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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » we have more bills than we can pay & we don’t beleve in bankruptcy, what can i expect to see happen (legally)?

we have more bills than we can pay & we don’t beleve in bankruptcy, what can i expect to see happen (legally)?

i’m 9 months pregnant and waiting to give birth at any moment, we also have a 3 year old little boy. since he was born i haven’t worked full time, but have on occasion worked part time for my old employer (when needed)…they’ve since gotten rid of pretty much everyone and don’t need any extra help.

i would go get something in the evening (like at a store or fastfood) but most places in my area are not hiring and the ones that are- are definitely NOT hiring 9 mo. pregnant women…

anyway, my dh found out today they are cutting his hours. we will have an excess of about 250 month IF we ONLY pay for our housing and utilities, i’m already deferring my student loans, and we would have NO money to pay credit card or personal loan debt. which there is a lot…

basically, we don’t believe in bankruptcy…it seems like a permanent solution to a temporary problem. and after this child is born i will eventually be looking for work…and it wouldn’t take much to keep us going and i’m hoping my dh will get his hours back sooner than later…

so in the mean time, will they be willing to wait? or will they just pursue legal action against us? which seems self defeating, since it will just force us into bankruptcy protection for things like our home and the little wage we have left coming in.

any insights appreciated.

thanks.

add: we don’t have any equity in our home – matter of fact its worth about 35k less than we owe, but we have a nice home with a low payment and a fixed int. rate, so it would be dumb to leave it. would they legally be able to put a lien against a house that we owe more than its worth?
well, we’ve done all that..

i don’t think people in the finance section of YA ever read a question clearly, nor have i EVER had someone answer the question i asked…

i live in a very manageable house payment. we have 2 used paid for cars. and i live in michigan, there are no ‘better jobs’ out there at the moment…we are one of the ONLY people we know who’s husband still has his job, we REALLY can’t complain that his hours were cut, when most of the men we know were laid off completely.

also, i would never describe a financial situation as ‘life or death’

also, i asked what ‘legal’ things were going to happen…..looking for an answer from someone with SOME legal expertise or experience…

not cost cutting techniques…which are (honestly) common sense.

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3 Responses to "we have more bills than we can pay & we don’t beleve in bankruptcy, what can i expect to see happen (legally)?"

  1. zeuz says:
    Make sure you pay the student loan debt (to the extent that you can). Let every other unsecured debt slide.
  2. ontopofoldsmokie says:
    You are already living above your means. If you had a manageable mortgage and other bills then you would not already owe tons of credit card and personal loan debt. The job cut back for your husband is the straw that is gonna break this camels back. You must increase your income, decrease your expenses or both. You cannot survive on an income that allows only payment for mortgage and utilities with a couple of hundred left over.
    Your husband (dh??) needs to get another job now. A few extra hundred a pay period might the the difference between life and death for you. Do you have car payments? Give up a car before a house. You get a get-me-to-work car for cash a lot easier than super cheap housing. And, no one likes super cheap housing. Drop everything else: Cable TV, strip the phone to basic, and anything else you can think of. No eating out: rice and beans.
  3. john t says:
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