My husband and I both have our own businesses…5 and 6 years of growth..then…off of a cliff! We were keeping up with minimum payments…but now can just make basic mortgage and groceries, car no excess! We started filling out BK paperwork in Sept..haven’t paid credit cards…48 voice messages a day!
The atty wants $1650 just to file..and the counseling is another $150…where do we get THAT??? How bad is it when you can’t even afford bankruptcy???
It’s been two full months with not payments to CCs….I don’t answer calls…when will they’ve started sending letters…how long before they start litigation? What can we do???
So if I read your situation correctly, even without paying any of the creditors you are just barely making it and can’t save any money towards bankruptcy.
My concern is even if you do file a Chapter 7 bankruptcy it will leave you in the same position you are right now. Your debts would be discharged and you would not have to pay them, but you aren’t paying them now and struggling to get by.
The obvious moves here are to supplement your income, hand the house back in the bankruptcy, or drastically reduce your current living expenses in some way that will allow you some breathing room.
So, what changes can you make to either your income, expenses or both? Can you tell me more about your home and car expenses? Is there any equity? How much do your car(s) cost you each month in payments?
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.