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Filing bankruptcy questions?
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SlurpeeDad
LIF Adolescent
Member since 1/11 713 total posts
Name:
SlurpeeDad
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Re: Filing bankruptcy questions?
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
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Posted 2/10/12 10:44 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 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?
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
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| Posted 2/10/12 10:47 AM |
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Re: Filing bankruptcy questions?
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
 
BTW, you just made me crave a Slurpee!!!!
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| Posted 2/10/12 10:49 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?
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
Message edited 2/10/2012 10:58:29 AM.
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| Posted 2/10/12 10:57 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Filing bankruptcy questions?
What state do you live in?
I have no clue about this stuff but I'm wondering if you file for bankruptcy won't they ask for your source of income? Since you SAH your DH is your source of income so won't they take his income and assets into account? If that is the case you definitely want to look into some credit counselors or start getting on the phone and call your creditors and work something out.
Can you get a job at Target or someplace similar working the evening or weekend shifts that way you won't need a sitter?
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| Posted 2/10/12 11:02 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 nrthshgrl
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
I don't want the mortage and if something happened to DH we both know i would not be able to affod it on my own, we know the house would be sold and that's fine but we wanted it that if something happened to DH i would have no financial obligation to this house as i would not be able to afford the mortgage and the to heat it and to keep it going.
I asked for advice, everything that has been suggested i have already tried, i have cut bills, called companies, looked for work, tried alternatives, asked for help. Im not arguing just answering their questions.
Im going to contact a bankruptcy lawyer and see what they have to say before i pursue it.
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| Posted 2/10/12 11:27 AM |
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Re: Filing bankruptcy questions?
Not an expert, but won't your dh be affected if you file for bankruptcy? what does he think?
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| Posted 2/10/12 11:36 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 cncforever
Not an expert, but won't your dh be affected if you file for bankruptcy? what does he think?
That is what i was asking in my OP....
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| Posted 2/10/12 11:43 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 nrthshgrl
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
I don't want the mortage and if something happened to DH we both know i would not be able to affod it on my own, we know the house would be sold and that's fine but we wanted it that if something happened to DH i would have no financial obligation to this house as i would not be able to afford the mortgage and the to heat it and to keep it going.
I asked for advice, everything that has been suggested i have already tried, i have cut bills, called companies, looked for work, tried alternatives, asked for help. Im not arguing just answering their questions.
Im going to contact a bankruptcy lawyer and see what they have to say before i pursue it.
You are making a lot of assumptions that have the potential to really back fire on you. If DH does god forbid pass away in 10-15 years, who is to say you won't have equity in the house? Even without your name on the house, it will pass to you if DH passes away. What you choose to do what that is your option, but not having your name on it at all makes no sense to me. You are also making the assumption that death is the only way a marriage ends, and sadly, that is not the case.
You have left yourself so vulnerable right now (no assets, debt, assuming little if any retirement savings), the last thing you need is a bankruptcy on your credit.
Please talk to a professional first and foremost!
Message edited 2/10/2012 11:45:48 AM.
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| Posted 2/10/12 11:45 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 Butterfly8325
Posted by nrthshgrl
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
I don't want the mortage and if something happened to DH we both know i would not be able to affod it on my own, we know the house would be sold and that's fine but we wanted it that if something happened to DH i would have no financial obligation to this house as i would not be able to afford the mortgage and the to heat it and to keep it going.
I asked for advice, everything that has been suggested i have already tried, i have cut bills, called companies, looked for work, tried alternatives, asked for help. Im not arguing just answering their questions.
Im going to contact a bankruptcy lawyer and see what they have to say before i pursue it.
You are making a lot of assumptions that have the potential to really back fire on you. If DH does god forbid pass away in 10-15 years, who is to say you won't have equity in the house? Even without your name on the house, it will pass to you if DH passes away. What you choose to do what that is your option, but not having your name on it at all makes no sense to me. You are also making the assumption that death is the only way a marriage ends, and sadly, that is not the case.
You have left yourself so vulnerable right now (no assets, debt, assuming little if any retirement savings), the last thing you need is a bankruptcy on your credit.
