keep calling because im down to pretty much choosing which ones to pay each money because i do not have enough money and neither does Dh, i would love to work but it's impossible with DH's long shifts. What else is there to do? Im having a hard time seeing anotehr option with the financial situation we are in right now.....
One of the things you have to consider is that you're going to be paying the student loans after bankruptcy. You have to be able to afford your bills post BK too. And you have to look at the ENTIRE picture, DH included. Do you have car loans or leases? How is your husband's debt? If you take the credit card debt away can you afford your monthly expenses PLUS the student loans? Or, are you still struggling? What if his credit card debt was erased? Are there excessive medical bills? Are you eligible to have your home loan modified? Even if you both file bankruptcy, it doesn't mean you'll lose your house. You need to sit down with your DH and look at all of your bills together and prioritize them.
I just reread your original post and you stated that they're coming due. Did you just recently graduate?
In the interim, call the CC companies and ask for assistance. See about getting the interest rate reduced, settling, waiving late/overlimit charges, working out a reduced payment plan etc. Credit card companies are much more willing to work with people now than they were when I was struggling. But you have to communicate with them.
If you decide that there is no other option, stop answering the phone until you obtain legal representation, otherwise you'll just keep stressing yourself out.
I disagree that it's a damning event, I'm a few years out of bk and have recovered just fine credit wise. But, like I said, the average cost of a bk attorney plus other court fees is about 2k, payable up front. When you consider that your debt is only 9K that really, to me, doesn't seem worth it, KWIM?
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| Posted 2/10/12 10:26 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
My student loans are already on defferment/forbarence right now, they are coming due soon which is why it's a problem now with all this credit card debt.
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| Posted 2/10/12 10:27 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Filing bankruptcy questions?
You said you have a mortgage, are the monthly payments & taxes high? Could you sell and make a profit or are you underwater?
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| Posted 2/10/12 10:29 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by CaMacho
You said you have a mortgage, are the monthly payments & taxes high? Could you sell and make a profit or are you underwater?
We owe more than the house is worth right now because values went down in our neighborhood, we just bought the house 2 years ago.
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| Posted 2/10/12 10:30 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Seruiously?!? I have answered questions about that, i don';t live in a big state like NY with all those oportunties, i live in a tiny town that fight for jobs. I have spent 2 years looking for work at home opportunities and all the high school kids have the baby sitting jobs. My kids don't even have playdates here. I have sold evetrything i possible can on ebay and craigslist and have not had cable or even a home pphone for the last 7 years, we have cut everythign we can.
Im not avoiding anything, im answering everything!!
What state are you in?
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| Posted 2/10/12 10:31 AM |
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MrsDrMatt
Live and RUN like a Ninja!
Member since 5/06 3104 total posts
Name:
MrsDrMatt
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Re: Filing bankruptcy questions?
What is your husband's take on all of this? Does HE have any suggestions? Can HE get another job?
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| Posted 2/10/12 10:32 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by tarabelle99
Posted by Butterfly8325
Posted by DumpsterBaby
I don't think bankruptcy is the answer at all. You need to sit down and work with your creditors to get a handle on the debt. Bankruptcy is a lat resort, but it seems like you think it is an out instead of trying to find a better solution. Why can't you do babysitting or work overnight at a diner?
No it is not an out and i don't think of it that way. If i did overnight when i would i sleep? You need sleep to function, i have 3 crazy kids all day long while DH works 12 hour shifts, then dinner, if i worked overnight and then came home to sleep, what, 2 hours and then get up to do it all over again. I don't live in NY, i live in a small town near the Candaian border, there are not opportunities like that here, no busy cities, it's a small town and not alot of jobs and not alot of overnight jobs either. High scholl kids have all the babysitting jobs, i advertised for that as well, to babvysit kids in my home. There is not much in the newspaper. I don't know what else to do, we have no extra money and the creditors keep calling because im down to pretty much choosing which ones to pay each money because i do not have enough money and neither does Dh, i would love to work but it's impossible with DH's long shifts. What else is there to do? Im having a hard time seeing anotehr option with the financial situation we are in right now.....
One of the things you have to consider is that you're going to be paying the student loans after bankruptcy. You have to be able to afford your bills post BK too. And you have to look at the ENTIRE picture, DH included. Do you have car loans or leases? How is your husband's debt? If you take the credit card debt away can you afford your monthly expenses PLUS the student loans? Or, are you still struggling? What if his credit card debt was erased? Are there excessive medical bills? Are you eligible to have your home loan modified? Even if you both file bankruptcy, it doesn't mean you'll lose your house. You need to sit down with your DH and look at all of your bills together and prioritize them.
I just reread your original post and you stated that they're coming due. Did you just recently graduate?
In the interim, call the CC companies and ask for assistance. See about getting the interest rate reduced, settling, waiving late/overlimit charges, working out a reduced payment plan etc. Credit card companies are much more willing to work with people now than they were when I was struggling. But you have to communicate with them.
If you decide that there is no other option, stop answering the phone until you obtain legal representation, otherwise you'll just keep stressing yourself out.
I disagree that it's a damning event, I'm a few years out of bk and have recovered just fine credit wise. But, like I said, the average cost of a bk attorney plus other court fees is about 2k, payable up front. When you consider that your debt is only 9K that really, to me, doesn't seem worth it, KWIM?
DH has great credit, no debt, cars are paid off, no loans or leases. I just can't afford paying 6 different cards when the student loans come due. If the credit card debt went away and it was just paying to Sallie Mae and Federal Direct, i can afford that but that on top of the 6 credit cards that i got myself into trouble with before we got married i cannot handle.
