Financial Debt Consolidation
what are the best options for debt consolidation?
Recently married on 08 September "because the financial obligations to my ex-wife were felt to me according to my income affect ability to provide a further contribution to my new life. There have been faced with this type of debt … frankly never.I `M trying to do everything possible to save our home, full-time work 2 jobs, my wife works full time. between credit cards around 60-70k and a mortgage of about $ 2200/mo ($ 329k due), my relationship of wives' DTI to high, my credit score down about 610 thanks to my ex-wife, and not talk about that just found out that are 8 weeks pregnant (something we wanted but did not think would happen without the intervention, but I'm happy crazy for a baby.) Just want to know if anyone has any idea of debt consolidation vs Chapter 7 or 13 or just anything that anyone can be able to suggest.
Well, the main thing to remember about "debt consolidation" is that you can not borrow your way out of debt. Consolidate your debts will reduce the amount to be, although sometimes – sometimes … and be careful – it is possible to reduce the interest rate they are paying through debt consolidation. It will not reduce the principal amount you still owe, however. So the question here is: what is killing your budget: the interest rate is paying your debts, or the total amount of the debt itself? If the answer is, "the total amount of the debt itself," then the consolidation will not help. I suggest you make an appointment – in person, face to face – with a legitimate interest (usually nonprofit) certified credit counselor to review your situation. Without knowing how much you earn, it is impossible to tell if your debt is refundable or not. But it does sound as if you and your wife are working long hours, some of which may be necessary decrease when the child is born. So the question is: after the baby is born, will be able to give your child the benefit of actually knowing their parents, or following you (both) have to be working on multiple jobs just to barely keep its head above water (and pay for child care)? You have to sit down and do the math to resolve this. Just maybe not. It sounds to me as though you may be a candidate for bankruptcy, and make an appointment with a bankruptcy attorney (most offer a free or very low cost to the appointment to review your specific situation) can get an expert opinion from that perspective. Some debts (in particular, domestic support and obligations student loans) can not be discharged in bankruptcy, what kind of debt you have may be a factor in what will prove to be the best solution as well. Good luck and congratulations on your forthcoming marriage and his son.
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