@Joecooltech wrote:Recently my wife and I have taking custody of her two brothers because of substance abuse in the home. After the legal retainers the emergency custody paperwork and court fees on top of buying them new clothes new shoes new beds because their mother will not allow us to get it from there the residence.
I have ran into a financial wall there's no way possible for me to keep up. We are trying so hard to keep the normal day-to-day activities of the kids making sure they have what they need. Today we have come to terms that you are indeed going to have to file BK more then likely any advice from those who can give it would be help full
I'm going to do my best to be honest with you. First off, I appluad what you hae done for your inlaws! You have a heart of gold. I'm sure you will be rewarded ten fold in this life.
To fully comment on your problem, I do need to know more: Income, assets, debts, cost of living and your minimum payments. This is the only way I can give you a rounded opinion.
Now that being said, you should not/CANNOT hamper your financial future for 10 years because of someone elses reckless behavior. If your inlaws complete rehab in the next 3 months, a judge will return them to their birth parents in short order! You will have destroyed your short term financial security for very little reason. Remeber, if you don't have financial security for yourself, you will not be able to help ANYONE. You and your wife should be priority #1! Don't forget that.
My advice: 1. Return everything you can immediately. Shoes, clothes, beds, whatever can be returned! Take it back right away. Go to a thrift store and buy what is necessary only! There is nothing wrong with used clothes/shoes. You should consider your responsibilty to these kids as a temporary issue for now. 2.Request assistance for food and upkeep immediately! You are a foster parent for now.
3. If you have not yet defaulted, find a way, anyway to make the minimum payment right now. Don't wait till its due. Just pay the absolute minimum. 4. If you think you can't cover the minimum, find a way to get temporary cash to do it. Ask your church, the other family members, sell some property etc. 5. Stop paying cash for anything. Lawyers, fees, etc...put this on your CC and use your cash to pay the minimum.
5. Don't consider BK lightly at all! If you can find a way to get by for the next 90 days, your problem may not seem so big. If your debt seems unsurmountable for the long term and you don't see any chance that you will get assistance, improve your situation or you are already in default and have been for a while, by all means consider BK. But I would certainly not push you to the front of the line with the info you have provided.
Starting Score: 501