| Needing Some Advice [In Debt] |
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bckthuzs
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 06 Dec 2005
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| Needing Some Advice [In Debt] |
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 I am new here and I see ya all giving all types of advice and some of it is good. So I am wondering what type of advice I would get for my situation.
I am married with 2 children. Work full time, and wife is a full time student trying to get pre-reqs done for a nursing career. Our financial situation has got us to where we don't know what to do anymore. Since wife lost job and unemployment has exhausted things are really starting to get tight. We have already filed bankruptcy 4 years ago so that won't do any good. Since we have filed I blew knee out and had to have surgery and miss 6 months of work last year.
We start to get back on feet then wife looses job. We are trying to make it off of one income so she can keep her grade point average up. The nursing program is getting so many applications they are taking who has the highest gpa. We are currently behind on mortgage, have tried to refi but we have bad credit and owe more than it would resale for. We have one car loan, I am trying to see if we can trade it in but we have negiative and trying to find something that would carry it and a low payment is getting hard. We have 2 small loans though finace companys and are due right now. The past medical bills are being sent to collections and I have had to go to court for 2 of them now and they are talking about garnishing. I try to work as much overtime that they will let me. Also if we make to much money then wife will lose all of her grants for school and we couldn't afford to pay that too.
Does anyone have and ideas, or know of any organizations, or anything that can help. I'm not sure of what all of the laws are so I don't know what all of our rights really are. At this point I don't really care about our credit score since it is so low anyway. I don't want to loose the house and want to make sure I have a vehicle to drive. I have to drive 45 miles to work one way. And we don't have any family that can help since they are real tight for money too. Any advice would really be greatly appreciated. Thank you for taking the time to read this. 
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Tue Dec 06, 2005 9:57 pm |
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shirsc2
New Member
Cash: $ 0.85
Posts: 4
Joined: 19 Jan 2006
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How much debt are you actually in?
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Thu Jan 19, 2006 7:45 pm |
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rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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| Re: Needing Some Advice [In Debt] |
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This really hurts me to say, especially since I value education so much, but....if things are as dire as you say, the obvious yet painful choice would be to have your wife quit school and get a full time job. It would be different if she were already in nursing school and only 6 months from getting an RN/RA job, but you sound as though the dam has already burst and she is only at the point of trying to get into nursing school. Your financial concerns are immediate. If you have loans due now, I would suggest selling whatever you can. Put things on e-bay, have a yard sale, etc., clean out the shed, sell the TV, cancel the satellite network. It sounds harsh, but desperate times call for desperate measures.
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Sat Feb 04, 2006 1:32 am |
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Jaszbo
Preferred Member
Cash: $ 35.90
Posts: 177
Joined: 03 Jan 2006
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Why is it that almost every family that claims bankruptcy ends up claiming it again within 10 years? You have to change your mind set, you have to start reading and educating yourself financially. I'm sure you and your wife are educated, but when it comes to fianaces you have to do some serious change. I would be willing to make a large bet that if you were making a million dollars a year, you would be in the same situation.
One thing I can say is that most people on the board I'm sure have at least 3 months of expenses saved and even after you've had the clean slate I'm sure you never saved that amount. I understand things happen and I'm sorry to hear about your medical bills and your bad luck, but that's what the 3 to 6 months of expenses is for. Now you are in a situation that becomes harder and harder to get out. What if you got out today? What would you do differently?
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We have one car loan, I am trying to see if we can trade it in but we have negiative and trying to find something that would carry it and a low payment is getting hard
This is exactly what I am talking about. You shouldn't be getting another loan in your life. Your borrowing is what is kiling you and you cannot see that. YOU DO NOT NEED TO BORROW ANOTHER DIME.
If you don't want to continue living the same life style then you need to make a major change. You can start out by posting more questions you have on your loans, are you getting the best rates even at your credit score. Would you believe that my credit union looks at the equity in your house and not your score as long as it's above a 500. Are you paying credit card bills at a high intrest rate?
If you are really serious about your debt and want to make a change the one author I know that talks about debt the most is Dave Ramsey. I think he's kind of crazy with some of his ideas, but if you are in debt I think he's perfect. I would recommend reading his book about debt and also come back here and post any questions you have. Remember nobody has to know who you are, so just be honest on this board. Post things you really want to get help with and good luck
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Sat Feb 04, 2006 6:04 am |
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JCook
Full Member
Cash: $ 11.20
Posts: 56
Joined: 24 Jan 2006
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You have been given some very good advice here but it sounds as though you may still be looking for the magic way out. There is no magic way out.
You need to sacrifice and change your spending habits or you will just keep repeating this cycle.
Let us know what you have done to get started in the right direction and these kind folks will give you more help.
http://www.financeforfamilies.com
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Tue Feb 07, 2006 12:38 am |
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