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Author: married2debtor Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Considering Bankruptcy (semi-long) Date: 1/19/2001 2:50 PM
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Hi All,
I am new here to the motley fool. I looked on the bankruptcy board but there does not seem to be much discussion over there. I would love some input from the members of this board:

My husband probably has around 45K of debt. (We keep our finances completely separate -- long story and I know this is a topic of its own);

He has a hard time making ends meet because his child support payments alone are 60% of his take home; on top of that he has alimony and the children's medical bills which because of a couple surgeries is quite large.

He can probably discharge only about 25K of his debt; the other debt is for a student loan and for items that he is required to pay per the divorce decree. (He went thru a major depression and his wife basically write the divorce decree; he didn't even get an attorney and that is why he pays so much in child support; in addition to paying all medical bills; the depression has lifted but now he is paying enormous amounts to the ex-wife). Now she wants him to pay for private schools.

There is absolutely NO extra money. We have squeezed it from everywhere possible and he is working 2 jobs.
Is it worth it to file bankruptcy for only 25K? We have researched this quite a bit so I know more about Chapters 7 and 13 then I ever wanted to know; I know about 10-year black mark etc....

Is there anyway to negotiate with creditors for only accepting part of the debt instead of getting nothing from a bankruptcy? Currently, we have been putting the debt on teaser rate credit cards and switching to another one when the teaser rate expires.

If he goes bankrupt and get back on his feet in a couple years, is there a way to take back the bankruptcy; pay off the old debt and have the black mark removed?

I am paying off my own debts which are not enormous but I can't really help him. We have done every LBYM strategy there is. Roommates, eating A LOT of rice and beans, not going out, second job, walking instead of driving etc...

Does anyone have advice?
Thanks so much.

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