Please talk to a professional first and foremost!
My name is not on the house, i have no financial obligation to the house, if DH passes away i have no ties to the house and will lose the house. we discussed it with the wells fargo rep when we bought it, we never wanted the house with my name on it. Dh's sister is the same way with her husband but her husband is the one not on the house. The rep told us that was the best option to have no financial ties to the house.
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| Posted 2/10/12 11:50 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?
Posted by Karen
You have left yourself so vulnerable right now (no assets, debt, assuming little if any retirement savings), the last thing you need is a bankruptcy on your credit.
Please talk to a professional first and foremost!
This is my biggest concern with the scenario you're proposing.
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| Posted 2/10/12 11:54 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 Butterfly8325
Posted by nrthshgrl
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
I don't want the mortage and if something happened to DH we both know i would not be able to affod it on my own, we know the house would be sold and that's fine but we wanted it that if something happened to DH i would have no financial obligation to this house as i would not be able to afford the mortgage and the to heat it and to keep it going.
I asked for advice, everything that has been suggested i have already tried, i have cut bills, called companies, looked for work, tried alternatives, asked for help. Im not arguing just answering their questions.
Im going to contact a bankruptcy lawyer and see what they have to say before i pursue it.
You are making a lot of assumptions that have the potential to really back fire on you. If DH does god forbid pass away in 10-15 years, who is to say you won't have equity in the house? Even without your name on the house, it will pass to you if DH passes away. What you choose to do what that is your option, but not having your name on it at all makes no sense to me. You are also making the assumption that death is the only way a marriage ends, and sadly, that is not the case.
You have left yourself so vulnerable right now (no assets, debt, assuming little if any retirement savings), the last thing you need is a bankruptcy on your credit.
Please talk to a professional first and foremost!
My name is not on the house, i have no financial obligation to the house, if DH passes away i have no ties to the house and will lose the house. we discussed it with the wells fargo rep when we bought it, we never wanted the house with my name on it. Dh's sister is the same way with her husband but her husband is the one not on the house. The rep told us that was the best option to have no financial ties to the house.
I'm sorry, but I must be missing something. I am a CPA and this makes zero sense to me. Mortgages don't last forever - what if the house is paid off before DH passes away? And unless there is some kind of trust set up, the house would pass to you anyway, no?
I'm not sure why you are so against having financial ties to the house, it is a major asset. You may be underwater now, but in a few years, you may not be, so I am not understanding your insistence that you don't want any ties to the house?
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| Posted 2/10/12 11:58 AM |
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DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Re: Filing bankruptcy questions?
Posted by Karen
Posted by Butterfly8325
Posted by Karen
Posted by Butterfly8325
Posted by nrthshgrl
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
I agree with this!
Posted by Butterfly8325
We have discussed that, DH does not want me attached to the house because if something happened to him it would be easier to just let the bank deal with the house. It's set up so if something happens to him i will have no financial obligation, i will have the paid off car and the kids and that's it and the life insurance money will help me set up somewhere else. That is why over the last 2 year when we buy something he buys it, my credit is tanked anyway so the rate would just be worse if i were on it.
The house is an asset. If something happens to your DH (assuming he has a will), it goes into his estate, no? The house would be sold if you can't take over the mortgage. A portion would go to the bank to pay off the mortgage & any remaining portion would go to the beneficiary of his estate - presumbaly you. I'm not seeing any advantage to you of having the house in his name only. The only advantage seems to be with him?
Did you want advice on here? I ask because as many people are coming up with options, you are coming up with arguments as to why those don't work.
I don't want the mortage and if something happened to DH we both know i would not be able to affod it on my own, we know the house would be sold and that's fine but we wanted it that if something happened to DH i would have no financial obligation to this house as i would not be able to afford the mortgage and the to heat it and to keep it going.
I asked for advice, everything that has been suggested i have already tried, i have cut bills, called companies, looked for work, tried alternatives, asked for help. Im not arguing just answering their questions.
Im going to contact a bankruptcy lawyer and see what they have to say before i pursue it.