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| Posted 2/10/12 10:32 AM |
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Posted by mzsocialworker1
Posted by DumpsterBaby
I don't think bankruptcy is the answer at all. You need to sit down and work with your creditors to get a handle on the debt. Bankruptcy is a lat resort, but it seems like you think it is an out instead of trying to find a better solution. Why can't you do babysitting or work overnight at a diner?
I know. I keep wondering this too. I could be wrong, but it's like the OP is avoiding answering these.
I didn't see her mention that there's anything going on on the weekends.
Seruiously?!? I have answered questions about that, i don';t live in a big state like NY with all those oportunties, i live in a tiny town that fight for jobs. I have spent 2 years looking for work at home opportunities and all the high school kids have the baby sitting jobs. My kids don't even have playdates here. I have sold evetrything i possible can on ebay and craigslist and have not had cable or even a home pphone for the last 7 years, we have cut everythign we can.
Im not avoiding anything, im answering everything!!
Yeah, seriously. If you don't like the advice and suggestions you are being given, then don't post on here, because you will hear the good, bad and ugly.
As a PP mentioned upthread, you will just feel the need to defend yourself then, and you will only continue to get defensive and this will turn into a drama thread.
Overall, it looks like you are trying to get justification to go through with this, which only YOU know if will be the right decision.
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| Posted 2/10/12 10:32 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Posted by Karen
Posted by tarabelle99
If the student loans are causing that much pain financially, look into an income based repayment through your lender. You can also put your loans into forebearance if needed under most circumstances. They will continue to accrue interest but you could use that money towards the 9k and chip away at that quickly.
I like that strategy a lot, as I would have to think the interest rate of the student loan has to be a fraction of the interest on the CC's.
I am curious though - I can't believe a bankruptcy court would approve a filing where a household is set up that all assets are solely the hubby's and all debts are solely the wife? What's to stop every family with a SAHM to pursue that avenue??
Seems like it can't be that simple and that a court would dig deeper, but this certainly isn't my area of expertise.
It wasn't set up like that, these credit cards are cards that i had BEFORE we got married, it was not SET UP that way. I have tried to pay them off and can't seem to get ahead. This debt is from before we got married. We have paid off cards, a mortgage, medical bills and groceries to buy, we have one hosuehold credit card in DH's name that we use and DH pays it off every month, that does not laeve anything foe the $9k in debt for my cards that i have been fighting to pay off for the last 2 years and hav gotten no where. This is not a SET UP to work the system, i had debt before we got married, had kids and the debt has never gone away!!
I'm sorry, I didn't mean to imply that you willfully set it up that way.
I have to admit - it's odd to me that the home and cars (all substantial assets) are in your DH's name only, especially if you just bought your house 2 yrs ago. What if something happened and he walked away tomorrow?
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| Posted 2/10/12 10:33 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Posted by CaMacho
You said you have a mortgage, are the monthly payments & taxes high? Could you sell and make a profit or are you underwater?
We owe more than the house is worth right now because values went down in our neighborhood, we just bought the house 2 years ago.
Have you looked into re-financing, loan mod or short sale (not sure if a short sale affects your credit like bankruptcy would)?
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| Posted 2/10/12 10:33 AM |
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Butterfly8325
LIF Infant
Member since 9/10 79 total posts
Name:
Karen
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Re: Filing bankruptcy questions?
Im already paying the minimun on the credit cards, how can the payments get any lower than the minimum?
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| Posted 2/10/12 10:33 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Filing bankruptcy questions?
Not sure if this was mentioned yet, but do you have any family that would help you out? Maybe watch the kids 1 or 2 days a week while you get a part-time job? Or someone who could loan you the $9k and you could pay back little by little?
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| Posted 2/10/12 10:36 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Filing bankruptcy questions?
If you cannot get a job outside the home, then do what you can to get a side business going - whether it be organizing kid's parties, creating invitations, headbands, jewelry, etc.
I know having 3 kids is no walk in the park but eventually those kids are going to be in school & you'll have a lot of free time on your hands to get things done.
You've taken care of your 3 kids & now it's time to take care of yourself. If you don't have the skillset, spend some time learning a marketable skill. I've seen too many SAHMs left in severe financial straits because they didn't take care of themselves financially.
I think bankruptcy sounds like a good idea but one that will hurt you in the long run.
Good luck with your decision.
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| Posted 2/10/12 10:38 AM |
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Im already paying the minimun on the credit cards, how can the payments get any lower than the minimum?
I believe this has already been mentioned by other posters, but often you can consolidate so you are only paying one payment and many of the CC companies will settle and reduce the total amount you owe.
I did this after I graduated from college when I viewed credit cards as free money.
I now have excellent credit.
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| Posted 2/10/12 10:38 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Im already paying the minimun on the credit cards, how can the payments get any lower than the minimum?
Your DH has decent credit, yours doesn't sound completely shot yet. Consolidation loans may be an option. That would lower the monthly output and probably interest rate.
Minimum payment on a 1k card at 19%+ interest isn't going to make much of a dent. Look into snowball type methods of repayment.
Home loan modifications may be an option.
Continuing to keep student loans in forebearance is an option.
Calling the credit card companies and working out a repayment plan or lower interest rate is an option, and would most likely decrease monthly payment.
Transferring the balances to one card with a lower "teaser" interest rate via DH's credit or joint account is an option.
Credit counseling agencies are an option. It will sting your credit a bit but you'll have one payment and your cc companies will usually stop accruing interest or lower the rate while you're in the program.
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| Posted 2/10/12 10:39 AM |
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