March 2009 Debt Report
First, for the record, there was no February 2009 debt report. I didn’t have enough money to pay anybody except the IRS until it was almost March.
Starting Balances calculated post-bankruptcy (May 2008):
- Debts excluding student loans and 1st mortgage: $38,707
- Plus debts incurred between May 2008 and March 2009: $8,583
- 1st mortgage balance: $117,803
- Student loans: $48,774
- Total: $213,867
Current Debt Balances:
- Dentist: paid in full ($415)
- Attorney: paid in full ($449)
- IRS: $2,363.70 (TY 2007)
- LDR: $2,735.00 (Louisiana Department of Revenue, TY 2007, no payments scheduled yet)
- Chase HELOC: $4,617.52
- CFCU Visa: $4,776.16
- Capital One HELOC: $21,439.48
First mortgage balance: $115,698
Debt Balance excluding co-signed student loans and first mortgage: $35,932
Total debt including first mortgage, excluding student loans: $151,630
Student Loans:
- Co-signed student loans, approximate balance: $48,774 (got a letter from these folks; need a complete audit on these accounts; not sure this balance is correct)
Total balance including 1st mortgage and student loans: $200,404
Change since highest balance ($213,867 starting May 2008): $13,463
Discussion
All the bills are caught up, including utilities. I paid off the dentist and my bankruptcy attorney so I can proceed as soon as my 2008 tax return is finished. I took that to my accountant last week and it should be done by April 15 at the latest. In the meantime, I can fill out all the bankruptcy paperwork and collect all the supporting documents required to file.
Since I made significantly less money in 2008 than in 2007, I hope I will qualify for a tax refund which will pay off my IRS bill in full, or at least pay it down somewhat. Then I’ll be able to work on paying off my state tax bill.
I’m getting some maintenance done on the car, bought my son a much-needed pair of shoes and some summer clothes (on sale), bought myself a few essential pieces of clothing (on sale), got the front window repaired from damage from Hurricane Gustav, and got the dogs their annual check-ups and shots.
The upstairs toilet may be leaking, so I may have to come up with the money to repair it. I’m not sure it is in fact leaking, but if it is, it’s from the seal around the sewer pipe and that will have to be fixed.
Tutoring income will be up significantly this month because there are no breaks in the school schedule and I gained a lot more hours since last month.
I don’t really know how my online business income is doing right now because I haven’t updated QuickBooks with income and expenses since mid-February. I’ve been working a lot more hours and I haven’t been paying attention to P&L. I was also working on getting my taxes ready for my accountant and making sure QuickBooks for 2008 was up-to-date and accurate compared to my records. I’ve paid bills and there have been automatic deposits to both my PayPal account and my checking account. I plan to catch that up on my tutoring day off this week — Friday.
Student Loan Question
The student loans I co-signed were private loans, not federally guaranteed. I need to call my attorney and find out if those can be bankrupted because they are private. If so, they’re going with the rest of the debts, and it will save me nearly $50,000.
Does anyone have any idea about this?
