Hello everyone! The time has come where I feel filing for bankruptcy would be beneficial.
I just got laid off from my job. The same day, I got a call from a law office who was planning to sue my husband for a $6,000 credit card debt. They said that if we act now (next week) they'll settle for half. We have to come into their office (need an appt though), sign paperwork that states the account and the matter are closed, and give them a certified check. I'm iffy on all of this and will likely call to request something in writing on Monday.
Between my husband and I, we owe at least (and I say at least because I'm not sure about some of the accounts- interest and whatnot) $20,000 in credit card debt. On top of being young and stupid, we charged a lot of our groceries and such so that we could make payments. When the cards maxed out or were put on hold, we had to stop paying because we needed to put food on the table.
My husband makes very little, somewhere around $30,000 per year, but without the debt it is well within our means and do-able. With my income before (slow season I was getting $400/mo, busy season as much as $1400/mo) it was even more do-able.
My husband's name is on one vehicle, it's worth about $400. Our main vehicle is in his mother's name.
I have an interview next week to get a Link card (food stamps) and medicaid should be kicking in again for all of us (I am the only one covered right now) within the next couple of weeks.
Right now, paying monthly payments is not an option- wage garnishment is something I fear greatly- where would we live? I am fortunate to be getting the Link card, but still.. and utilities? Eek.
Bankruptcy is looking like a very real possibility. Most of our creditors will be taking us to court soon, I think. The sooner the process can begin, the better.
I really don't know where to start. My mother had financial issues and filed a few times, as did my stepfather. I'd like to call him and get info on who did it for him, how much it cost, etc. I was told it was fairly expensive. Is there a way I could represent myself, or is that a stupid idea?
Would my husband and I have to file separately?
Anyone done this before and willing to share their story?
I realize that bankruptcy has it's repercussions, and I'm okay with that. This is dire.