I literally have $26 in my checking account after the primary mortgage clears tonight. i have no credit cards to use, no lines of credit to use, no savings, but a big bag of change in my car.
I am in a ton of debt, both secured and unsecured. Root cause was my wife's business where she has defaulted on a loan that I co-signed for and the IRS has levied over $10K+ of penalties on me because I was a co-signer on her bank account. We have gone though sort of a "financial divorce" where I am not giving any more money (not that I have any more to give at this point.)
To summarize how I got here, I continued to give her business money from the home equity line of credit until that well went dry. Later, she defaulted on a loan and quit paying employment taxes. The bank and the IRS came after me and put me over the edge. I don't think I have to worry about this repeating itself since I have learned the consequences at this point on co-signing and putting my name on anything. However, the damage has been done. I did try along the way, and my nickname by my wife was "taxes taxes taxes" and if I kept talking about the taxes, the IRS would come after us (my negative energy). I am glad this is anonymous! Funny but true story but one of her employees was overheard on camera saying that "she is learning a lot from her job... learning how to NOT run a business" Yeah, I am angry about this, but my bed is made.
I have already liquidated just about all of my things (vespa scooter, mac computer, household items).
- My income is about $110K/year which is $6700/month after taxes
- Total secured debt (student loans, mortgage, 2nd mortage is $310K Monthly payment for secured debt is $4000/month
- Total unsecured debt (loans, credit cards) is $153K/Monthly payment for unsecured debt is $2900/month
- My living expenses (gas,heating,electric, food, medical, internet,car) is $1800/month
- Wife? I cannot count on her for anything financially.
It's not mathematically possible, I have a shortfall of $2K/month. My credit score is 648. I am 52 years old
I have been avoiding paying lots of things, my car insurance is ready to lapse, and my car inspection is about to expire and needs $1400/repairs to get inspected. I am feeling tons of anxiety...
One twist in this whole story is that I do have one commercial property. My thinking was that I would be able to earn the 2K that I need with this property. But while it is not losing money, I am not able to take any money from it. There is a mortgage on this property that is close to it's market value ($150K)
Any advice? I am going to counseling (individually), continuing my job... but I feel that I am about to smack into the wall. I don't want to lose the commercial property since that is something that I worked super hard at.
Thanks for reading this. I appreciate it.
-"hitting a wall"
Submitted August 14, 2019 at 09:47PM by 1life2live3go https://ift.tt/2YMYf0p
