how does one turn it all around?

[taco_truck]

Long and Short of it (or all long since I can't be brief)

 

Family of 7--oldest child is 16

husband self employed but with barely any work, and no new and substantial work for past 90 days.

wife--PT work makes $500 a month

Live in Rural Area, jobs are unavailable

All payments are current except--

Behind in taxes and have business debts

already had yard sale, craigslist, and ebay

trying to get our house painted and sold, and have city lot available to sell

Fuel prices prohibitive to driving out of area for work

trying to avoid bankruptcy and trying to keep it together so we can keep some of our assets

 

 

Don't know our income and don't have a budget because of it

 

Regardless of our debt, we want to change states and then jobs. I don't see how the spiral can stop if we don't have a solid income. There has been underbidding, and financial mismanagement which helped us get where we are now.

 

Dh taking payroll job in construction co and would like to make 35 an hour or more. I can work FT in healthcare and get about 10 per hour.

 

how do we figure what our housing needs will be, how much our budget will be and how to do it?

 

And if we dont' get any money soon we can end up on the street and stranded in Rural Idaho.

[taco_truck]

here's one expense we can do something about I guess

 

Direct tv Plus HD DVR Monthly 72.99

Fees Leased Receiver 4.99

Primary leased receiver 4.99

New Customer Offer -10 credit

price guarantee ends 10/08 -3 credit

primary leased receiver -4.99 credit

 

Does anybody know how to cut my service back and what about the HD DVR? I love this service. For entertainment this is one of our only sources.

[stuben]

here's one expense we can do something about I guess

 

Direct tv Plus HD DVR Monthly 72.99

Fees Leased Receiver 4.99

Primary leased receiver 4.99

New Customer Offer -10 credit

price guarantee ends 10/08 -3 credit

primary leased receiver -4.99 credit

 

Does anybody know how to cut my service back and what about the HD DVR? I love this service. For entertainment this is one of our only sources.

 

You really need to spend some time to figure out how much money you have coming in. This will be your first step. then make a list of all of your monthly debt obligations.

 

we can help if you provide a little more information.

[Daddy]

Good luck OP.

 

You should think about moving to D-F-Dub!

[cj123]

consider moving into a city where more jobs are available. and cut your expenses in half and keep needs not wants

[taco_truck]

You really need to spend some time to figure out how much money you have coming in. This will be your first step. then make a list of all of your monthly debt obligations.

 

we can help if you provide a little more information.

 

this is the thing, I can't tell you how much will be coming in. With self employment in construction its impossible. But for past 90 days has been pretty close to 0.

 

The biggest thing that will help will be to move to CA and for DH to work for somebody else and for me to go FT.

[taco_truck]

Good luck OP.

 

You should think about moving to D-F-Dub!

what is D F Dub?

[flower]

what is D F Dub?

 

 

Dallas Fort Worth

DFW! :-)

[Daddy]

what is D F Dub?

 

 

Dallas Fort Worth

DFW! :-)

 

Correct.

 

Taco, I don't know, but IMHO, Cali may be the last place for you to move right now. VERY VERY high cost of living. I don't know about the job "market". i know here in DFW, the cost of living is pretty "cheap" compared to other markets. In addition, there are plenty of jobs here.

[taco_truck]

California is where we're from and we have family and friends and my DH has work contacts, and we just can't hack it away from them. We moved to Idaho from the Central Valley 2 years ago. The idea is that we are going back to the same place so the kids can get back in the same routines so they'll be less traumatized. It makes no sense to move somewhere else.

 

As far as the cost of housing, it will be high but it is what it is. There is a huge influx of forclosed homes and lots on the rental market.

 

Our mortgage right now is about 1280 and we're thinking that housing for our big family will be around 1400-1600

 

If we can escape bankruptcy and get solid employment and these money management issues figured out, we can buy a house again. A fixer and/or foreclosure for under $300 which would be a good deal.

[Operation_Home_Ownership]

Sorry for the tough times, I wish you & your fam all the best.

 

First, list all of your monthly expenses.

Second, separate all the wants vs needs.

