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Question about debt?

M&MBride0506M&MBride0506
in Adoption

I was reading Adoption of Dummies (WHICH I LOVE, BTW), but it says something about debt and adoption.  If you have some debt, do you think you that you won't pass the homestudy?  Just wondering what the consensus is. 

 

Thanks. 

My Wonderful Sister is my GC!!!! 3 IUIs, 2 unmedicated, 1 50mg of Clomid = All BFNs Next step IVF!!!! Melinda & Michael 5*6*06 God Bless The Broken Road
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Re: Question about debt?

  • Jessie*JJessie*J

    We had about $2000 in credit card debt and they said it was fine. We told them we pay extra each month and when taxes get here will be finishing paying it off.

     They told us as long as we feel we can support a child with what we make and our debt - we're fine.

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  • PSU-NCBridePSU-NCBride
    We put a bit of debt on our cards to save for fluid cash for the adoption. No one seemed to care.
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  • jacksjerseygirljacksjerseygirl member

    As far as I know there is no requirement from the states that the adopters have a credit check. Now you should be honest on your financial sheets about your debt - but they won't verify debt IME. An agency, individually but not required by the state, might though.

    We have no bad debt but we have a mortgage and cars as part of good debt.

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  • Dr.LorettaDr.Loretta member

    If your debt to income ratio is too high, it could be a problem. But with your average debt load, it shouldn't be a problem. You can ask your agency and see what they have to say.

    Good luck.

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  • GLynn2009GLynn2009
    They tend to look at the over all picture of how you are doing. We had some debt and did not have a problem. We had to complete a budget.
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  • CaptainSeriousCaptainSerious member
    As long as you can meet your payments and expenses, and have enough money left over to afford raising a child and still have a little cushion for emergencies, I don't think you should have any problem.  All the agency really wants to know is that you won't be in a position where you can't take care of a child they place with you.
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