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| Author: |
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Jay |
| Date: |
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February 5 2003 |
| Question: |
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My husband and I have been married for 5 years and practically everything we have in terms of credit is joint. My husband was laid off from a $80,000/year job and is now working within the same field making $32,000. He is a strong believer of working for something is better than nothing. He did receive a $33,000 severance, but with taxes and the difference each month from salaries going to bills and CC's and loans, etc...., we have tapped ourselves out. At this point we still have wonderful credit. We owe $70,000 in an unsecured loan (the guarantor was taken off in December), two leased vehicles ($500.00 per month), personal LOC $25,000, CC's totalling $50,000 and god knows whatever else I am forgetting. Can we still look at bankruptcy or a proposal even though we are still sitting with an R1 rating, or do we have to wait and stop paying everything other than the house and have creditor's down our throat to file? What other options might we be able to look at?
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From: |
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Shane Brenneis, Alger & Associates Inc. |
| Date: |
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February 17, 2003 |
| Answer: |
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You do not have to be behind on your payments to file bankruptcy or a proposal. Your situation is fairly complicated and we suggest you contact a Trustee for a free consultation in order to determine all of your options.
Shane Brenneis
phone: (403) 296-2975
sbrenneis
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