Has anyone had to file bankrupcty or considered it. Husband lost job.

[Cimarron]

My husband just lost his job with sprint last week. He was fired not laid off. We like so many other people have lived way above our means and now have a mountain of debt. We are trying not to panic but I dont think he will ever find another job making what he was making. He was also tired of working in the corporate world and would like to make a change which I don't blame him. He is pretty distraught but we are trying to stay calm and not make any rash decisions. We have a couple of horses we are going to try to sell but he does not want me to even think about selling my special ones! I think he feels so bad that he doesnt want me to have to part with something I love so much. I do know that it may happen and we will get thru that. I love my husband very much and as long as we are together we can get thru this. I just need to know if anyone has had similiar experiences and need advice and prayers. Sheila

 

[minimule]

I just sent you a PM.

They have changed the bankruptcy laws though. In 2005 the laws changed from where once you file and are granted a bankruptcy you no longer "owe" the debts to where you still have to pay the debts back regardless.

My first choice would be to talk to a bankruptcy lawyer and find out what they recommend. Then try to talk to a [SIZE=12pt]reputable[/SIZE] Debt Consolidation place. BE VERY CAREFUL!!!!!! There are fraud companies out there that will do more damage than good. Found out the hard way on that one.

Good Luck on whatever you choose to do though. I know it's hard.

 

[Charley]

{{{{Hugs to you and hubby}}}}

I am not familiar with backruptcies so I can't give you any advice on that. I hope he is able to find a good job soon and that things get better for you both.

 

[Charlotte]

I'm going to second minimule. Get financial counseling from a reputible firm. It's so easy to make a wrong move when you're in panic mode.

And hang in there. You WILL get through this.

Prayers and hugs,

Charlotte

 

[Chamomile]

Hugs to you both! Me and mine are going through this same thing this week. My husband also lost his job this week. It's been pretty stressful. I hope all goes well for you!! I don't have any advise as far as money goes, but am reading your replies to see if they will help us too...

 

[Becky]

The first thing I would do is talk to your creditors and explain the situation to them. Most are more than willing to work with you on payment plans.

(((((Hugs))))))) to you and Pat. I'm betting that things will look up soon. Hang in there!

 

[SunQuest]

First, I am not an attorney, so the information that I am telling you is just my understanding of how this works based on knowing family members that have filed in the past. Please seek legal counsel as the following is just my understanding and my opinion.

Search online to investigate if you qualify for bankruptcy and will it benifit you in the long run.

Bankruptcy can be a positive "if" you meet the criteria and "if" you can live with what the government allows you for expenses, especially if you do a chapter 13. I would venture to say that if you have to do a chapter 13, that you would not be allowed any of your horses as you couldn't budget for them as all of your "extra" income goes to repaying your debt for several years.

Here is a link that explains some of what you would face under the new laws. http://www.nolo.com/article.cfm/catId/462A...F9/213/161/ART/

If you have to file, I would think that you would hope to have a chapter 7 as that would not require you to repay the debt after your bankruptcy is dismissed, and could potentially allow you to start to rebuild your damaged credit sooner. I think that once the bankruptcy is dismissed, it is 7 to 10 years before you start being able to get loans for things like cars and homes. I also believe (may be wrong with the new laws) that dismissal occures typically a year after the chapter 7 is approved by a judge, and I believe 3 years after a chapter 13 is approved by a judge.

Either way, you will have to get some credit counseling from what I understand.

Good luck and hope that all works out well for you and your husband.

 

[Bluerocket]

In the mean time - make sure he files for unemployment --- that money should help at least some and Sprint is who will have to pay for it -- I think its 2/3 of your previous pay but not sure about the amount.

My husband is a factory worker in the automotive industry and he is periodically layed off -- he files for unemployment every time that happens - I think you can file immediately - don't have a waiting period.

There is no shame in accepting unemployment money I promise you that!

JJay

 

[CLC Stables]

My advice and it sounds crazy I am sure,

Anything you feel is ABOVE what you actually need, SELL IT............have a car that sits mostly, sell it, pay on something else, any EXTRAS sell.............it shows a positive toward paying things off.

I have done that in the past few years (not a huge amount of debt, but CC's were huge) and I am down to 3k left to pay off and I am debt free................LOVING IT.

Just get rid of stuff...............it is a positive move.

 

[Shari]

After my husband got out of the Navy..only jobs for a number of years he could get, were contract jobs. So needless to say he was out of work a lot. Will tell you, very was hard.

First apply for unemployment.

First couple of times he was unemployed...we did ok because I was raising miniature sheep, ducks and chickens. Did get some money to keep us going selling breeding stock. I also had a garden and orchard.

Which helped with the food.

