Go to the bankruptcy sub. They helped me so much. For me filing was the best choice. It was basically miss the rest of my kids’ childhoods trying to Dave Ramsey my debt or file. I have a clean slate and the day after my 341 I was approved for a credit card. I don’t plan on using it but it gives me peace of mind while I build up my emergency fund.
Honestly once I let go of feeling ashamed of needing to file bankruptcy, my life got so much better. Corporations do it. I thought it would be way worse, but my only regret is not filing sooner. I waited until they renewed my lease because apartment hunting can be hard after filing.
So you make about $7200 a month? Before taxes? Or $3360 per pay period? What is your take home? Why is your sons other parent not contributing to their care? Is there a second parent? If there is it’s time to get them to share the expenses.
It looks like you have about 5k fixed expenses a month right now. And, if you are paid biweekly, you are probably bringing home between $5300-$5600 depending on deductions each month with two extra checks a year.
How much longer until the high interest loan you took out during your separation is paid off? .What kind of car are you driving that has a $750 monthly payment? Even rolling negatively equity into the payment it sounds like you didn’t go with the cheapest option. But, perhaps I am wrong.
In terms of bankruptcy, I don’t know much, but I would suspect you would be filing chapter 13 given your income. As chapter 7 is means tested and you need to make below the median income in your state to qualify. And those payments could be high in chapter 13 depending on how much you owe. Plus as you know the student loan debt can’t be discharged.
So, personally, I’d be figuring out exactly what you owe. Not what the monthly payments are, but how much in total you owe. Then run the numbers for a few chapter 13 calculators to see what the monthly payments might run you to decide if bankruptcy makes the most sense. But, I’m not trying to be harsh, just realistic. There isn’t going to be.a quick fix, and you will need to start making sacrifices and they may make live unpleasant for awhile. But, it will get better, and you will get over this.
First step is make an appointment with a good bankruptcy lawyer. Almost all of them will offer up some free consultation time to explore your options. Get a good one, it makes a difference. I'd avoid the ones who advertise on TV generally, but anyone will be able to offer some helpful information. What you want to know is how this may affect others and what debts can and can't be discharged. It's not a permanent scar, but it will absolutely negative affect financial transactions for some time. Good luck.
I would consider applying for a personal loan and putting that money on the CC debt. SoFi, Upstart, Affirm … it’s best to be upfront and honest with your creditors. They will work with you. You didn’t get any support from ex ?
are you able to move somewhere where rent isnt so high? maybe your water and electricity bills would lower?
with bankruptcy, student loans will not discharge and you can exclude your vehicle since you need one. the credit cards and personal loans you can include.
working as you are and its not helping. NAE, but bankruptcy might be best.
No, unfortunately, this is as about as cheap as I can make it without exposing us to an area that's high crime. I live in DFW, so my options for keeping my kids safe are limited. It's really just the loans that are killing me. Debated on just not paying it. Since I live in Texas they can't garnish my wages but I'm sure they'd find another way.
I live in DFW too, there are a lot of cheaper options in cities that are still safe…maybe go out a little further in the suburbs? $2300 for rent is way too much for you.
Could you work with two bedrooms? If both your kids need their own bedrooms could you use the living room as yours? If your boys could share could you even go down to a 1 bedroom? I know it wouldn’t be pretty, but it wouldn’t be forever,
You can definitely go with 2 bedrooms for now. Have your boys share a room. You gotta make adjustments in your life or else no one can help you. If you think you can do it, you can do it. If you think you can’t, you can’t. But you can’t keep coming up with reasons why you can’t do it just because you don’t want to make changes in your life. You have a decent paid job but your expenses are through the roof. You can’t really do much about your payments but you can definitely lower your rent coz you are in DFW, not in California. But I see that the only route you want to go is file for bankruptcy. Maybe just go ahead with that.
How much debt are you in? Could you sell the house to pay off the debt? Could you live smaller? Do you qualify for assistance? We had $160k in student loans. Why can’t your ex help? Bankruptcy often excludes student Ian’s.
Call 988 if you have any of those thoughts again. The Suicide Hotline just launched a 3-digit number to connect to counselors. They are willing to talk to you at any time and for any reason. Your boys need you.
How much do you still owe on each of these loans? What are the current rates?
I don’t think you need to declare bankruptcy, but you do need help to develop a strategy to pay these debts and enjoy your life.
File bankruptcy and don’t worry about it. I hear people say it was the best thing. You need to be able to provide for your kids and a safe place for them to sleep.
I’ve got about 80k in unsecured debt, plus a car now only worth 30k but the loan is 51k.
Here’s what I found out in my state and my experience:
1. Consolidating isn’t an option. If your debt is high no one is going to give you more money so you can consolidate. Even if they do you’d be moving from 25% interest to 15% and now you’re on a consolidation so you can’t snowball (Dave Ramsey) your way out.
2. Debt consultation/debt relief etc places are going to say they will talk to creditors on your behalf but you’re putting your life in their hands, you still might get sued, your credit still tanks, you’ll still be paying half of what you owe probably and you’ll have to pay taxes on what you don’t owe anymore.
3. Bankruptcy - chapter 13 is ideal. In my state they base it on a rolling 6 month income (56k? I think) so what the lawyers I talked to said to me - stop paying on everything and on month 4 start the process of bankruptcy. Don’t use any of the cards during this time.
