Initial advice and changing career prior to filing?

[Honder]

Hi - I've just found this forum and spent hours reading some of the threads here. I'd greatly appreciate the opinions of some experienced people on my situation:

- $45K in unsecured CC debt
- $80K in student loans
- House is worth about $300K and I owe about $300K.
- $10K in car loan
- Income right now is about $5,000 net per month.
- Outgoings right now (for family of four) are about $7,000 per month.
- Bank account has a couple of grand left. And that's it.

After fighting this debt in various forms for the past eight to ten years and not having made a dent in it whatsoever, I'm finally at the end of my rope. The figures aren't working, and no matter how hard I try and how hard I work, the figures haven't worked for a long time.

So I'm considering a Chapter 13, but I'm second-guessing myself - I'm still feeling rather guilty, ashamed and embarrassed about getting into this mess.

I have two main questions:

1 - Do the numbers quoted above sound like bankruptcy material, or more like "get a grip and pay it off" material?

2 - This is my main question: I am considering a change of career to something that will pay approximately half of what I currently earn (it's a public service job.) Will filing bankruptcy prevent me from taking this job? What would the timing for this career change be? (Because I know that once I change career, it's a matter of a few months before I'm totally screwed financially, and I'd like to go into bankruptcy with my new career. But I don't want it to look like the career change triggered the bankruptcy, or that I don't want to pay my debts.)

Opinions would be greatly appreciated. Thanks.

[viking64]

Your questions are similar to mine in the next post under, but as another newbie, I want to comment on shame.

I felt the same way and resisted even thinking about this for quite some time. Then, a very wise mentor shared that this happens to many people and there is no shame - it's only finances, not our identities. We didn't want to find ourselves here.

A book I read pointed out that bankruptcy laws are there for a reason - to help us get back on our feet. I know that if I go through this, I will be able to live within my means and build for the future as a financially responsible person. I guess it's about looking forward rather than looking back.

Since you have a family (I don't), I think this is even more responsible and wise of you because you are planning the process (and thus retaining some control) rather than just letting events take their course - which could be very upsetting to everyone, especially children. You're being wise to examine every option you can so you can decide what's best for you.