My husband and I bought a new car?
and then ended up with A LOT of medical debt. We filed a Chapter 13, in which we were both making payments directly out of our paychecks, but then he was laid off from his job and we ended up losing the car because we could not afford to make the payments towards the bankruptcy out of his unemployment checks. He was out of work for several months. This was back in 2002. We are still struggling. Even MORE medical debt, funeral expenses for a baby girl we lost last year, medical bills from the premature birth of our son 3 years ago, surgeries, etc. Now just last week we found out that my mother in law has cancer. She owns a duplex (She lives in one side and we rent the other from her). We want to do a lease option, but we know that we would not qualify for a loan in 2 years when the lease agreement would be up. If we were to file for a chapter 7 now and go through the 6 months of financial counseling (New laws) would we be able to qualify for a loan on what the balance was.
I believe she owes well over $300,000 on the property because they took out a 2nd mortgage when my father in law was still alive. We would LOVE to buy this from her, but our current financial situation prevents us from doing so outright.
I wasn’t asking about a car. I was asking how to go about doing a lease option on the home. I do have a used car that I bought for $400.
April 23rd, 2009 at 1:09 am
Try and buy a nice used car and save your money for awhile until you get out of some of the financial trouble you are in. Then you will save money on insurance and car payments. Which you can apply towards you other debts. You are not living beyond your means but you will be if you lease that car.
April 25th, 2009 at 6:27 pm
I’m SO sorry to hear of all your trials and tribulations! It seems that when it rains it pours, and I know the feeling. I also was forced to file bankruptcy due to medical bills and an ex-husband that wouldn’t support me due to being ill.
I STRONGLY suggest you receive this information from an attorney. The city/county that you live in should have an attorney that can advise you at no cost to you…since you are in the low income bracket. I don’t know anything about the new bankruptcy laws, I filed a few years ago.
I’m not sure what to tell you to look for in the phone book. I live in the country…so my township trustee would have the info for me. I would just start going through the government offices in your phone book and call “whom-ever” sounds like they could be of assistance. Possibly the social security office could send you in the right direction? Though it’s a nightmare trying to get to talk to someone!
I hope that I’ve given you some thoughts on what direction to take. If it were me, I wouldn’t trust MY finances on “opinions” from people on here. I’d want to hear it from an attorney.
I wish you the best and truly hope that your road traveled becomes less rocky.
~Peace n Blessings~ Deb
April 26th, 2009 at 6:42 am
y u wanna to ya’ll bills, wat ya’ll need to do is sit the hell down and make the best out of wat u already have. wats the rush. u broke. save some money and stop spending.