should I?

[2muchdebt]

Greetings, just found these forums and boy am I glad I did.

Here is my current situation. As of today I am current on all my obligations but I know that starting next month I will not be able to pay all my bills.

My total unsecured debt is right around 65k with minimum payments totaling $1800.

I have one vehicle payment at $415 per month and i owe at least 2k more than the truck is worth today.

I have a vehicle lease at $530 per month with 2 months left. I assume this just gets turned in?

My mortgage is $215000 with a home value today at about $180000 with a monthly payment of $1780.

My yearly income is 70000.

I took an online means test and for what it's worth it said i did qualify for chapter 7.

I plan on speaking with a bk lawyer in the very near future.

I find myself somewhat ashamed and embarrassed that i have managed to get myself and family in this situation, but to be honest I see no other way out right now.

[keepmine]

$65K in cc debt is nearly you're entire annual salary {gross salary I assume}.
Bk is likely your best option. Are you going to try and keep the house?
As to the lease-yes, any deficiency balance is unsecured debt and is discharged right along with credit cards.

[AngelinaCatHub]

I agree with 'Keepmine' and please do not feel ashamed. It is a business decission and should be treated as such. For whatever reason, you are here and are surely not alone. Welcome and we will help you all we can. No legal advice officially though. You certainly are no dummy if you rake in 70K. We all have made bad decissions and even our illustrious leaders. I think 'Bammy will put our nation into C7 soon. Our money will soon be worthless. 'Hub

[2muchdebt]

$65K in cc debt is nearly you're entire annual salary {gross salary I assume}.
Bk is likely your best option. Are you going to try and keep the house?
As to the lease-yes, any deficiency balance is unsecured debt and is discharged right along with credit cards.

Thank you for the response. Yes I did plan on keeping the house, and the vehicle with the $415 monthly payment. I've spent the better part of today researching my options and my brain is in information overload atm.

[keepmine]

Only caveat on the house is, you're upside down by a lot. Add in the costs of selling and you are in deeper than the figures you posted. Ask yourself if, the mortgage is reasonable? No ARM with a nasty adjudtment down the road.
For sure, I'd not reaffirm that debt.

[jeb]

I think 'Bammy will put our nation into C7 soon. Our money will soon be worthless. 'Hub

Nice - I guess you want Bubba Bush back, huh?

If you haven't noticed, the country already IS in C7 and if what President Obama is trying to do is not followed through on it is going to stay that way for a very long time. - jb

[OhioFiler]

Nice - I guess you want Bubba Bush back, huh?

If you haven't noticed, the country already IS in C7 and if what President Obama is trying to do is not followed through on it is going to stay that way for a very long time. - jb

What is O'bama trying to do?

[jeb]

What is O'bama trying to do?

Except for those right wing "paid for their opinions" group, virtually every respected economist in the world are saying the only thing that will save the economy is an input of funds needed to get the banks lending again, stop the lack of over site of wall st. and major corps and get a handle on the foreclosure problems.

After some 60+ days in office, seems there is a concerted effort to make this "obama's problems" - these problems that took years to create. He is suppose to solve them in 60 days - with nothing but a wall from the right trying to stop him. Fine, upstanding people, these right wing hypocrites. - jb

[OhioFiler]

Except for those right wing "paid for their opinions" group, virtually every respected economist in the world are saying the only thing that will save the economy is an input of funds needed to get the banks lending again, stop the lack of over site of wall st. and major corps and get a handle on the foreclosure problems.

After some 60+ days in office, seems there is a concerted effort to make this "obama's problems" - these problems that took years to create. He is suppose to solve them in 60 days - with nothing but a wall from the right trying to stop him. Fine, upstanding people, these right wing hypocrites. - jb

Seems O'bama has infused $3.0 trillion into the economy (including $1.0 trillion in new money), is passing all sorts of regs to keep Wall Street from paying bonuses and has set in motion the programs to stop foreclosure and modify mortgages.

Given these are the 3 things all "respected economists" say must happen I suspect the recovery is only days away.

The truth is O'bama and Geithner are taking stabs in the dark to solve the economic crisis. Neither is equiped with the tools or the talent to do it. O'bama went from doom and gloom 2 weeks ago to all is being solved simply because his aides told him to sound more positive.

Putting down disabled Americans on a late night comedy show and telling disabled vets to get their own insurance aren't the correct approachs either.

If O'bama had put the $3.0 trillion into the hands of Americans the economy might be stimulated. Of course, the inflation ahead is going to take care of any wealth we may have thought we were handed.

I found this on the Politico website you may find interesting.

[lrprn]

Folks,this is a good discussion but is highjacking the OP's thread so their original question is being ignored. I'm starting a new thread in the General forum for discussion of President Obama's and his administration's attempts to fix our economy - please take this discussion there - http://www.bkforum.com/showthread.php?t=36642 . Thanks.

[fltoo]

Putting down disabled Americans on a late night comedy show and telling disabled vets to get their own insurance aren't the correct approachs either.
----------------------------

This is ludicrous. Although I am not in favor of what Obama is doing, I don't condone this ridiculous, politically correct nonsense.

He was putting himself down, not disabled Americans.

People buying into the nonsense that he put disabled Americans down are just as scary as Obama's policies.

I can't believe the poor man had to call the president of the Special Olympics and apologize. What the hell is wrong with the people in this country?

OP, do what you have to do to take care of your family, even if it involves filing for BK. No shame in wanting a fresh start, but do recognize the problem and try to solve it to really get your life on a better financial track.