N
NancyLou9
Guest
What is the name of your state?Ohio
I had a much better post than this one will be, but it got lost somehow in posting to the board...
Hubby and I have between $30,000 and $40,000 in debt.
We don't own a home, we have a van worth about $1000, and the only assets we really have are hubby's Roth IRA (about $2000), some stock in inherited when my dad died (about $450,00), some stock I bought when I worked for Airborne Express (about $72.00), a savings account with $6.00, and a checking account that always seems on the verge of overdraft.
The debt entails CC's, a student loan of mine (Original debt was $4500. Paid regualrly until 1996. Have paid about $7500 and still owe $7500 per collection agency, tho DOE will settle for $1500, defaulted on in 1996), a car loan (just initiated in May of this year - $10,200), Child support arrearages ($26,000 - long story. Ex filed with CSE saying he hadn't paid in years. Judge wouldn't permit him to show evidence from DOD files showing a monthly allotment paying CS for him.), medical bills (about $500 related to stepson breaking leg and ex filling out all paperwork as though she was still married to my hubby, even though divorce was 5+yrs earlier. She refused to take him to the local military hospital where care is free. All attempts to discuss this with the collection agencies is met with deaf ears. They don't care where they get the money, they just want their money. Family courts wouldn't do anything about it when it happened, local police refused to pursue since it was a "family matter".)
For three years, we were financially crippled due to the ex, her lies and the Colorado family courts. Wage assignment was almost $1000 a month and is now down to $250 a month, as a result of the children reaching the age of majority. Until the ex and her crap we were current on everything, never missing a payment, was in the process of buying a house (had to cancel it all due to the ex and her legal crap). Now we couldn't get a cheese sandwich on credit.
Husband started a new job last year that brought a substantial raise and we are now current on all living expenses. Last year our disposable income was
-$600 (yes, negative) and now it is $1100 a month. Now that we are in a position to pay these people, they won't even talk to us about a payment plan of some sort. They all want it all now or they'll see us in court.
My questions:
1. Is bankruptcy even an option for us?
2. Should this be an option, which way should we go? Chapter 7 or 13?
3. On the car loan, my nephew is the primary with my husband being the secondary. The car is registered in husband's name. I didn't want to do this, but my nephew insisted (we raised him and he felt he owed us this?) and I am still unhappy about it, but I was removed from the process. This just sounds so white trash and it bothers me to no end. Do we have to put the car loan in the bankruptcy? I would prefer to leave my nephew out of it.
4. We still have a small child at home. Is he given any consideration at all from the courts? (I realize we are the ones who got ourselves in this position. In Colorado though, children that are not of issue of the divorce are told to go suck eggs and run around naked since their parents are no longer able to feed or clothe them. Is bankruptcy court the same way?)
5. We haven't gotten a tax return for two years now due to the witch that was married to hubby before he met the light of his life, me. How will the bankruptcy process affect this? Will the trustee get them now?
6. Sadly, I have an elderly mother who probably won't be with us within the next two years and I stand to inherit about $30,000. How will this affect things?
7. Hubby's father is also elderly, 84, and hubby will recieve over $100,000 once he departs this earth. Again, how will this affect things?
8. I am on the verge of having a book published. While it won't make me rich, it will ease some of the burden here in our home. Again, *sigh*, how will this affect things?
I apologize for the long post but I was hoping to give as much info as possible to assist anyone who is willing to render advice to make a more informed response. I welcome any and all advice. I would even welcome the sarcasm from HomeGuru, IAAL and Jet, since they all are so funny and can always illicit a laugh from me, no matter what my mood is.
I suppose I am mostly looking for assurances that, given our financial picture, we won't be laughed out of the attorney's office should we decide to go this route.
I had a much better post than this one will be, but it got lost somehow in posting to the board...
Hubby and I have between $30,000 and $40,000 in debt.
We don't own a home, we have a van worth about $1000, and the only assets we really have are hubby's Roth IRA (about $2000), some stock in inherited when my dad died (about $450,00), some stock I bought when I worked for Airborne Express (about $72.00), a savings account with $6.00, and a checking account that always seems on the verge of overdraft.
The debt entails CC's, a student loan of mine (Original debt was $4500. Paid regualrly until 1996. Have paid about $7500 and still owe $7500 per collection agency, tho DOE will settle for $1500, defaulted on in 1996), a car loan (just initiated in May of this year - $10,200), Child support arrearages ($26,000 - long story. Ex filed with CSE saying he hadn't paid in years. Judge wouldn't permit him to show evidence from DOD files showing a monthly allotment paying CS for him.), medical bills (about $500 related to stepson breaking leg and ex filling out all paperwork as though she was still married to my hubby, even though divorce was 5+yrs earlier. She refused to take him to the local military hospital where care is free. All attempts to discuss this with the collection agencies is met with deaf ears. They don't care where they get the money, they just want their money. Family courts wouldn't do anything about it when it happened, local police refused to pursue since it was a "family matter".)
For three years, we were financially crippled due to the ex, her lies and the Colorado family courts. Wage assignment was almost $1000 a month and is now down to $250 a month, as a result of the children reaching the age of majority. Until the ex and her crap we were current on everything, never missing a payment, was in the process of buying a house (had to cancel it all due to the ex and her legal crap). Now we couldn't get a cheese sandwich on credit.
Husband started a new job last year that brought a substantial raise and we are now current on all living expenses. Last year our disposable income was
-$600 (yes, negative) and now it is $1100 a month. Now that we are in a position to pay these people, they won't even talk to us about a payment plan of some sort. They all want it all now or they'll see us in court.
My questions:
1. Is bankruptcy even an option for us?
2. Should this be an option, which way should we go? Chapter 7 or 13?
3. On the car loan, my nephew is the primary with my husband being the secondary. The car is registered in husband's name. I didn't want to do this, but my nephew insisted (we raised him and he felt he owed us this?) and I am still unhappy about it, but I was removed from the process. This just sounds so white trash and it bothers me to no end. Do we have to put the car loan in the bankruptcy? I would prefer to leave my nephew out of it.
4. We still have a small child at home. Is he given any consideration at all from the courts? (I realize we are the ones who got ourselves in this position. In Colorado though, children that are not of issue of the divorce are told to go suck eggs and run around naked since their parents are no longer able to feed or clothe them. Is bankruptcy court the same way?)
5. We haven't gotten a tax return for two years now due to the witch that was married to hubby before he met the light of his life, me. How will the bankruptcy process affect this? Will the trustee get them now?
6. Sadly, I have an elderly mother who probably won't be with us within the next two years and I stand to inherit about $30,000. How will this affect things?
7. Hubby's father is also elderly, 84, and hubby will recieve over $100,000 once he departs this earth. Again, how will this affect things?
8. I am on the verge of having a book published. While it won't make me rich, it will ease some of the burden here in our home. Again, *sigh*, how will this affect things?
I apologize for the long post but I was hoping to give as much info as possible to assist anyone who is willing to render advice to make a more informed response. I welcome any and all advice. I would even welcome the sarcasm from HomeGuru, IAAL and Jet, since they all are so funny and can always illicit a laugh from me, no matter what my mood is.
I suppose I am mostly looking for assurances that, given our financial picture, we won't be laughed out of the attorney's office should we decide to go this route.