New to site

[jack81]

Hi all. I'm new to the site and find it very informative and helpful. To introduce myself I am coming from doing very well to difficult times. I started by buying a townhouse, owning for 3 years (never late on payments) then moving to FL and selling it. I did very well working for my employer and was use to making good money. However, with the economy change I'm struggling. I'm in finance, shall I say more. To make a long story short, I have about 40K in credit card debts and personal loans. This doesn't count my auto loan for 19k. However, all accounts are current. I'm looking for relief though. It's getting tough to keep up and I really need the relief of eliminating the unsecured debts. I really have no assets or so. I'm 26, paid for my own college and all on my own. As I look back my townhouse I bought is what really effected me. I bought in a high market and sold in a low market where I had to actually write a check at closing. Also, with my excellent fico score the offers in the mail were like giving candy to a kid. What are my options for filing ch 7? I have used my credit cards recently as I'm unemployed currently.

[kejac]

Welcome, I'm sure the folks in here will be very informative and suggest various options for you. Try to keep your chin up!

[gophermn]

jack81, if you are in this forum then you are indeed looking for answers and guidance. You came to the right spot! I have met wonderful people in here and amazed by their knowledge and professionalism. Some in here might be harsh and a bit rough but thats because they are protecting you making sure you don't make the mistakes they made.

I filed CH7 and also included my rental property. I had roughly $60K in cards all totaling about $600K including auto, two mortgages and odd/end bills.

You need to decide if you are going to file with an attorney or do it alone. Whatever your path, there are many in here to help! Be sure to check out the STICKY threads that contains tons of useful info.

Welcome!

[keepmine]

You're big problem is, no job-not your debt. You need to get a job and be able to support yourself before you file. Bk will always be there. You don't want to file and all of a sudden get hit with unexpected medical debt and you have no insurance. Plus, for the time being you're likely using the cc's to pay basic living expenses. You don't want to shutdown that lifeline either.

[jessegirl]

HI and welcome. Go and see a few attorneys that have free consulations and what what your options are. Goodluck.

[JRScott]

Personally as another poster suggested, I would hold off filing a chapter 7.

I'd wait until after you get another job, then file. This way you can discharge any unforeseen expenses between now and then as well.

[jack81]

Great! Thanks for the input. I was thinking of filing when I move back to FL. I'm in NJ right now. However, the 40K use to not be a problem as my income was half that a month. What's the old saying, it's not how much you make but how much you spend. Lesson learned on my end.

[soleprop]

hi jack, i look forward to your future posts - welcome!