I am sure some of you have been through it, I've done some basic research but looking for your opinion.
Here's the problem, My wife's family ( my mom and dad in law) have seperated for the first time ever. He went to go stay with his other daughter in FL, she is staying here in their house. She has always been the bread winner, (he's never made more than 20k a year, and usually way less)....
She is trying to keep up with all the bills, "his and hers", although their finances has always been joined. He has 0 responsbility right now because he has 0 income.
I went over to try to help sort out the bills. I was astounished.
She brings in roughly 2200 a month NET. (probably should get more, she withholds too much checking, calls it her savings. smh. gross 4600 a month!)
Her bills are: Mortgage, Credit Cards, and monthly BILLS(not including gas, food, entertainment, or savings) came to 2300 a month.
These were just paying the MIN payments on everything, combined they have EIGHT credit cards with a little over 20k owed.
She mentioned bankruptcy and just don't know if its the right move. Is Bankruptcy right for them? Can they keep their house??
What if they get back together?? which she says she is giving it 6 months before making a decision and right now its a "50-50" chance. Granted he only netted $1400 a month, but that allowed them to pay extra on the Credit Cards and have enough left over to for gas food and entertainment expenses...
She mentioned something about pulling from her TSP Retirement fund, that she can pull from, its a government retirement fund. She CLAIMS, you can pull out anything you need, set up the number of years in the repayment, and only pay 1.9% APR. Is that true??? Anyone know anything about this???
But what if they dont get back together???.... he's a bum, he's never gonna to make more than 15k a year. Even if that what he does make, he's going to have his own living expenses, how much will he be able to send back to her to be able to pay his portion? $300 a month?
If she consolidates all this debt, and they don't get back together and get a divorce, does that mean, even the debt she consolidated in his name, is legally, forever her responsiblity???
I hate for her to pull from her retirement because they clearly don't save enough as it is, but IF and thats a big IF, she says it true she can borrom 20,000, at 1.9% over 5 years, Were talking only $350 a month. Just seems too good to be true.... But at the same time, shell need to get a 2nd job just to make it, which she is willing to do, just won't be a ton of money or hours available.....
I appreciate you guys giving me your opinion and being respectful in this matter. Not knowing how they turn out is tough, but I just want them to be okay financially.
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Here's the problem, My wife's family ( my mom and dad in law) have seperated for the first time ever. He went to go stay with his other daughter in FL, she is staying here in their house. She has always been the bread winner, (he's never made more than 20k a year, and usually way less)....
She is trying to keep up with all the bills, "his and hers", although their finances has always been joined. He has 0 responsbility right now because he has 0 income.
I went over to try to help sort out the bills. I was astounished.
She brings in roughly 2200 a month NET. (probably should get more, she withholds too much checking, calls it her savings. smh. gross 4600 a month!)
Her bills are: Mortgage, Credit Cards, and monthly BILLS(not including gas, food, entertainment, or savings) came to 2300 a month.
These were just paying the MIN payments on everything, combined they have EIGHT credit cards with a little over 20k owed.
She mentioned bankruptcy and just don't know if its the right move. Is Bankruptcy right for them? Can they keep their house??
What if they get back together?? which she says she is giving it 6 months before making a decision and right now its a "50-50" chance. Granted he only netted $1400 a month, but that allowed them to pay extra on the Credit Cards and have enough left over to for gas food and entertainment expenses...
She mentioned something about pulling from her TSP Retirement fund, that she can pull from, its a government retirement fund. She CLAIMS, you can pull out anything you need, set up the number of years in the repayment, and only pay 1.9% APR. Is that true??? Anyone know anything about this???
But what if they dont get back together???.... he's a bum, he's never gonna to make more than 15k a year. Even if that what he does make, he's going to have his own living expenses, how much will he be able to send back to her to be able to pay his portion? $300 a month?
If she consolidates all this debt, and they don't get back together and get a divorce, does that mean, even the debt she consolidated in his name, is legally, forever her responsiblity???
I hate for her to pull from her retirement because they clearly don't save enough as it is, but IF and thats a big IF, she says it true she can borrom 20,000, at 1.9% over 5 years, Were talking only $350 a month. Just seems too good to be true.... But at the same time, shell need to get a 2nd job just to make it, which she is willing to do, just won't be a ton of money or hours available.....
I appreciate you guys giving me your opinion and being respectful in this matter. Not knowing how they turn out is tough, but I just want them to be okay financially.
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