Hi,
I'm new here and was really glad to see a forum for people having financial hardship. My husband and I are really struggling and will be consulting a lawyer about filing for bankruptcy. Before anyone starts flaming/scolding/lecturing, please let me explain our circumstances.
We were doing fine this time last year. Both working, making a good living, keeping up with all the bills and had a decent savings in the bank. Then my husband got laid off in March from the company he'd been at for 12 years. He applied for unemployment ($1500 a month). I work from home as a freelance writer and editor and was doing well until the economy crashed. I'm still making an income but it's half what it was. (I can't work FT outside my home due to health issues but I am looking for something part time. People just aren't hiring.) We figured between our savings, my husband's unemployment and my freelance income we'd be okay. We never dreamed he'd still be looking for a job 10 months later, but he is. He spends all day everyday looking for work. We live in NYC, which is one of the hardest hit cities unemployment wise. It sucks.
Our savings has finally run out and we've had to stop paying on our credit cards. We have about $18,000 in C/C debt. Before my husband got laid off we had begun making serious headway in paying them off. We always paid more than the minimum and never missed a payment. We just don't have the money to even pay the minimums anymore. We're only 30 days late but we're being harassed by calls morning to night every day. We've also got about $4000 in medical bills. (We lost our insurance when my husband was laid off-the $1300 a month COBRA demanded was out of the question). So far this year my husband had a cancer scare, I had an emergency root canal, a kidney infection, and a miscarriage. (It's been a cruel, rotten year). I also need to put aside money each month to pay my quarterly taxes(the downside of being self employed).
This time last year we were making 70K a year. Now we're making about $25,000. We get food help from Angelfood Ministries and have cut out all non essential spending. Our rent is $800 a month. Heat is $150 (we live in a drafty, 60 year old brownstone) a month. Electricity is about $90. Phone/Internet is about $100. (Internet is a necessity for me to keep my freelancing business going). Renters insurance is $30 and I need to put aside $160 a month for taxes plus I pay $120 a month on my student loan. We pay $30 a month for a food box from Angelfood Ministries which helps a lot. The payments on our credit cards (7-4 in his name only, 2 in my name only and one joint) total about $650 a month. Without Angelfood we spent about $90 a week on groceries for us and our two cats. With Angelfood we've gotten it down to $45 a week) We haven't used them in quite awhile. Before the lay off our goal was to pay them off and our motto has been "if we can't pay cash we can't afford it." Our total monthly income right now is about $2000.
I am doing all I can to pick up more clients and find something part time. My husband is working hard to find a job. He spends 6-8hrs a day searching, sending resumes, making phone calls, etc.
We applied for state health insurance. Denied. Applied for food stamps. Denied. They say we make too much. There is a voucher program in our state that if you qualify will pay for you to go to school and be trained for a new career. My husband has 22 years experience in legal office support so he applied for the voucher for Paralegal training. Denied. He tried for the Office Administration one instead. Denied. Both times they said he didn't have enough experience. He's gone to resume and interview workshops, job fairs, etc. He is doing everything he can think of.
We called our C/C companies (Cap 1, Discover, Chase, and HSBC). They all refused to work with us. Cap One and Chase jacked up our interest rates in September. The letter said it was due to "current economic conditions.
We've gone to credit counseling and they said bankruptcy may be our best option. We have no home, land, car, property, nothing. No assets or anything of any real value, except maybe my husband's baseball cards, which he is going to try and sell. The only valuable jewelry we have is our wedding bands and my engagement ring. We just have nothing.
Finding some place cheaper to rent is not an option. This is NYC. Neither my parents or my husbands are wealthy so they can't help. I haven't even told my parents about how bad things are as they live 300 miles away and I don't want to worry them. My mom has multiple health issues and has enough to deal with. I'm their only child.
My husband's mom is supportive but can't help us either. My husband's brothers are both very well off but when we sent an email explaining we would not be able to afford gifts for anyone this year and why, we were completely ignored. We confided in some friends about our situation and they ignored us too. We are slowly accepting the fact that no one cares and we are pretty much alone.
Let me say we know the debt we have is our fault and our responsibility. We hate not being able to pay it but we never imagined my husband would get laid off. 3 weeks before they let him go they gave him a raise! We're not deadbeats, lazy or have entitlement issues.
We are just a married couple who ran into more bad luck then any two people deserve. Since January we've had the lay off, my husband had a cancer scare, my miscarriage, the news that one of my husband's uncles is dying of leukemia, another is in very poor health, my parents have had multiple health issues, my MIL has had two surgeries, I've lost clients and had hours cut, and more I won't bore you with.
I've had clinical depression and an anxiety disorder most of my life and I'm really struggling now. My husband is starting to get depressed as well. We have our faith in God, our love for each other, our health, and little else. We are doing everything we can with no real support system or shoulders to cry on. We just don't see any other options or anyplace else to turn. We would be fine with Chap. 13. In fact we'd feel better knowing we would be able to pay back at least some of our debt.
Sorry this was so long. I haven't had anyone to talk to. Thanks for listening.
