Okay, my husband and I are finally out of denial about the fact that
we cannot manage our debt. Last fall, we had been doing much
better... were on pace to pay off all our credit card debt within 2 -
3 years, were able to buy a home, life was looking good. Then, two
weeks after moving into our home, my husband was laid off. He was
brought back by the employer when they won new contracts, but then
laid off again in May. The first layoff started us on the downward
spiral... rolling over a huge ($400-500) overdraft each month, that
turned into an $800 - $1000 overdraft, our bank's limit, now. Despite
the new job my husband found late last month, we have realized it's
too late. No way we can continue with current obligations and make up
the huge deficit. In fact, when school starts in the fall and I
return to regular work hours, childcare costs will make it worse.

SO... we have an appt with a bankruptcy atty coming up... but I'm
impatient for answers! We would like to reaffirm our debts for the
house and our only vehicle. We've managed, thanks to the overdraft
protection, to keep both accounts current. How does reaffirmation
work? Would the creditors be changing the financing on the debts if
there is no past due amount? Or would we simply be agreeing to
continue paying as we have been? (We are in Texas, if it makes a
difference.)

Thanks for any feedback!

Lisa

birth_warrior@hotmail.com (Lisa) wrote in message news:<115e699.0407121049.557943a9@posting.google.com>... Okay, my husband and I are finally out of denial about the fact that we cannot manage our debt. Last fall, we had been doing much better... were on pace to pay off all our credit card debt within 2 - 3 years, were able to buy a home, life was looking good. Then, two weeks after moving into our home, my husband was laid off. He was brought back by the employer when they won new contracts, but then laid off again in May. The first layoff started us on the downward spiral... rolling over a huge ($400-500) overdraft each month, that turned into an $800 - $1000 overdraft, our bank's limit, now. Despite the new job my husband found late last month, we have realized it's too late. No way we can continue with current obligations and make up the huge deficit. In fact, when school starts in the fall and I return to regular work hours, childcare costs will make it worse. SO... we have an appt with a bankruptcy atty coming up... but I'm impatient for answers!

Impatience is not going to work to your advantage. Make appointments
with several attorneys, they are not all alike. But before you do
that, ask them these easy questions on the phone. I got almost all of
my questions answered that way, before even scheduling an appoinment
(I scheduled 4, actually).


We would like to reaffirm our debts for the house and our only vehicle.

Keeping your house depends on the state, and your equity, and whether
you choose state or federal exemptions, and probably other things
unique to your situation. here is a link, but dont take it as the
final word.

http://www.bankruptcyaction.com/txexemptions.htm

We've managed, thanks to the overdraft protection, to keep both accounts current. How does reaffirmation work? Would the creditors be changing the financing on the debts if there is no past due amount? Or would we simply be agreeing to continue paying as we have been? (We are in Texas, if it makes a difference.) Thanks for any feedback! Lisa

birth_warrior@hotmail.com (Lisa) wrote in message news:<115e699.0407121049.557943a9@posting.google.com>... Okay, my husband and I are finally out of denial about the fact that we cannot manage our debt. Last fall, we had been doing much better... were on pace to pay off all our credit card debt within 2 - 3 years, were able to buy a home, life was looking good. Then, two weeks after moving into our home, my husband was laid off. He was brought back by the employer when they won new contracts, but then laid off again in May. The first layoff started us on the downward spiral... rolling over a huge ($400-500) overdraft each month, that turned into an $800 - $1000 overdraft, our bank's limit, now. Despite the new job my husband found late last month, we have realized it's too late. No way we can continue with current obligations and make up the huge deficit. In fact, when school starts in the fall and I return to regular work hours, childcare costs will make it worse. SO... we have an appt with a bankruptcy atty coming up... but I'm impatient for answers! We would like to reaffirm our debts for the house and our only vehicle. We've managed, thanks to the overdraft protection, to keep both accounts current. How does reaffirmation work? Would the creditors be changing the financing on the debts if there is no past due amount? Or would we simply be agreeing to continue paying as we have been? (We are in Texas, if it makes a difference.) Thanks for any feedback! Lisa

Lisa,
In the exact same boat...good luck. Which attorney are you seeing? I
am in Dallas and have an appointment this week, but I am always
looking for more information from other additions

k

> Lisa, In the exact same boat...good luck. Which attorney are you seeing? I am in Dallas and have an appointment this week, but I am always looking for more information from other additions k

We'll be seeing Prevost & Shaff. They were recommended to me by
Benjamin Dover, the guy who has a DMN advice column and a feature on
WFAA. He said they are about the only attorneys in town he trusts.

Lisa