I have been slowly, getting into great amounts of debt over the years, have had home 16 years, and would have been almost paid, however, due to it being very old, we had it re-sided and new windows, and a re-finance, just at the wrong time, our house payment though, isn’t really the problem, we are on a 5.75 fixed rate, 20 year mortgage, and it is now at 15 years, but we have had to have the home re-roofed, due to a bad storm, and our insurance covered only part, so there went the credit card, also, we had a bad deal with a fraudelent company buying a lot of beef, (it was all stolen), but bad me, used our credit card, company did a investigation, sent us a letter, that they were finished, never took any of the $2500. off, but we did get a little restitution from our local D.A., so we got $300. back, I have been up to date on the Visa, and have actually gotten a lower rate to 7.9% as it is closed now, (did that to stop bleeding), but we also have a Visa attached to our checking account, and can’t seem to live on our income at this time, as we’ve racked up about $8300. or more on that visa just from overdrafts and fees…Also, We now have a lemon vehicle, which we bought used, from a dealer who is no longer in business, it will not smog, so we have it non-op’ed. and we still owe $5800. on it, as well, we still have to carry insurance on it, this leaves us with one paid for vehicle, that still runs (hope that keeps on), and We still keep sinking every month, also, my ex, whom i was recieving a very small amount of child support arrears is dying, so I stopped that, and my adult son still only pays $150/mo. rent, but he’s hardly home, and I still have to get our daughter through high school and college, don’t know what to do?
Would putting the Truck payment, and Credit cards on a discharge be doable, and would I have to find another bank with the overdraft protection one, or what?
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What concerns me the most is that you say you still turn out negative each month. A bankruptcy can help eliminate credit card debt, turn in the non-operable car, etc. But if you still are not bringing in enough each month to meet basic living expenses and needs, then something needs to change – and there is not much a bankruptcy attorney can do about it.
My next concern would be the house. You say the mortgage payment is no problem. But what concerns me more is that amount of repairs you are having to do to the home. Without more information about how much your mortgage payment is, as compared to rental prices in your area, it is hard to give advice about the home.
I suggest you talk to a bankruptcy attorney to discuss the possibility of the best timing for a bankruptcy filing.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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