gravelgirl66

Stop Paying All ?

Recommended Posts

Hi, hope you can give me some points.. I thought I had this pretty much worked out...

 

Facing Ch7 again after 8 years.. Here is where I am at...

Also facing possible separation from spouse... 2 dependents,  all payments current... but No way to continue as I was just informed one week ago of separation from employer and was to recieve a 5K severence.. (lay off)- however, I may still have a chance to "roll over" into another position taking a 20K pay cut.. so thats still in the works, but no way to continue this debt load.. I should know about the new job next week.. keeping fingers crossed!

 

If I just "Quit" paying on everything but Student Loan and Badcock and Ge, I could probably get those small CC paid off at tax time.. I need to continue to pay badcock as it has my daughters bed, dresser,  etc... and I can't have them "repo" those things..if BK is in the future, will I get "knocked" for paying off the small debts?  I am willing to surrender the vehicle in my own name, and my spouse (possible ex spouse) is trying to get the vehicle into his name alone.  will these be considered "preferential payments" or whatever?  I mean I am ok with also letting Ge cards go to, but I don't want them to think I just opened the recent one to default bc I didn't..    I didn't know all this was gonna go down like this, and that my spouse would get caught cheating..

All accounts in my name alone, except the vehicle jointly shared with spouse...

And my Bk would be my name alone (how would that work being married) as he filed  and discharged. ch7 bk 3 years ago, prior to our marriage.

 

Any recommendations.. steps to take now would be appreciated!

 

Navy Fed (into them deep)

20K car loan

5K LOC

5K CC

 

Primary Borrow/with husband as co borrower on Navy Fed

23K car loan

 

 

Bill me Later

1700K

 

Cap One

500

 

Ge Money Bank

1500K between 3 cards

1 card opened 1 month ago.

 

Student Loan

13K

 

Badcock

1300K

 

medical bills

700

 

defiancy balance from a prior repo in 2006

10K

 

 

 

 

thanks

GG

Link to post
Share on other sites

I think you need to talk this over with a couple BK lawyers...most will give a free consultation.

 

Do be aware that IF you do get a divorce, anything that's decided in divorce court does not neccesarily aply to civil court.  In other words, if divorce court says he pays for his car...if its still in both your names, civil court may find you liable.

 

IMO (i'm NOT a lawyer) do what you need to keep you and you're kids safe, fed, and housed.  If that means using CCs until you actually do file BK...so be it.

Link to post
Share on other sites

His bk will have no affect on yours.

Were I you, stop paying everything and use those payments for hh expenses. Also, don't worry about Babcock. Used furniture is worthless to them.Doubt they'll try and repo.Sounds like your husband will need to secure his own financing to payoff the joint loan and get it in his name. If so, njust note the tansfer on the bk petition and if the trustee feels there is equity there, he'll go after your husband. Not your problem.

End of the day, see a few bk lawyers and let them explain all of your options.

Link to post
Share on other sites

"corawhite" is a spammer. Who claims to live in Australia, so how *she* could recommend a BK attorney for someone in the US is beyond me, but far be it for me to tell them they're wasting their time...

 

Talk to at least three BK attorneys. You probably don't need to care what any of your creditors "think" about the age of your accounts in reference to your filing. Here's what multiple people suggested to me when I was getting ready to file BK 7, 23 years ago. I was a single mom, with four kids, not that different from your current situation, except that I was already divorced, and, while not staring at unemployment, I was dealing with an ex who'd stopped paying support for his four children.

 

So: take an inventory of your kids' and your own needs. Do they need clothes? Charge them. YOU may be unemployed, or underemployed, soon. Do you need clothes for interviewing? Charge them. Does your car need maintenance or repairs? Charge them. Get what you need taken care of now, because you'll have a 2X dip in income: either you are unemployed and have a pitiful severance, or your income drops $1600/month, and on top of that, you won't have income from your current spouse.

 

Toss in the cost of the attorney. As WTC said, make the primary driver for everything you do be your kids' best interests: decent clothes, a decent home, and a steady stream of healthy food. Everyone else can go suck eggs.

  • Like 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.