New, confused and I feel alone
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| Tue, 05-13-2008 - 10:44pm |
Hi my name is Jen and am a sole income earner for my family of 5. I have in the last 6 months become over extended and am having financial trouble. I discussed this with my ex mother in law and she was offended and upset I might be considering bankruptcy. She played the "these are obligations you made how can you walk away from that" card and I don't blame her but I think it's the best thing for my family right now.
Here's the situation and tell me what ya'll think:
1) I have about 9500 in credit card debt
2) I have a 7,000 personal loan
3) I have a mortgage and I'm in pre forclosure with 3 payments due
4) I have a lot of medical bills about 3,000
5) My total income minus my expenses creates a deficit of $300 per month without including bonuses (which aren't guaranteed)
How did your families react if you foreclosed or filed chapter 7. I have young kids and I'm concerned I'm not making the right decision because I don't have my families support and that is important to me.
My ex mother in law is also questioning my employment because I work in the financial industry. Does anyone know if a Chapter 7 and foreclosure can affect your employment if you work in finance or banking?
Sorry my post is so long and I appreciate any help or support

I don't know as much about this as Carolyn, and I'd definitely listen to her. Of course, you should speak to a lawyer who can discuss your personal situation.
In the long run, you need to do what is best for you and your kids. What your ex-motherinlaw thinks you should do is not necessarily what is best for you - running a deficit of $300 per month must be stressful, and it does seem that bankruptcy would be a good option for you.
My family would be upset if I declared bankruptcy, as would my inlaws. But our finances aren't really their business. They don't even know the extent of our current debt.
mm
I agree with the two previous posters.
* Mother in law does not pay your bills/none of her business.
* You are in charge of your family and need to do what you need to do.
* You are not a 'bad' person if you are in debt or need to file bk.
* You can not change the past. You have to move forward, dealing with you situation the best way you can.
* You are in America! You are allowed to go bk, it's an option to keep you and your kids safe.
* You are not your debt.
* You are a tough Mom being able to care for 5 kids all on your own.
* You are not alone in being in debt, being a single mom or maybe going bk.
Good Luck, you are in my thoughts, for a peaceful future.
hello Jen
First you are not alone. I agree 300 in the whole a month is a lot.