 

Since you have nothing to lose, basically your choice of new location should be based on the availability of work/wages to sustain your family. I would research cost of living (plently of online sources, like salary.com, etc) in the areas considering and salary minimums required to start life over in a new place.

[taco_truck]

as far as lists of expenses, would I do it here or there?

 

I think my DH is going to leave next week to go to CA to look for work while we finish up school here. Thats one way to get some cash in the family.

[Operation_Home_Ownership]

as far as lists of expenses, would I do it here or there?

 

I think my DH is going to leave next week to go to CA to look for work while we finish up school here. Thats one way to get some cash in the family.

 

 

BOTH, current location & new location.

You have to have a plan A & plan B going simutaneously due to the uncertainty of when an actual move will happen--six other lives depend on this critical decision.

 

Not that you asked, but CA has a very high cost of living...why the choice to go there as opposed to anyplace else? Do you have a top 3 desired locations?

[taco_truck]

as far as lists of expenses, would I do it here or there?

 

I think my DH is going to leave next week to go to CA to look for work while we finish up school here. Thats one way to get some cash in the family.

 

 

BOTH, current location & new location.

You have to have a plan A & plan B going simutaneously due to the uncertainty of when an actual move will happen--six other lives depend on this critical decision.

 

Not that you asked, but CA has a very high cost of living...why the choice to go there as opposed to anyplace else? Do you have a top 3 desired locations?

California because we lived there all our lives until 2 years ago. My family is there, his sisters are there (His folks are here), He has work contacts there, he has friends there, we have a good church there, my kids went to school there and I hate to move them around. His bio-dad probably has work. (he can be flaky though so that egg isnt going in the basket) It wouldn't be a big adjustment to the family, emotionally. This Idaho thing is hard, we are isolated, we have no church, we are miles from any solid industry, and our family is 600 miles away. His parents haven't been real involved in our lives no matter how hard we try to incorporate our family. He hasn't made any friends (I have) the economy here has fallen drastically and no new work coming in.

 

The move to Idaho had its upsides but really I wouldn't want to repeat the same mistake by choosing another state with more unknowns.

 

The other choice would be Nevada, Carson City or Reno. I'm not sure I would want to raise my kids there but I always thought if anything happened to my husband that is where I would go to start over. My sister is there and there is lots of work in the hotel and gaming industry.

[taco_truck]

Current living expenses:

 

Mortgage: 1262.34 equity of about $22-28K if this can sell

Truck: 08 Dodge truck $606.02 Balance $31K

Suburban: 02 Chevy payment $380 Balance $10,400

Auto and Homeowners: $175 monthly

Cellular: $190 (3 phones)

City Water and Sewer: $60 about to go up to $100 for summer

 

I'll be back for more

[Jen23514]

kansas city still has a good job market and it is cheap to live here.

 

do you need a suburban? not only is that somewhat of a large payment, it's a guzzler on the petro.

 

I see you also bought a brand new truck with a HUGE payment. There's probably no way to sell that for even, but can you refi cheaper? how upside down in it are are?

 

your phones... that is 3 phones. do you have a home phone? can you lower your plan? I'm on tmobile and I know they have family plans for less than $100.

 

let's talk about those car payments..... you pay almost in car payments what you pay for the house, with a fraction of the worth (and cars are guaranteed to decrease in value every year)

Edited April 17, 2008 by Jen23514

[Cleaning_Credit]

Real estate has tanked here in Calif. New construction has slowed considerably. Lots of folks from realtors, mortgage brokers, etc.... including folks in construction are being hard hit right now. A lot of new development have been put on hold. Unemployment has increased.

 

With that said, if your DH has contacts here, he may be ok. Good idea for him to head on over and see what he can find. If your credit isn't solid and your finances aren't there, you will have a hard time securing a loan for a home. Mortgages are much harder to get these days and bigger downs are expected.