Next... get rid of long distance telephone and or cell phones. Is cheaper to use the local basic land line phone service..and buy a long distance card.

Get rid of any cable or Direct TV type bills.

No fast food or movie rentals....

We had to keep the basic internet because the majority of jobs want Resumes via email/computer. This is important to keep.

I had to sell my truck. But we kept hubby's little car because it was cheap and great on gas mileage. So we dealed with one wee car.

We dropped my life insurance ...went basic with the car insurance.

Unless hubby had to send resumes..anything electric was shut off..except for the Frig and stove.

Heat was pretty much turned off..on all but the most cold days. The tiny fireplace not really made for what we used it for kept us warm enough. We had free firewood.

Sold all my riding horses...did keep Maggie and Theia..but they did not cost much to keep them.

Sold anything I did not really need. Be supprised on how much stuff we really do not need.

Do not buy anything...unless it is basic food ( noodle soup, etc..cheap food only), TP or such. Do not drive or go anywhere ..unless it is to an interview. Only buy needed things then.

One can stream line more than they think they can.

For any bills that can't be handled with the unempolyment...call and let the creditors know. Many will make a deal with you...even if you can only pay $20.00 a month.

We made sure the Mortgage was paid first...anything else just went for the bare basics.

We did not file for BR. It was very,, very hard and down to the last minute..we thought we would not make it..and end up on the streets. But a job came along,, in a different state.

So he took it.. DH lived on his parents old farm..until we got the house up north sold.

It was not easy, nor pretty...and very nightmareish,,but we made it.

Am sure you can too.

<<HUGS>>

 

[Cimarron]

Thanks to everyone for the advice and warm thoughts and prayers. I am taking all this into consideration and sharing with my husband. We know this is not going to be easy but with our love for

each other, our friends and God we will make it through somehow. Keep the replies coming. I am sorry that anyone else has gone thru this but it sure helps to hear others have weathered this storm. Sheila

 

[coopermini]

Sorry to hear about this. Hoping a new job will come along soon.

There was a news story here not long ago that spelled out what to due in the circumstances you described. I think the first thing was contact creditors! Let them know up front as many will work with you. I think also right up there were get out from under non essential items like "the jet ski" , 4-wheelers, etc.

Also were as mentioned above monthly items like satilite dish, extra cell phones, etc

I think the same story also said to make a buget from what you actually spent the last 2 months not what you think you spent. I think they were talking that the phone bill you say is $50.00 per month but you really paid $59.98 on it.

 

[Cathy_H]

No we haven't but one suggestion, find some books by Dave Ramsey. I have listened to this man for years & he gives excellent advice. In a nutshell, sell everything you do not need for day to day survival. If a multi vehicle family & one is not needed sell the other. If one is a very expensive vehicle, sell it & buy a modest one. Best of luck to you................................

Dave Ramsey offers life-changing financial advice as host of the nationally syndicated radio program, “The Dave Ramsey Show,” which is broadcast on more than 300 radio stations throughout the United States to over 3 million listeners each week . The three-hour live radio talk show focuses on life, love, and relationships, and how they happen to revolve around money. Dave says, "It's where life happens...caller after caller."

. http://www.daveramsey.com/radio/home/

 

[MiniforFaith]

We had to file back in 2004, but that was before all the laws were changed. It was a very hard time on all of us. We lost our house and my car. My husband had been laid off to much, then only worked very few hrs. We had so much from my daughter being born a preemie, and since I stayed home to take care of her it was really hard. We had no support from anyone in the family. But, we made it threw. Found this place to rent and have the most wonderful landlords anyone could ask for. Things have gotten tight again, as his hrs are down to nothing again. But I just got a part time job, and we have just learned to do without a lot, and stay home all the time. I know how hard it is, and if you have to do it, it seems like the end of the world at the time.. But it really makes your stronger, and you really learn to watch every penny.. pm me if you ever want to talk

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[Jill]

I don't have any specific experience in this but the advice to talk to creditors sounds excellent, and so does the advice to sell the extra things that you do not need. The money from those will bring you some peace of mind that is worth more right now than the items themselves.

My career is about financial advice and investing. The thing I wanted to advise about is not to dip into your retirement funds (your 401k, IRA, etc.) unless there's no other choice and it's basically to save the mortgage. I'm assuming you are not 59.5 years old yet in this advice. If you are not yet that age, anything you take out has a 10% penalty off the top. Anything you take out of a retirement plan regardless of age is also FULLY taxable. Just have that as the outside LAST resort.

Good luck. Hopefully, this will turn out for the better. Sometimes in my life, something "bad" has happened and in hindsight, turns out to be good. Maybe your husband will end up in a job that is much better for him at the end of this situation.