You are making a lot of assumptions that have the potential to really back fire on you. If DH does god forbid pass away in 10-15 years, who is to say you won't have equity in the house? Even without your name on the house, it will pass to you if DH passes away. What you choose to do what that is your option, but not having your name on it at all makes no sense to me. You are also making the assumption that death is the only way a marriage ends, and sadly, that is not the case.
You have left yourself so vulnerable right now (no assets, debt, assuming little if any retirement savings), the last thing you need is a bankruptcy on your credit.
Please talk to a professional first and foremost!
My name is not on the house, i have no financial obligation to the house, if DH passes away i have no ties to the house and will lose the house. we discussed it with the wells fargo rep when we bought it, we never wanted the house with my name on it. Dh's sister is the same way with her husband but her husband is the one not on the house. The rep told us that was the best option to have no financial ties to the house.
I'm sorry, but I must be missing something. I am a CPA and this makes zero sense to me. Mortgages don't last forever - what if the house is paid off before DH passes away? And unless there is some kind of trust set up, the house would pass to you anyway, no?
I'm not sure why you are so against having financial ties to the house, it is a major asset. You may be underwater now, but in a few years, you may not be, so I am not understanding your insistence that you don't want any ties to the house?
I don't get this either. If something happens to your DH the mortage has to be settled with any money from his estate. You said there was a life insurance policy, who's to say the bank won't come after that money to pay off the house?
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| Posted 2/10/12 12:05 PM |
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mrsb1
LIF Toddler
Member since 2/10 423 total posts
Name:
las1 from LIW
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Re: Filing bankruptcy questions?
Student loans are not dischargable in bankruptcy
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| Posted 2/10/12 12:36 PM |
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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?
Posted by DrMeg
I don't get this either. If something happens to your DH the mortage has to be settled with any money from his estate. You said there was a life insurance policy, who's to say the bank won't come after that money to pay off the house?
I'm with you on having her name on the house but I believe when settling an estate, creditors have no claim to life insurance money. It goes solely to the beneficiary of the policy.
As for the house going to the wife automatically, I don't believe that's the case unless he has a will (hoping he does!). If you don't have a will, the state your reside in has one written for you. Here is the order of inheritance:
hapter 17-B of the New York State Consolidated Laws specifies the order of inheritance for the different degrees of kinship to a deceased person, and the percentage distribution that each would be entitled to.
1. A surviving spouse is the first in line and will inherit all the assets of an estate if there are no children or grandchildren. If there are children, the spouse receives $50,000, plus one-half of the remaining estate.
2. Children
3. Parent, or parents equally
4. Siblings and half-siblings
5. Grandparents
6. Aunts and uncles
7. Grand children of the deceased person's grandparents
8. Great grand children of the deceased person's grandparents
9. The State of New York
which means if there is no will, you & your 3 minor children may be inheriting the house.
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| Posted 2/10/12 12:36 PM |
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MrsGmomof3
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Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: Filing bankruptcy questions?
[
My name is not on the house, i have no financial obligation to the house, if DH passes away i have no ties to the house and will lose the house. we discussed it with the wells fargo rep when we bought it, we never wanted the house with my name on it. Dh's sister is the same way with her husband but her husband is the one not on the house. The rep told us that was the best option to have no financial ties to the house.
I cannot believe that a BANK rep would suggest to a MARRIED couple that one of them not be on the house
In theory, your husband can throw you out of your house because you have "No legal ties" to it. He could decide tomorrow that he no longer wants to live with you, and you would have ZERO legal legs to stand on. I'd question not only the bank rep, but the attorney who did your closing.
Message edited 2/10/2012 12:39:28 PM.
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| Posted 2/10/12 12:38 PM |
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Re: Filing bankruptcy questions?
I have no actual knowledge on the situation- but I would have to assume that if you filed bankruptcy, it would affect your DH. Do you file taxes separately? I mean the state still knows you are married and even though you keep your finances separate, they are still joint in many aspects.
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| Posted 2/10/12 12:38 PM |
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MissingLI
Such a Big Boy!
Member since 1/06 1602 total posts
Name:
C
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Re: Filing bankruptcy questions?
