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sassybree1979 | Bankruptcy vs simply not paying? |
Brief background: Moved from one state to another for a job, which was lost. Income has dropped to about 50% of what it was. We've gone through our savings to try and pay things. Bring home pay now covers ONLY new house payment, utilities, groceries, life insurance, and government student loan. Have previously surrendered 2nd vehicle, (1st vehicle is paid in full). Old house in old state foreclosed on and being sold tomorrow. Credit cards remaining unpaid and sent for collections, etc.
My question is this: should bankruptcy proceedings begin or should we continue as is? What, if anything, can our creditors do to us (other than trash our credit - which has already happened). We live in Texas. I would appreciate any suggestions. However please refrain from replies such as "get a job", because we are both working full time jobs and have cut ALL unnecessary spending. We dread the thought of bankruptcy, but see no other alternative.
Additional Details
We've done the credit counseling, etc., and the funds are simply not there.
Can they garnish wages for debt in Texas?
Thanks for the replies so far - I appreciate it. |
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steve s
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Your in Texas. Lucky you. Creditors can not touch your home in Texas. It is a home stead state. I used to be a bill collector and we couldn't even threaten a lien on properties in Texas. A good lawyer will have you file a chapter 13. Meaning that you would have to pay some of the debt and the remainder would be wiped clean.
Go to www.LifeAfterBankruptcy.com. Stephen Snyder discusses bankruptcy and how it has put him on the right track. |
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Gilly Bean
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Your creditors can repossess your home, for starters. You need to pretty much skin down to the very basic things to get by, and even then, you aren't doing it.
Yes, not paying will trash your credit. You can also be taken to court for criminal fraud, which can mean jail time.
If you can't pay, you need to think about going the way of bankruptcy. Your house is a new house, right? Sell it and move to an apartment. It might not make you much money if you weren't there long, but it might make enough to get some stuff off your back. You could qualify for HUD housing, which is income based, and therefore, cheaper than a house.
Sell the newer paid off vehicle, and buy two cheap used cars which are older, and will be cheaper to purchase as well as insure.
Ask for a deferment on your student loan, which will give you 6-12 months of no payments. You'll incure interest, but the money you don't send to them each month can go towards getting your credit cards paid off a bit.
You could try credit counsling, but honestly, it's a 50-50% game. You might get a legit company who can help. You might end up sending your money to a company that keeps 90% of it, and sends only a bare payment to the places you owe, getting you into deeper hot water.
You have a job already, so maybe look at getting a 2nd job or even working some from home.
wahm.com has legit at home businesses you could do in your spare time, earning you a bit of additional income.
Try to pare down your utility usage as much as possible- lower watt light bulbs, fans instead of ac, turning lights off when not needed, drying clothing outside instead of using the dryer, etc.
Look at budget101.com, they have lots of awesome ideas on how to get a budget that pares down on the things you might not have thought of. They also have a yahoo group, and you can also find other ways of making some extra money on the side. |
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gum s
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file bankruptcy immediately. some info for you:
Types of Bankruptcy
http://get-out-of-the-debt-trap.com/ |
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chocolate-drop
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I would strongly urge you to refrain from filing for bankruptcy. You should seek some type of consumer credit counseling. You can find a reputable company on the Better Business Bureau website, that way you can be sure they are certified and completely legit. A bankruptcy will haunt you for years to come. Good luck! |
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free_angel
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File. You're doing everything you can just as it is just to keep your head above the water. Bankruptcy isn't what it used to be, people can more easily rebuild their credit these days. |
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snvffy
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Whether you are bankrupt depends on what you owe and how much. I suggest you contact Dave Ramsey for his advice. www.daveramsey.com |
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hunter6543
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A bankruptcy will protect you from having judgements placed against you from old creditors. |
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valarie l
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File bankruptcy, not paying will just get you deeper into debt. There is no shame in bankruptcy. I have been there. I have also been on the end of not paying. Just remember, with bankruptcy it stays on your credit for ever so make sure you list all the bills you want to get rid of. |
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hobby
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You've got to meet strict income requirements for bankrupcies now.
Get a second, third, etc. job. You say "refrain" from suggesting this, but you only have ONE job??? Get another one. Nights, weekends, etc. If you have kids, let them do neighborhood chores like babysitting, lawn mowing, etc. to bring in a little income. You NEED more income-- and thus need more jobs. ONE is not enough for you if you're in the situation that you are in now.
Work at a fast food restaurant at night and in the weekends. Sell your house, pay off the debt. Rent a cheap apartment and/or group house. |
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Mary
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I'd say file for bankruptcy but be careful because you may wind up having to surrender the car and home. Talk with a lawyer/ professional and get more info. Different states have different guide-lines. Better to be safe and take it slowly...do your research before jumping into something like that. My in-laws filed and it bettered their life but they lost the car and house and moved into an apartment and had to get a new used car and loan all over again. It's been about 4 years now and they own a house and their credit is much better. But they used it as the last ultimate resort. |
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starry-eyed
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I would say -- do it!
I filed for bankruptcy last year and it was a great (but tough) decision. Your credit's ruined right now already. Cut your losses. You can build up your credit again. Talk to a lawyer about your rights in Texas. |
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Yahoo
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You need to file bankruptcy immediately. It will keep your creditors from filing law suits and garnishing your wages. |
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