I'm new here and was really glad to see a forum for people having financial hardship. My husband and I are really struggling and will be consulting a lawyer about filing for bankruptcy. Before anyone starts flaming/scolding/lecturing, please let me explain our circumstances.
We were doing fine this time last year. Both working, making a good living, keeping up with all the bills and had a decent savings in the bank. Then my husband got laid off in March from the company he'd been at for 12 years. He applied for unemployment ($1500 a month). I work from home as a freelance writer and editor and was doing well until the economy crashed. I'm still making an income but it's half what it was. (I can't work FT outside my home due to health issues but I am looking for something part time. People just aren't hiring.) We figured between our savings, my husband's unemployment and my freelance income we'd be okay. We never dreamed he'd still be looking for a job 10 months later, but he is. He spends all day everyday looking for work. We live in NYC, which is one of the hardest hit cities unemployment wise. It sucks.
Our savings has finally run out and we've had to stop paying on our credit cards. We have about $18,000 in C/C debt. Before my husband got laid off we had begun making serious headway in paying them off. We always paid more than the minimum and never missed a payment. We just don't have the money to even pay the minimums anymore. We're only 30 days late but we're being harassed by calls morning to night every day. We've also got about $4000 in medical bills. (We lost our insurance when my husband was laid off-the $1300 a month COBRA demanded was out of the question). So far this year my husband had a cancer scare, I had an emergency root canal, a kidney infection, and a miscarriage. (It's been a cruel, rotten year). I also need to put aside money each month to pay my quarterly taxes(the downside of being self employed).
This time last year we were making 70K a year. Now we're making about $25,000. We get food help from Angelfood Ministries and have cut out all non essential spending. Our rent is $800 a month. Heat is $150 (we live in a drafty, 60 year old brownstone) a month. Electricity is about $90. Phone/Internet is about $100. (Internet is a necessity for me to keep my freelancing business going). Renters insurance is $30 and I need to put aside $160 a month for taxes plus I pay $120 a month on my student loan. We pay $30 a month for a food box from Angelfood Ministries which helps a lot. The payments on our credit cards (7-4 in his name only, 2 in my name only and one joint) total about $650 a month. Without Angelfood we spent about $90 a week on groceries for us and our two cats. With Angelfood we've gotten it down to $45 a week) We haven't used them in quite awhile. Before the lay off our goal was to pay them off and our motto has been "if we can't pay cash we can't afford it." Our total monthly income right now is about $2000.
I am doing all I can to pick up more clients and find something part time. My husband is working hard to find a job. He spends 6-8hrs a day searching, sending resumes, making phone calls, etc.
We applied for state health insurance. Denied. Applied for food stamps. Denied. They say we make too much. There is a voucher program in our state that if you qualify will pay for you to go to school and be trained for a new career. My husband has 22 years experience in legal office support so he applied for the voucher for Paralegal training. Denied. He tried for the Office Administration one instead. Denied. Both times they said he didn't have enough experience. He's gone to resume and interview workshops, job fairs, etc. He is doing everything he can think of.
We called our C/C companies (Cap 1, Discover, Chase, and HSBC). They all refused to work with us. Cap One and Chase jacked up our interest rates in September. The letter said it was due to "current economic conditions.
We've gone to credit counseling and they said bankruptcy may be our best option. We have no home, land, car, property, nothing. No assets or anything of any real value, except maybe my husband's baseball cards, which he is going to try and sell. The only valuable jewelry we have is our wedding bands and my engagement ring. We just have nothing.
Finding some place cheaper to rent is not an option. This is NYC. Neither my parents or my husbands are wealthy so they can't help. I haven't even told my parents about how bad things are as they live 300 miles away and I don't want to worry them. My mom has multiple health issues and has enough to deal with. I'm their only child.
My husband's mom is supportive but can't help us either. My husband's brothers are both very well off but when we sent an email explaining we would not be able to afford gifts for anyone this year and why, we were completely ignored. We confided in some friends about our situation and they ignored us too. We are slowly accepting the fact that no one cares and we are pretty much alone.
Let me say we know the debt we have is our fault and our responsibility. We hate not being able to pay it but we never imagined my husband would get laid off. 3 weeks before they let him go they gave him a raise! We're not deadbeats, lazy or have entitlement issues.
We are just a married couple who ran into more bad luck then any two people deserve. Since January we've had the lay off, my husband had a cancer scare, my miscarriage, the news that one of my husband's uncles is dying of leukemia, another is in very poor health, my parents have had multiple health issues, my MIL has had two surgeries, I've lost clients and had hours cut, and more I won't bore you with.
I've had clinical depression and an anxiety disorder most of my life and I'm really struggling now. My husband is starting to get depressed as well. We have our faith in God, our love for each other, our health, and little else. We are doing everything we can with no real support system or shoulders to cry on. We just don't see any other options or anyplace else to turn. We would be fine with Chap. 13. In fact we'd feel better knowing we would be able to pay back at least some of our debt.
Sorry this was so long. I haven't had anyone to talk to. Thanks for listening.