[Operation_Home_Ownership]

Current living expenses:

 

Mortgage: 1262.34 equity of about $22-28K if this can sell

Truck: 08 Dodge truck $606.02 Balance $31K

Suburban: 02 Chevy payment $380 Balance $10,400

Auto and Homeowners: $175 monthly

Cellular: $190 (3 phones)

City Water and Sewer: $60 about to go up to $100 for summer

 

I'll be back for more

 

Definitely room to improve...ill wait for you to finish posting the full picture. I havent seen you quote eating, clothing, entertainment, etc.

 

You are vehicle poor, draining you of much needed $$$ for other things, hopefully CBers from CA can give you a current fix on relative expenses in the area you are thinking to move. Though online sites can do the same without emotion, cold hard figures are what you need. Seems like you have an uphill battle, but not impossible with twiks to your budget.

 

To be continued...

[taco_truck]

our income in 05 was 41K, 06 was 70K

I don't know 07 yet, the stuff is at the bookkeepers and we have to pay her to get our books finished up. Dh is guessing about the same as 06.

 

Let's talk about the cars:

 

02 Suburban. I have 5 kids. We are in Snow Country currently so this is necessity and in CA we could live without the 4WD but we do cross the hill every so often and we do like to ski. Its a gas guzzler but we have cut back on driving severely. I don't know what else would work for us, as a mini van doesn't hold anything and they are much smaller. Most likely in CA it would be parked if I could work in the same town we want to live in.

 

08 Dodge. We traded in an 02 Duramax which needed 6K in work. We put the money into the new truck. My husband being a contractor needs a heavy duty diesel for work, since this provides income. He needed a reliable pickup as well. This truck gets depreciated on our tax return.

 

If he were working for somebody in CA and possibly commuting, he would/could trade for a smaller pickup with smaller payment and with better mileage. We are paying 4.25 for diesel now.

[Jen23514]

Does anybody know how to cut my service back and what about the HD DVR? I love this service. For entertainment this is one of our only sources.

 

I hate to say it, but board games Seriously.... tv is a luxury and I know what it's like when it's your only luxury, but if you can't cut back in other areas, then this is an obvious one.

 

 

 

Our mortgage right now is about 1280 and we're thinking that housing for our big family will be around 1400-1600

 

where in Cali do you think you can get a house the size you need for that kind of payment?

 

 

 

I havent seen you quote eating, clothing, entertainment, etc.

 

these numbers need to be posted as well.

 

 

 

 

i understand with the big family, but in tough times, tough measures need to happen. Not only would a mini-van hold a family of 7, the gas milage is better.

 

do you need a vehicle for skiing, etc when in your first post you are worried about BK? I'm not trying to be difficult or rude, I'm just stating the obvious.

[taco_truck]

I realize you're not trying to be rude, just helpful. Sometimes justifications/rationalizations are hard to see around so go ahead if you see a blaring hole then point it out. I taught on this subject at weight watchers just last week.

 

For skiing this year, the lift pass was $1000 and the rest of the equipment we needed cost us about $900 at a swap. We are good on equipment for next year if we can afford to ski in California. After the lift pass and the equipment, the only cost was gas ($30 each trip) and we bring our own lunch. In order to ski we didn't go other places.

 

The lift pass and equipment was purchased in Nov of 07. there was money and work then.

 

As far as skiing in California it doesn't look like it would be as possible as it is here. The passes are more expensive and the hill is further away. That would mean fewer days skiing (more like 2 or 3 a year) obviously and no season pass and the whole family wouldn't be able to go.

 

I hope it will not always be this way. The BK would be due to business debts, not household debts. The one will crumble the other.

 

I ran a rough guess for income for California and I'm guessing we could get close to 90,000 if I worked full time.

 

ETA: For the suburban, why would it be wise to ditch the suburban for a minivan when we are trading one used car for another? how much of a mini van are we talking?

Edited April 17, 2008 by taco_truck

[taco_truck]

I am getting confused on what I am trying to accomplish here. here's what I thought needs to be done.

 

1. Need Immediate Income

2. Need to sell home

3. Need to relocate

4. DH needs to get out of self employment and in to a payroll job

5. I need to work FT

 

I don't see any point in focusing on what has been except to figure out what got us here and what our expenses have been and what they will be in California. And figure out how to get from here to there.

