Thinking about bankruptcy

iVillage Member
Registered: 10-27-2004
Thinking about bankruptcy
2
Wed, 10-27-2004 - 12:10pm
Hi,

I'm new. My husband and I work - 2 kids at home - 15 and 21 (college student). We both work. We rent. Want to buy a house but on our salaries we could only afford something in high crime areas. We actually live in a very nice apartment and our children have been happy - neighborhood WAS nice, but like many things it's changing for the worse and schools. They're getting older - if we buy a home, ok, if not, it's ok, too. We've run into same obstacles time and time again when trying to buy a house,no money for downpayemnt-any financial assistance programs can't help because my husband's credit is terrible and he's paying over $800/mo in child support and owes thousands in arrearages. We seperated 6 months couple of years ago and he rented apartment. When we got back together he left apartment owing money so that's on his credit among other things such as back taxes and the child support arrearages. So, my husband only brings home about half of what he would if he wasn't paying the child support, which by the way, one of the children he's paying for is from an extramarital affair 8 years ago. Anyway, my own credit is "marginal". I have 2 unsecured loans - totalling approx $12,000 and credit card balance of approx $1600. I've gotten rid of card long time ago. We have been in the cash advance (payday loans)cycle for almost 2 years now on and off in order to pay bills. We pay approx $100/mo in payday loan fees My income is only approx $24k yr and my husband's would be around that, too if he was bring home what he's paying in support. We want to move. I was hoping (and still hope by the grace of God) that we'll be blessed with a house one day. In the meantime we want to move early next year when lease is up to another apartment in nicer area. I'm afraid that when they do credit reports, they'll find that mine is marginally "good" and my husband's is aweful, including the rental forfeit info that is on his. I just don't know what to do. I'm still praying about all of this and it's overwhelming at times so I pray harder. Now I'm here for some advise from people who may have experienced similar circumstances or have filed bankruptcy already. Any advise? Should I file chapter 7 - move first and then file??

All advise and suggestions are very much appreciated and thanks for listening! I sure can't tell the people I know in person about all of this mess...too embarrassed by it all.

God bless

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 10-28-2004 - 2:30am

Hi lilipearl and thanks so much for posting on the DSG.

All my best,
Danni

iVillage Member
Registered: 10-27-2004
Thu, 10-28-2004 - 5:17pm
Danni

Thank you very much for your input and kind words. I appreciate them. I did locate that companion board yesterday and posted there also. I haven't received any replies yet but It's only been a day. I'll check back tomorrow. Thanks again.

Lilipearl