Should We Declare Bankrupcy?

iVillage Member
Registered: 09-30-2009
Should We Declare Bankrupcy?
16
Mon, 10-19-2009 - 1:51pm

Hi-


My husband and I need advice.

Pages

iVillage Member
Registered: 08-04-2008
Mon, 10-19-2009 - 2:06pm

Bankruptcy does not mean the debt goes away - it just means it is postponed and the court kind of controls how your check is spent instead of you.


Credit counseling agencies are looking for people they can make money from, you are not their ideal clientelle as you have none to give them.


As far as pets, they are an expense and a luxury.




iVillage Member
Registered: 10-01-2008
Mon, 10-19-2009 - 2:31pm

If you were here on this board one year ago, October 1, 2008, your post and mine were very similar.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 07-02-2008
Mon, 10-19-2009 - 3:30pm

I have not filed for BK so I am no help to you in that regard. Just wanted to say that you are not alone when you feel that it is hard to get ahead money-wise.

16 months ago my DH and I were sinking in $28,000 of c/c debt, two car payments and two little kids. It was sink or swim for us and for some reason and by hard work (and a lot of prayer) we made it work for us. Now, we have $4,800 in savings, owe only $1,200 on our final c/c and are doing fine. One car is paid off and the other we owe only $5,500. I got laid off and we are still afloat! It CAN be done.

You need to take a LONG hard look at your budget, finances and income. I got a second job to work to build up our emergency fund (efund) so that we could know that we didn't have to rely on c/c's when something major happened.

My DH worked overtime and we were lucky to get a large tax return which we spent $0 of and used it all on our c/c's.

I am sorry about your DH's job. That stinks and can cause a huge budget problem.

My only concern is that if you file BK and you racked up c/c debt on NEEDED things like you said - medical emergencies, schooling, etc. what is your backup plan if you have those emergencies again?

I admit a lot of my c/c purcahases were stupid meaningless things. So it was simple to cut out the junk and not use c/c's. If you are using them for day to day life situations - then you need to re-evaluate how you will live if you file BK. You won't be able to use a c/c for a while.

Just a thought to mull over.

Hugs to you.

iVillage Member
Registered: 11-17-2007
Mon, 10-19-2009 - 4:51pm

Just a thought Has your husband tried any of the online schools for a teaching job. I know an engineer that was laid off that applied for one. And he is teaching on line. Making pretty good money at it too.


Just a thought.


Mary Ann


If you can live with taking bankruptcy then do it. If you can't work throught it Everyone told me

iVillage Member
Registered: 04-03-2009
Mon, 10-19-2009 - 8:51pm
Can your husband find substitute teaching jobs in other school districts near you? I don't know how other areas are set up, but here, substitutes are very busy and can work every day if they want.
iVillage Member
Registered: 12-30-2007
Mon, 10-19-2009 - 10:03pm

I realize things are confusing right now and I was in that position about 2 months ago.

iVillage Member
Registered: 09-30-2009
Tue, 10-20-2009 - 12:37pm

Hi-


I can't get a second job because of health problems.

iVillage Member
Registered: 09-30-2009
Tue, 10-20-2009 - 12:42pm

Hi-


My husband has signed up with other districts.

iVillage Member
Registered: 09-30-2009
Tue, 10-20-2009 - 1:08pm

Hi Norma-


We have bee looking at all our options before we came to the conclusion that bankruptcy might be the answer.

Community Leader
Registered: 07-26-1999
Tue, 10-20-2009 - 4:16pm

ARS10705,


I would advise you to schedule an appointment with a few different bankruptcy attorneys to a consultation.

Photobucket

Pages