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Old 03-08-2010, 04:13 PM   #10 (permalink)
stump_breaker
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Join Date: Jun 2009
Location: Texas
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Quote:
Originally Posted by fearnot View Post
I talked to them about their numbers.

It looks like chapter 7 for them.

With living in the red for many months and having to cover the difference with credit cards, they've racked up $27k in credit card. There's no way that they could pay that off in a 5 year re-org.

There income is below the median, the 60 month formula for paying down the debt in a re-org isn't even close.

I am still trying to talk the wife's parents and my parents into selling all of their stuff and go in with us on buying one big compound that we can all live in. Like a property that has 2-3 houses on it. They are both in bad financial shape and we need to find a way to pool our resources to hunker down through this economic winter as well as for them to live long term in retirement.

Sucks. Thanks for your input.
Sometimes yo have to do what you have to do. It's admirable you are willing to make the sacrifice to try and help them all stay a float. It can be very tough on all relationships. Once the bills go away, although it will be stressful from the start, it will allow everyone to start fresh. Might be good to check out some Dave Ramsey stuff. I don't live by the guy but them I'm not in a situation where I need to do so.

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