I am 27 years old, wife is 28 years old. I recently lost my 36k part-time job, and will be unable to replace it. My wife is going to increase her hours at work, and I'm going to stay home part-time with our son, and keep going to school. When I finish school, I'll work full time hopefully starting at 40k (Software Engineer) -- she will stay home with our son.
Our current monthly income will be $1940.00 a month, and our minimum budget (Necessities Only -- No Entertainment -- No Credit Cards)) is about $1890.00.
Our monthly minimum payments on credit cards is approximately $600.00 per month, with $25,000 in credit debt.
10k is joint, 3k is hers, and 12k is mine. I also have 14k in private student loans that I am not having to pay on while I'm in school.
My wife had already declared bankruptcy in November of 2005.
US BANK -- 9.5k JOINT
CAPITAL ONE -- 2.5k Her Name
Best Buy (HSBC) -- 2.5k My Name
AMEX -- 1.5k My Name
Bank of America Card #1 - 4.5k My Name
Bank of America Card #2 - 4.5k My Name
We are current on all our bills, I've never missed a payment in 4 years. By selling nearly everything we have, and taking out our max in federal student loans -- we could make it the 2 years I have in school, making minimum payments. I just worry b/c if we do that, and something happens and I'm unable to get a good job, we'll have no stuff to sell to settle at that point.
I tried calling the creditors and asking if they would lower my interest rates (so the minimums would be less), and they all have said no.
I also worry that US BANK and CAPITAL ONE will not settle at all, since my wife is ineligible to declare bankruptcy again. We don't have any extra income, but by selling things, jewelry, getting paid back by family members, and selling one of our cars and bicycle commutting -- we could come up with about 12,000.
And finally, can US Bank Credit withdrawl money from our Checking Account at their institution?
Thank you for any help/advice.