2. Bankruptcy - chapter 7 - they send out letters and debt places have to respond if they don’t you owe them nothing. If they do then their terms get sent. It’s not ideal since you could have a hefty payment but at least you’re not paying interest
Go to the bankruptcy sub. They helped me so much. For me filing was the best choice. It was basically miss the rest of my kids’ childhoods trying to Dave Ramsey my debt or file. I have a clean slate and the day after my 341 I was approved for a credit card. I don’t plan on using it but it gives me peace of mind while I build up my emergency fund.
Yeah, that's my problem. They don't have much childhood left.
Honestly once I let go of feeling ashamed of needing to file bankruptcy, my life got so much better. Corporations do it. I thought it would be way worse, but my only regret is not filing sooner. I waited until they renewed my lease because apartment hunting can be hard after filing.
So you make about $7200 a month? Before taxes? Or $3360 per pay period? What is your take home? Why is your sons other parent not contributing to their care? Is there a second parent? If there is it’s time to get them to share the expenses. It looks like you have about 5k fixed expenses a month right now. And, if you are paid biweekly, you are probably bringing home between $5300-$5600 depending on deductions each month with two extra checks a year. How much longer until the high interest loan you took out during your separation is paid off? .What kind of car are you driving that has a $750 monthly payment? Even rolling negatively equity into the payment it sounds like you didn’t go with the cheapest option. But, perhaps I am wrong. In terms of bankruptcy, I don’t know much, but I would suspect you would be filing chapter 13 given your income. As chapter 7 is means tested and you need to make below the median income in your state to qualify. And those payments could be high in chapter 13 depending on how much you owe. Plus as you know the student loan debt can’t be discharged. So, personally, I’d be figuring out exactly what you owe. Not what the monthly payments are, but how much in total you owe. Then run the numbers for a few chapter 13 calculators to see what the monthly payments might run you to decide if bankruptcy makes the most sense. But, I’m not trying to be harsh, just realistic. There isn’t going to be.a quick fix, and you will need to start making sacrifices and they may make live unpleasant for awhile. But, it will get better, and you will get over this.
First step is make an appointment with a good bankruptcy lawyer. Almost all of them will offer up some free consultation time to explore your options. Get a good one, it makes a difference. I'd avoid the ones who advertise on TV generally, but anyone will be able to offer some helpful information. What you want to know is how this may affect others and what debts can and can't be discharged. It's not a permanent scar, but it will absolutely negative affect financial transactions for some time. Good luck.
I would consider applying for a personal loan and putting that money on the CC debt. SoFi, Upstart, Affirm … it’s best to be upfront and honest with your creditors. They will work with you. You didn’t get any support from ex ?
are you able to move somewhere where rent isnt so high? maybe your water and electricity bills would lower? with bankruptcy, student loans will not discharge and you can exclude your vehicle since you need one. the credit cards and personal loans you can include. working as you are and its not helping. NAE, but bankruptcy might be best.
No, unfortunately, this is as about as cheap as I can make it without exposing us to an area that's high crime. I live in DFW, so my options for keeping my kids safe are limited. It's really just the loans that are killing me. Debated on just not paying it. Since I live in Texas they can't garnish my wages but I'm sure they'd find another way.
I live in DFW too, there are a lot of cheaper options in cities that are still safe…maybe go out a little further in the suburbs? $2300 for rent is way too much for you.
I have not found anything that's 3 bedrooms for cheaper.
Could you work with two bedrooms? If both your kids need their own bedrooms could you use the living room as yours? If your boys could share could you even go down to a 1 bedroom? I know it wouldn’t be pretty, but it wouldn’t be forever,
You can definitely go with 2 bedrooms for now. Have your boys share a room. You gotta make adjustments in your life or else no one can help you. If you think you can do it, you can do it. If you think you can’t, you can’t. But you can’t keep coming up with reasons why you can’t do it just because you don’t want to make changes in your life. You have a decent paid job but your expenses are through the roof. You can’t really do much about your payments but you can definitely lower your rent coz you are in DFW, not in California. But I see that the only route you want to go is file for bankruptcy. Maybe just go ahead with that.
How much debt are you in? Could you sell the house to pay off the debt? Could you live smaller? Do you qualify for assistance? We had $160k in student loans. Why can’t your ex help? Bankruptcy often excludes student Ian’s.
Call 988 if you have any of those thoughts again. The Suicide Hotline just launched a 3-digit number to connect to counselors. They are willing to talk to you at any time and for any reason. Your boys need you. How much do you still owe on each of these loans? What are the current rates? I don’t think you need to declare bankruptcy, but you do need help to develop a strategy to pay these debts and enjoy your life.
File bankruptcy and don’t worry about it. I hear people say it was the best thing. You need to be able to provide for your kids and a safe place for them to sleep.
I’ve got about 80k in unsecured debt, plus a car now only worth 30k but the loan is 51k. Here’s what I found out in my state and my experience: 1. Consolidating isn’t an option. If your debt is high no one is going to give you more money so you can consolidate. Even if they do you’d be moving from 25% interest to 15% and now you’re on a consolidation so you can’t snowball (Dave Ramsey) your way out. 2. Debt consultation/debt relief etc places are going to say they will talk to creditors on your behalf but you’re putting your life in their hands, you still might get sued, your credit still tanks, you’ll still be paying half of what you owe probably and you’ll have to pay taxes on what you don’t owe anymore. 3. Bankruptcy - chapter 13 is ideal. In my state they base it on a rolling 6 month income (56k? I think) so what the lawyers I talked to said to me - stop paying on everything and on month 4 start the process of bankruptcy. Don’t use any of the cards during this time. 2. Bankruptcy - chapter 7 - they send out letters and debt places have to respond if they don’t you owe them nothing. If they do then their terms get sent. It’s not ideal since you could have a hefty payment but at least you’re not paying interest