Would it be better if I went bankrupt instead of trying to pay off my huge debt? I posted this in Finance, too
I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.
I am probably about ,000 in debt with credit cards; ,000 in student loans; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).
I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.
Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?
That is all you get in MS for 2 kids based on his income and he has a pretty decent factory job (around here that is the best you’ll get with no degree).
I don’t own a home. I rent. Yes he ran up the cards by refusing to give me money to pay the bills, so I had to use the cards.
Bankruptcy is not your answer. That will kill your ability to get any good rate loan for the following 7 years & it is a permanent record on your financial side. You should consider Debt Settlement before that. Also, if possible consolidate your debt. Sell one of the cars ( I would sell the oldest, if you don’t owe a lot on the newest ). One other suggestion, try debt counseling. There should be some free ones available, if nothing else, go to a decent sized church. Some of them have debt counseling, & will help even if you don’t go to their church.
June 30th, 2010 at 11:50 amYour 1st step in payments should be paying off your highest interest debt 1st. Websites posted ( hope this helps ) Best of Life to you.
won’t they kick u out of the house if u file bankruptcy? because they will reposes everything u have to pay those bills and then they will subtract some sum from your salary till the rest o your life till u pay it off and u won’t be able to get any loan ever again. if u file bankruptcy it doesn’t mean u don’t need to pay and all your bills will just disappear
June 30th, 2010 at 11:50 amwhy isnt he responsible for any of these bills? just because they were in your name doesnt make him free and clear of responsibility. i would go to a credit consolidator. they talk to your creditors, sometimes reducing the interest and you canmake smaller payments. dont ruin your credit any further. talk to a lawyer about suing him for 1/2 of these bills that occred during your marriage.
June 30th, 2010 at 11:50 am215 for child support for 2 kids are you kidding me?Give me the nome of his lawyer because I pay 1200 for 1 kid
June 30th, 2010 at 11:50 amCredit consolidation is what you need.
June 30th, 2010 at 11:50 amYou asked, "Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???"
Paying what you owe is the responsible thing to do. You’re an idiot for obtaining all these bills–not for paying them.
If you intend to divorce, and you live in the US, these are likely going to be considered martial debt (assuming they were obtained during the marriage), meaning even if all the bills are in your name, the judge is going to order hubby to pay half of them.
If I were you I’d be talking to a divorce attorney first. You don’t want to file bankruptcy unless you absolutely have to. And if the judge splits the debt, then you may not have to.
June 30th, 2010 at 11:50 amBefore you file for bankruptcy take a look at consolidating all of your debts into one loan, doing this greatly reduces the monthly repayments. Find a bank or reputable financial lender that will give you the lowest interest rate and the best repayment options and optional length of the loan .
I would also investigate getting extra child support from your ex this seems very low considering there are two children.
Filing for bankruptcy can have some draw backs,
June 30th, 2010 at 11:50 amDon’t ask us. talk to a bankruptcy lawyer. How come you can’t make it on 39,000 per year? Sell a car, move to a cheaper house, apt’s are cheaper than houses. If you live in the country, move to town, it is cheaper. transfer to a school that has incentives, like paying off your student loans. rent out a room to another female.
June 30th, 2010 at 11:50 am