Swimming but soon sinking. Help with unplanned career switch and subsequent debt

[tryin2surviv]

For a number of reasons I switched careers this summer, my income has been cut nearly in half and I'm not able to pay my credit cards, one has been sent to collections and others will follow I'm sure. It is just out of my current budget to pay the amount due on them....and the repayment plans exceed my budget as well. I rent, have a car payment, and own one other vehicle that I need for winter driving. I've liquidated all my other assets to live on during my transition to this new career and now I'm facing overwhelming debt and calls from debtors looking for payments. I'm wondering if chapter 7 would be a legitimate course of action in my case? thanks to anyone who can provide some advice.

[shipo]

My situation was not dissimilar to yours back in 2014; I'd taken a job which came with a 47% reduction in pay, I rented and had small car payment on a (then) 13 year old car. All other assets had been sold on Fleabay or at garage sales, and I was basically living month-to-month; even still, because of my income, I needed to file for a Chapter 13.

The best advice I can give you is to interview at least five or six attorneys and retain one to help you figure out your best course of action and help you file.

[justbroke]

Welcome to BKForum! I see that shipo has given some good feedback on your situation. I have nothing to add but wanted to personally welcome you to the forum.

[tryin2surviv]

Thanks for the input shipo, with my budget an attorney just is not feasible. I've gone through my savings and assets trying to stay afloat during my transition period. And now my bills are stacking up as I'm not able to pay even the minimum payment on my credit cards. I just don't know what to do....

My situation was not dissimilar to yours back in 2014; I'd taken a job which came with a 47% reduction in pay, I rented and had small car payment on a (then) 13 year old car. All other assets had been sold on Fleabay or at garage sales, and I was basically living month-to-month; even still, because of my income, I needed to file for a Chapter 13.

The best advice I can give you is to interview at least five or six attorneys and retain one to help you figure out your best course of action and help you file.

[shipo]

Thanks for the input shipo, with my budget an attorney just is not feasible. I've gone through my savings and assets trying to stay afloat during my transition period. And now my bills are stacking up as I'm not able to pay even the minimum payment on my credit cards. I just don't know what to do....

I feel it is imperative I push back; flying solo with no backup is a recipe for disaster. In the case of many folks here, we simply stopped paying all of our bills beyond rent, car, and utilities, and saved that money to pay for the attorney.