 

We have never been able to budget because we have never been able to tell what money would come in or how much the job would actually cost us to do. The work and money have been pretty steady but the business debts are because of mismanagement. So now we have money we owe people and expenses to support business but not business to support the expenses.

 

What I think we can cut back right now is Direct TV service, and Cell service, and maybe cut down the phone service some. Right now we don't go anywhere except for work.

[Operation_Home_Ownership]

I realize you're not trying to be rude, just helpful. Sometimes justifications/rationalizations are hard to see around so go ahead if you see a blaring hole then point it out. I taught on this subject at weight watchers just last week.

 

For skiing this year, the lift pass was $1000 and the rest of the equipment we needed cost us about $900 at a swap. We are good on equipment for next year if we can afford to ski in California. After the lift pass and the equipment, the only cost was gas ($30 each trip) and we bring our own lunch. In order to ski we didn't go other places.

 

The lift pass and equipment was purchased in Nov of 07. there was money and work then.

 

As far as skiing in California it doesn't look like it would be as possible as it is here. The passes are more expensive and the hill is further away. That would mean fewer days skiing (more like 2 or 3 a year) obviously and no season pass and the whole family wouldn't be able to go.

 

I hope it will not always be this way. The BK would be due to business debts, not household debts. The one will crumble the other.

 

I ran a rough guess for income for California and I'm guessing we could get close to 90,000 if I worked full time.

 

ETA: For the suburban, why would it be wise to ditch the suburban for a minivan when we are trading one used car for another? how much of a mini van are we talking?

 

Seriously, generally browsing this response...tightening $$$ for reaching your goal requires sacrafices sometimes major! How you plan this out will levy whether it is temporary, long-term or worse file BK as you first stated.

[Jen23514]

We have never been able to budget because we have never been able to tell what money would come in or how much the job would actually cost us to do. The work and money have been pretty steady but the business debts are because of mismanagement. So now we have money we owe people and expenses to support business but not business to support the expenses.

 

i would seriously look at how you bid jobs then. mismanagement is an understatement.

[Operation_Home_Ownership]

I am getting confused on what I am trying to accomplish here. here's what I thought needs to be done.

 

1. Need Immediate Income

2. Need to sell home

3. Need to relocate

4. DH needs to get out of self employment and in to a payroll job

5. I need to work FT

 

I don't see any point in focusing on what has been except to figure out what got us here and what our expenses have been and what they will be in California. And figure out how to get from here to there.

 

We have never been able to budget because we have never been able to tell what money would come in or how much the job would actually cost us to do. The work and money have been pretty steady but the business debts are because of mismanagement. So now we have money we owe people and expenses to support business but not business to support the expenses.

 

What I think we can cut back right now is Direct TV service, and Cell service, and maybe cut down the phone service some. Right now we don't go anywhere except for work.

 

I dont want you to feel attacked, this is DEFINITELY not my intention.

BUT from the outside looking in, there are changes that can be made and more temporary tightening if you look at this objectively.

 

First off, grab a budget spreadsheet, plenty available here & elsewhere and begin to track ALL expenditures...this is NOT looking back, you have to understand where you are to get where you want to be! When I humbled myself and did this very action, I was surprised at how much $$$ slips through the cracks of my fingers. There is no excuse not to reign this in and come to find out the answer of where are your funds going. Best move I ever made!

 

Secondly, keeping a family vehicle is understandable, but choosing ONE for both work & pleasure would be best in this time. It is as temporary as YOU make it, if you want to continue spinning your wheels and not making major cuts to reach goals we might as well stop interjecting our opinions on this topic. Also, I never heard a family found dead in their home from termination of cable, so lets just say IF you cant cut elsewhere you definitely can cut this item.

 

Thirdly, if you feel all you do is go to work & back home...then you want to work to get away from not leading life the way your family truly wants to! So keeping skiiing rationale, cell phone, and other points you made will only leave you continuously feeling...we work, we have nothing to show 4 it, we live paycheck to paycheck or not even, but we want more! Truly an impossible cycle.