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Post by happymumm on Apr 22, 2011 14:45:18 GMT -5
I am so glad I found you guys! I have not been on since I had my baby. You all helped me on msn last year with my debt issues. I went back to find the group and you were gone! After much searching of msn your money, I found your hide out!
To recap my problem: husband and I did well with making and spending. 1.5 yrs ago DH got hurt and was out of work for a year on WC which paid a fraction of what we were used to. His business folded, and our bills piled up. After WC was up, he returned to the contractor who hired him to only be laid off. Since he collected WC for so long, there was no unemp. Previous employer before contractor was his own corp and can't collect. So we have had no income at all from DH for 7 mths, and we have a baby. We had to voluntarily give up his work truck that he co signed personally for. Well, after the sale of the truck he owes just under 10k. The bank sued him and won judgement last week. He was sent the subpoena Q and A of assets and bank accounts. When we first had to hand the truck over, I feared a lawsuit and I had all of our cash except a little transferred to an account with just my name on it so they don't take our bill money.
My question is, should he consider bankruptcy? We are not in a common law state and the are no joint debts except mortgage. I am against it, I feel it is too detrimental to his credit, but, we are afraid the bank is going to tag his wages and we just can't afford shit right now until we get caught up. He just finally got a union job 2 days ago. I just don't know what to do. the scare of the bank coming and taking things from our home has me sickened. I have always been on top of paying creditors. Thank you in advance. Sorry for any typos, I am on my phone and can barely see the screen.
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NomoreDramaQ1015
Community Leader
Joined: Dec 20, 2010 14:26:32 GMT -5
Posts: 47,278
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Post by NomoreDramaQ1015 on Apr 22, 2011 14:51:56 GMT -5
My opinion is that personal pride and credit scores need to be thrown out the window right now. You can barely support yourselves and have a baby. Odds are his credit score is in the crapper right now anyhow. You shouldn't be seeking out loans and unless his job includes a credit screen, then I wouldn't be concerned with a bunch of randomly generated numbers right now.
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azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
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Post by azphx1972 on Apr 22, 2011 14:58:08 GMT -5
Wow, I'm sorry for what you have gone through. I don't know your exact financial circumstances, but I'm not sure that I would file BK for 10k unless there were no other option. From what I understand it takes a while to set up wage garnishment, so you may have some time to sort out this matter. Have you tried working with the bank directly or through Consumer Credit Counseling Service? The other thing I'm concerned about is your transfer of the cash into your account, and that it may be considered a fraudulent transfer: law.freeadvice.com/estate_planning/asset_protection/fraudulent_transfer_rules.htmYou may want to consult a law expert though. Good luck with your situation.
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Post by happymumm on Apr 22, 2011 15:05:15 GMT -5
I am so glad I found you guys! I have not been on since I had my baby. You all helped me on msn last year with my debt issues. I went back to find the group and you were gone! After much searching of msn your money, I found your hide out!
To recap my problem: husband and I did well with making and spending. 1.5 yrs ago DH got hurt and was out of work for a year on WC which paid a fraction of what we were used to. His business folded, and our bills piled up. After WC was up, he returned to the contractor who hired him to only be laid off. Since he collected WC for so long, there was no unemp. Previous employer before contractor was his own corp and can't collect. So we have had no income at all from DH for 7 mths, and we have a baby. We had to voluntarily give up his work truck that he co signed personally for. Well, after the sale of the truck he owes just under 10k. The bank sued him and won judgement last week. He was sent the subpoena Q and A of assets and bank accounts. When we first had to hand the truck over, I feared a lawsuit and I had all of our cash except a little transferred to an account with just my name on it so they don't take our bill money.
My question is, should he consider bankruptcy? We are not in a common law state and the are no joint debts except mortgage. I am against it, I feel it is too detrimental to his credit, but, we are afraid the bank is going to tag his wages and we just can't afford shit right now until we get caught up. He just finally got a union job 2 days ago. I just don't know what to do. the scare of the bank coming and taking things from our home has me sickened. I have always been on top of paying creditors. Thank you in advance. Sorry for any typos, I am on my phone and can barely see the screen.
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Deleted
Joined: May 8, 2024 18:11:59 GMT -5
Posts: 0
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Post by Deleted on Apr 22, 2011 15:14:26 GMT -5
I agree with AZ. 10k is too little to file BK over but it's certainly an option to tell the bank if you can't negotiate a reasonable payment plan with them. You might try this website: www.nfcc.org/I haven't needed to use them myself but folks would be referred to them on the YM message board. Good luck to you.
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Clever Username
Well-Known Member
Joined: Jan 27, 2011 14:15:59 GMT -5
Posts: 1,313
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Post by Clever Username on Apr 22, 2011 15:37:20 GMT -5
Yes, he should consider bankruptcy. Attorneys will offer free consultations to go over the specifics if you CAN file. Especially the transfer. They hardly touch on IF you should but if you CAN. But it's not a slam dunk if he/you should.
The causal link between repo and BK is so strong that they very often accept offers for very much less than the total owed.
I'm slighly doubting your timeline here. 7 months seems overly aggressive to get behind, repo'd, hire an atty, get a court date and win judgment.
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Mad Dawg Wiccan
Administrator
Rest in Peace
Only Bites Whiners
Joined: Jan 12, 2011 20:40:24 GMT -5
Posts: 9,693
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Post by Mad Dawg Wiccan on Apr 22, 2011 15:55:34 GMT -5
If the bank already has a judgement, it may not be possible to discharge the debt through bankruptcy. A lawyer could tell you that.
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Post by ty on Apr 22, 2011 16:28:50 GMT -5
Wow, I'm sorry for what you have gone through. I don't know your exact financial circumstances, but I'm not sure that I would file BK for 10k unless there were no other option. From what I understand it takes a while to set up wage garnishment, so you may have some time to sort out this matter. Have you tried working with the bank directly or through Consumer Credit Counseling Service? The other thing I'm concerned about is your transfer of the cash into your account, and that it may be considered a fraudulent transfer: law.freeadvice.com/estate_planning/asset_protection/fraudulent_transfer_rules.htmYou may want to consult a law expert though. Good luck with your situation. It's amazing how they made bankruptcy difficult for the ones that are in need of help, but people like Donald Trump (more than 5 times bankruptcy filings) was allowed to keep his assets and money. The same with Pamela Anderson here in /California. She ran up a bill of 1.7 mil I think and after the construction workers did all the worked, put their money out to buy the materials for her home, she filed bankruptcy and was allowed to keep everything, and the poor construction company literally got screwed over by some rich bytch. As for you and your families situation, no one is going to come into your home and take away your items. Don't worry about that. What you need to worry most about is having your wages garnished for when your husband goes back to work. You may want to seek some free legal advice in your town (if available) and have them give you some guidance. Do not take any legal advice from anyone on the internet sites that will take your money and run. They are scammers. I wish you and your family the best, and if you are already 10k in debt and your credit is ruined, you may want to go ahead and consult with a BR attorney.
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Post by ty on Apr 22, 2011 16:31:34 GMT -5
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Post by happymumm on Apr 26, 2011 14:07:36 GMT -5
Thanks everyone. I am def losing sleep over this. Wage garnishment is 25 percent of disposable income, or 10 gross whichever is less. DH literally got called to work a few days ago. If wage garnishment goes through, he will lose 200 per week from his paycheck. We can't afford that.
As for transferring money to my account, it was my money and I can prove it should I need to.
the timeline of 7 months is the time DH has been laid off. He was on WC for almost a year before that which is what caused our financial stress. He barely got any money from WC. During the time on WC is when the repo started.
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