This topic was just on America's Money Class with Suse Orman on Monday. If you can go onto Oprah.com/moneyclass and watch the episode DO IT.
Suse said the #1 mistake is to defer your student loans. All it's doing is compounding the interest, espcially if they are private student loans. You are making you situation worse by doing so.
Second, if you can not consolidate and lower your CC payments she actually said to stop paying them and just go into default with the CC companies and pay off your student loans.
I swear I am not making this up. I am not suggesting this is the greatest thing in the world, but it's no worse than going to Bankruptcy. Only you know your situation with your kids, your finances and I'm so sorry you are dealing with this. Small towns can make things difficult when it comes to jobs, etc.
Call your CC companies and see if you can do something there, hopefully so. But first and foremost, stop deferring your student loans and start paying them off with the money you have been spending on the credit cards.
Go to your bank and see if they have a financial advisor as well, they may be able to guide you in the right direction, or a debt manager as others have suggested.
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| Posted 2/10/12 12:49 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Filing bankruptcy questions?
It's tax time -- you have 3 kids, are a SAHM and you and your DH have a house....I would imagine you probably get a sizable tax refund. Can you talk with your DH and have the refund be applied to your cards to help take the pressure off...then you can talk to a fianancial counselor and see about trying to get some relief from the CC debt.
Also, your DH pays his card off in full every month, which is great but what is the APR on that card compared to your cards? Can he carry a small balance on that and the extra can be given to you for higher APR cards?
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| Posted 2/10/12 1:05 PM |
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td123
LIF Infant
Member since 3/10 294 total posts
Name:
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Re: Filing bankruptcy questions?
Here's what I would do. I would ask for a forbearance on your student loans. I believe they are in 6 month increments. I would take 1 credit card and call the company and explain to them that you will be filing for bankruptcy if you cannot settle the debt on the card. Many companies agree to settle your debt for about 50% of what you owe if you agree to quicker installments. So put your money to that one card. default on the other cards until this is paid. Then once its paid, do the same thing with the next card. If the companies see you havent been making your payments they are more willing to settle for less bc they know they cant get blood from a stone and they would rather have 50 cents on the dollar than 0 if you file bankruptcy claim. This will definitely leave blemishes on your credit report, but it is not as bad as filing for bankruptcy.
just my 2 cents.
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| Posted 2/10/12 1:10 PM |
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Michelle1123
Baby #5 on the way!
Member since 9/05 7919 total posts
Name:
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Re: Filing bankruptcy questions?
You said the cars were paid off. Can you sell one? Since you dont work and on days you need it you can drive your husband to work.
Some of the travel companies on the internet (expedia, etc.) use WAHM customer service reps. I dont see why you wont be able to do something like that, even if there are no offices near your town.
If it was ME, I would go and get a job at a fast food restauarant when my husband gets home. Or anything. I have three kids and work CRAZY hours and there are days when I dont get to go to sleep because i was up working all night. And then I'm up with the kids all day. You have to do what you have to do.
I do not think bankruptcy is a good option for you, like others pointed out. You have NOTHING good in your name, just the bad. If something happened between you and your DH (death, divorce, etc.) you will be in an even worse situation if you have a bankruptcy on your credit report.
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| Posted 2/10/12 1:46 PM |
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KCCL
LIF Adolescent
Member since 6/11 641 total posts
Name:
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Re: Filing bankruptcy questions?
Posted by SlurpeeDad
Instead of defending yourself here, why not talk to a professional in the matter. They will ask you all the specific details and tell you what is your best option. I don't know what kind of insurance you have, but I have USAA and they offer free financial advice and will tell you your best course of action. Good luck.
ITA
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| Posted 2/10/12 1:48 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Filing bankruptcy questions?
Posted by Butterfly8325
Im pretty sure i will be filing this year, im just in over my head and it's stressing me out. Im a SAHM and even if i get a job, the kids daycare would deverly limit the anmount i would actually bring home to pay these bills and my student loans are coming due so those on top of the $9,000 in bills is just too much. How does this work? What does it cost to do? The house it under my DH't name, not mine....will they take my house? Will my banruptcy show up on my husband's credit if he apllies for something, like only him applying for anything without me? Im just wondering if he will have trouble applying for anything if i have filed for bankruptcy even thought he has impecable credit....can anyone talk me through how this will work? Will he need to come with me for the court hearings or will it just be me?
