Legal Question in Bankruptcy in California
How to keep heads above water
My husband & I realize that we can't keep going on as we have been; we don't know what to do. He could sell his
Ford Ranger, or I could have my Chevy Lumina repossessed;
I am the main income earner, but I've also used charge cards to augment our income, and dug a deep hole. I'm in a DRP with CCCS, but have to borrow from two different cash
advance places each month, after paying CCCS $1,000/mo. I've never made car payments before, and am not handling that too well. I bounce dozens of checks monthly, and pay the penalties each month. My credit rating is plummeting,
but, most importantly, my family is doing without fairly basic needs, like a vacation in several years.
What can we do?
CA
4 Answers from Attorneys
Re: How to keep heads above water
You may want to consider bankruptcy, although Ch. 13 may be your best option if you have a lot of recent credit card usage done without the ability to repay. If you would like a free consultation, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule a time.
Re: How to keep heads above water
Thanks for your posting, and I'm sorry to hear about the financial situation you are in. From what you've described, not only are you "borrowing from Peter to pay Paul", but you will keep digging yourself deeper into debt while making minimum payments on debts that will take years, if not decades, to pay off.
As Mr. Markus mentioned, I agree that bankruptcy is one of your best options, although I don't think that a Chapter 13 would be your best option, as you have debts that are dischargeable, and are in need of a "fresh start" rather than a repayment plan.
If you'd like more questions answered, or want to get start on a bankruptcy, I can send you more information via mail, fax, email, or at a free consultation near you. Please just call me toll free at 1-877-568-2977, or email me, and I'm happy to help in any way that I can.
Either way, best of luck to you, and I do think you will find a way out of this, bankruptcy or otherwise.
Re: How to keep heads above water
See a bankruptcy attorney about filing a Chapter 7 or negotiating your debts--if you are getting more behind each month, you'll have to get rid of as much debt as possible and start over.
Re: How to keep heads above water
You can file chapter 7...which can wipe off majority of your non-secured debts. If you file Chapter 13...you have to make monthly payments to U.S. Trustee's office.. If you are behind $10,000..Your monthly payment would be $400/mo for 36 months and $260/mo for 60 month. If you have questions..call me at 818-481-9284
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