Can I file for Chapter 7?

[Tdawg422]

Okay I have 30k in CC debt over 3 cards. 13k, 13k, 4k

I was recently in fine financial health till a month ago. I lost about 65k in the stock market last month and now do not have the means to pay off that 30k debt.

I currently have 5k in my bank account, and 1500 in my trading account.

I make 40k at my job which is below the the medium income for NY.

I'm not even sure if it is worth it do declare chapter 7, but if I the 6.5k I have saved do they take that as well?

[Over our heads]

Put it in a retirement account. IRA's or w/e they call them.

[Tdawg422]

I'm currently putting money into my IRA. But I'm worried that they might see it as fraud for trying to hide the money right before I file.

[d80indebt]

Personally, I wouldn't file bankruptcy with $30k in debt and $6.5k in savings. I'd probably start paying down my debt and cutting back on living expenses.

[TEW]

Personally, I wouldn't file bankruptcy with $30k in debt and $6.5k in savings. I'd probably start paying down my debt and cutting back on living expenses.

OP would still be in 25 K in debt It maybe a little early to file. But I would try one of the debt counseling service. You can find talked about on the forum. hang onto that 6.5K for your emergence fund. Don't take anymore loans don't try to consolidate.

[d80indebt]

OP would still be in 25 K in debt It maybe a little early to file. But I would try one of the debt counseling service. You can find talked about on the forum. hang onto that 6.5K for your emergence fund. Don't take anymore loans don't try to consolidate.

True. I'd probably wait, too. In fact, that is precisely what I did when I considered Bk about 4 years ago. Now I'm no longer 30k in debt. It's actually up to 70k now. Ha!

[Tdawg422]

Personally, I wouldn't file bankruptcy with $30k in debt and $6.5k in savings. I'd probably start paying down my debt and cutting back on living expenses.

The part that gets me is that the CC debt is at about 20%APR making it tough to pay down. quick math I did with cutting down my living expenses down as much as I could it would take about 2 years to pay this down.

30k isn't worth BK? is there a threshold that it is worth it? I know I see alot of people doing it for 100k+ but I don't plan to keep racking up more and more debt. I believe I can live within my paycheck now. Saving isn't a terrible problem for me, I just invested more then I could of afforded to lose, it like a gambling problem.

I was just looking for a clean slate.

[hopeforus]

We paid off 35k in CCs with CCCS 7yrs ago. Ok well we started it 7yrs ago and finished about 3yrs ago. So it was about 4yrs. But we did it. And we would do it again. I don't think any of us really deserve a clean slate really just because we want one... if I knew I could pay back 35k in a few years I would just do it on my own. We are about 80k in debt right now because of injury and job loss and there is no way we can do that... but if it was 35k we would again. It's all what you feel comfortable with I guess.

[hopeforus]

If you do credit counseling they will get your interest rates down. 20% is def way too much to try to pay off. But with lower interest rates it's best to just pay it yourself if you have the means to. Will be over in a few years and won't have your credit destroyed over it either.