Pregnant w/ Finanical Problems....HELP!

iVillage Member
Registered: 12-15-2003
Pregnant w/ Finanical Problems....HELP!
6
Thu, 08-11-2005 - 12:16pm

Sorry this is kind of long...

Since 2003 I've relocated, been laid off more times than I care to think about, herniated a disc in my lower back and was on disability for a time. Then this past March I found out I was pregnant, then laid off (knew about being laid off prior to finding out I was prengnat). Then got a new job, then laid off again. Laid off twice during my pregnancy. This pregnancy was also a complete shock to me since I was once told this was never going to happen to me. Talk about bad timing! Now I'm pregnant, on unemployment and in debt to my eyeballs. During all this time of being laid off, disability, etc. I've had to make ends meet by putting bills on a credit card. I cut up this outstanding credit card in Oct/Nov of '04 around the time I was on disability. I do have a good man who works his butt off to take care of me and our child to be. Unfortunetly with a baby on the way our combined income only covers the cost of bringing a baby into the world, rent, bills and we also need to move into a bigger place to fit the new baby (more money). Here's were I need some advice.

I'm considering filing for bankruptcy. This credit card company wants me to make a "minimum payment" of approx. $2000. Obviously this is outrageous and could never afford to make such a payment. I was making smaller payments of around $200, but this didn't seem to matter because they kept calling making harrasing phone calls. Now even that amount is too much for me. This is why I'm thinking bankruptcy is my only option. I feel terrible about it because I never used that credit card for shopping sprees or anything like that, just making ends meet (bills, food, etc.) I've gone to a consultation with a bankruptcy lawyer and they advised me to file. Unfortunetly the lawyer I went to said it would cost $1200 to do so. They said I could make payments, but they wouldn't be able file on my behalf until the full amount is paid. I'm trying to find another lawyer closer to home that maybe a bit cheaper for me to handle. I also know the president passed some new law about banktruptcy that's supposed to go into effect in October that's supposed to make it harder to file. It seems I have very little time.

I'm also thinking about debt consoldiation, but know nothing about how it works or which company is the better company to go with. I knowt they are supposed to work with creditors to get your interest rates lower, then they combine your debt bills into one and you make one payment to the consolidation company instead of the credit card company. But what I dont know is how do they come to an amount you're supposed to pay per month? What if that's too much? Has anyone ever tried this and would you recommend doing this?

Obviously I am looking for work (and want to work), but at 5 1/2 months pregnant no one is interested in hiring a big fat pregnant woman knowing that I'll have to take off soon. I'm registered with the major employment agencies to get temporary work until I deliever, but haven't had much luck with them either.
Thanks fory your help!

iVillage Member
Registered: 08-19-2003
Thu, 08-11-2005 - 12:24pm

Hello & Welcome,

Congrats on the baby!

Now lets get down to business. Bankruptcy is a huge life altering experience. Its a decision that should not be taken lightly. Lets see if their is a way for you to avoid financial suicide that will follow you until your baby is in middle school. :)

What is your budget? Do you track your spending? Can you sell anything to pay off some debt? Are you paying for "wants"? Do you eat out? Buy soft drinks? Buy personal items at grocery stores?

Hope this gives you things to think about, and please post your debts and maybe we can help you straighten things out.

Shannon

Shannon


Pregnancy%20ticker
Avatar for mommyof2grlz2boys
iVillage Member
Registered: 03-25-2003
Thu, 08-11-2005 - 12:43pm
If you are thinking of filling bancruptcy do it soon there are new laws coming into place that make it harder. Bancruptcy is bad but so is going through what you are going through. I filed because of a divorce and that was 5 years ago. It will only be on my credit 5 more years I have been able to get credit cards and student loans since then so contact an attorney and see if it would be right for you.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 08-11-2005 - 2:29pm

I know things are crazy right now for you.

iVillage Member
Registered: 11-21-2003
Fri, 08-12-2005 - 10:15am

Dear burbankchick,

welcome to the board. This must be a very stressful and difficult situation for you, but I hope you and your family also find joy in expecting your newest family member - bad timing or not :-)

I cannot offer much advice on bankruptcy since I don't know more about the legal stuff than is regularly posted here. What I know for sure is that it is illegal to harass you by telephone. No yelling, threatening or name-calling is permitted (which, I always thought, was kind of obvious, but there are those counting on our frightened reactions in such situations).

As for places to look for advice and ideas to help ends meet: Are you member of a church or a neighbourhood circle or such a thing? Such organizations often offer a certain amount of debt consolidation counselling for free, and sometimes have good ideas what in the area where you live works best, what programms are there to help families and soon-to-be moms in such a situation.

A very spontaneous idea when I read your profile was that if know medical terminology you maybe could make some income by typing reports etc. - doctors seem to outsource such tasks fairly often, it seems.

Someone else has already pointed to things like budgeting etc. - depending on how old the other kids are, maybe they could help with that, make a game out of it? Or even (if they are teenagers) for a short time help contribute to the family income by paper rounds or something like that? I know a friend of mine did that when she was a teenager - 50% was for her, and 50% went into her family's budget.

Greetings, Jordis

ivy_jordis

iVillage Member
Registered: 10-06-2004
Fri, 08-12-2005 - 4:11pm

Hello Burbankchick! Congrats on your pregnancy. Since you also inquired about debt consolidation, I will share my experience with you. I don't know how much debt your in but in my case I had about $6700 in cc debt. I chose the Consumer Credit Counseling Service (CCCS) agency and my monthly payments were approx. $172. Most of my interest rates were lowered which made a big differnece and best of all - THE CALLS AND LETTERS STOPPED! Another plus is that I had a very good agent. So my experience was a good one. If I were you I would at least call and set up an appt. Hope this helps.

P.S. - You and yours will be in my prayers.

 

iVillage Member
Registered: 03-13-2005
Fri, 08-12-2005 - 10:18pm

Sounds like you are a perfect candidate for bankruptcy.

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