ETA: We have nothing jointly, all bank accounts, cars and the house is all under his name, we don't have any CC together either. The only thing tying DH and i together is that we are married, we are financially separate, will he need to be involved at all?
So what are your husband's thoughts on the matter? I noticed you haven't mentioned what he thinks of all this. Maybe between the two of you you could rework the finances so that some of your CC debt is paid off as well considering you were able to pay off not one but TWO car loans. It seems to me that he's very good with money.
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| Posted 2/10/12 2:02 PM |
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angrybird
LIF Zygote
Member since 10/11 15 total posts
Name:
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Re: Filing bankruptcy questions?
I have been trying to find a delicate way to phrase this but I can't - someone is LYING to you. There is NO benefit to you whatsoever (financially, legally or logically) for your name not to be on the house.
- if your DH dies tomorrow, regardless of whether your name is on the house or not, you and your children (through your state's intestacy laws) will INHERIT the house. You will then have to figure out ig you will sell it etc. Meaning, you WILL have a legal and financial tie to the house.
- if your DH dies in 10 years...same thing as above, but you will have equity in the house which, upon selling the house, is $$$ that you will be able to take with you.
-if your husband dies - his vehicle, which is solely in his name and paid off - will go into the estate as an asset. You will not be able to have it until the estate is settled and creditors can claim it. YOU will be left without a car for at the very LEAST many months. The bank account - because it is not a joint account will also go into the estate. You WILL NOT be able to access any of that money until the estate is settled and the creditors have had their claims.
- if the car and accounts were in BOTH of your names, in the event of your DH's death it would not become part of the estate and it would be yours immediately.
-if your husband leaves you or you want to leave him - then you have NOTHING! No assets, no bank account, no car, no job and if you file for bankruptcy then no credit which means you probably would not even be able to get a job.
NOBODY thinks it can happen to them but it can happen to ANYBODY! Many marriages that were once happy have failed - in fact they do everyday.
I am sorry if I am being harsh but thse are the FACTS.
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| Posted 2/10/12 2:04 PM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Filing bankruptcy questions?
I am concerned that you guys are already living pay check to pay check. Trading your SL debt for the CC debt and vice versa is like having six of one, half a dozen of the other: There isn't much difference.
There seems to be a bigger problem here. You've stated you've cut down as much as you can, wherever you can and that you're still struggling. BK isn't going to change that if all you're doing is trading the student loan payment for the credit card payments.
If you get rid of the CC debt, and take on the SL debt, will you still be struggling?
I don't think selling a car is a good idea, if one breaks down you're sunk. Maybe reducing the insurance coverage you carry (maybe getting rid of comprehensive insurance on both, and collision on the one that is pretty much sitting at home) could net you a little more $.
I still don't think bankruptcy is the best idea for you. It will cost you 2Kish to file (attorney is about 1500+, court filing fees of 300 and there are fees associated with the required credit counseling as well). For 9k, you could take that 2K and slam out a chunk of it.
Your biggest issue is your student loan at 20K. For a standard repayment @ 6.8%, you're looking at 230ish a month.
I did a basic calculation on the DOE website for income based repayments for a family of 5 w/ a SL debt of 20K@ 6.8% for an income of 50k/yr and it drops the payment from 230ish to 135/month.
That's almost $100/month difference.
I figure each of your cards to be about $1500 w/ a monthly payment of about $40/card, or about $250 month.
Consolidation, balance transfers, credit counseling or even defaulting and settling could reduce that number as well. Defaulting and settling is going to hurt your credit too but not as much as a bankruptcy will. It's a little easier to get those negatives off your credit report than a bankruptcy.
Again, I've filed bk and don't regret it one bit (stigmas and all). I just think in your situation you've got a few more options available to you
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| Posted 2/10/12 2:22 PM |
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