So... Here's my story.
To start off, I have the following debts that I'm planning to have discharged through Chapter 7 Bankruptcy if all goes well.
A house (which my ex-fiance is living in... NOT me)
Two Vehicles (Both roughly $330/month, and one of them my ex-fiance has)
Roughly 18-20k in Credit Card debt
The creditors have finally brought me to the brink. I've been ill for over a year now, left my ex fiance about the time it all started. Due to missing work from illness I found myself relying far too much on credit cards to "make it" every month. Eventually, after them raising the limits over and over... the payments got way too high - at least on some of the cards. I can't afford my car, rent, utilities and groceries and pay another 500-600/month for credit cards so I gave up. Slowly, I stopped paying them... one by one they started harassing me, harassing my family, harassing friends. It's ridiculous how far they are willing to go. I know I've made bad decisions, and honestly I feel bad for the situation and wish I could pay what I owe. I just decided about 2 weeks ago that I was ready for bankruptcy, if I ever want to move on in my life - have a family, any of that I can't do it with this nasty cloud over me.
So... now that you know the story, somewhat.
The house, and car that my ex-fiance has possession of my attorney and I decided to surrender my half so that I'm no longer responsible for what's owed. The credit cards he said shouldn't be a problem. But then, there's my car... I like my car, but I haven't had it a full year yet. Still have 5 years or so on the loan at 330/month, Owe about 14k (guessing) and it's only worth 8650 according to nada. My attorney said there are 3 options.
1) Reaffirm my debt, see if they will take the cost of the car down to what it's actually worth. But, if I do this and I'm ever late (even a day) they could come take my car without warning.
2) Surrender it. Just.... not have a car and be done with it.
3) Retain it. Keep payments as is, no reaffirmation. But, right after discharge I can go to a lot and get approved for financing on another car and surrender my current one.
I did some research, and I ran across 722 Redemption. I sent the information to my attorney, and he said to apply and we'd see how it went. I got the call today saying I'm approved and as soon as I file and get a case number they will get me in touch with their "National Dealer". I'm afraid of getting rid of my car... it's a nice car, I just hate that I'm paying so much on it and for so long. What if I surrender mine, and then I don't find anything that works for me or I can't get financing?
It's all a scary thought for me. I just don't know what to do. I hope all of this makes sense... I get really scatter brained due to my illnesses. I just need some friendly advice...
Oh, and I have to come up with $900 (1/2 of total cost) before my attorney will file my bankruptcy. That's not easy when you're sick, missing work, and creditors are calling nonstop causing more stress on top of life's other issues.
My total cost to file is 1835. Is that a normal rate? I don't even know...
A house (which my ex-fiance is living in... NOT me)
Two Vehicles (Both roughly $330/month, and one of them my ex-fiance has)
Roughly 18-20k in Credit Card debt
The creditors have finally brought me to the brink. I've been ill for over a year now, left my ex fiance about the time it all started. Due to missing work from illness I found myself relying far too much on credit cards to "make it" every month. Eventually, after them raising the limits over and over... the payments got way too high - at least on some of the cards. I can't afford my car, rent, utilities and groceries and pay another 500-600/month for credit cards so I gave up. Slowly, I stopped paying them... one by one they started harassing me, harassing my family, harassing friends. It's ridiculous how far they are willing to go. I know I've made bad decisions, and honestly I feel bad for the situation and wish I could pay what I owe. I just decided about 2 weeks ago that I was ready for bankruptcy, if I ever want to move on in my life - have a family, any of that I can't do it with this nasty cloud over me.
So... now that you know the story, somewhat.
The house, and car that my ex-fiance has possession of my attorney and I decided to surrender my half so that I'm no longer responsible for what's owed. The credit cards he said shouldn't be a problem. But then, there's my car... I like my car, but I haven't had it a full year yet. Still have 5 years or so on the loan at 330/month, Owe about 14k (guessing) and it's only worth 8650 according to nada. My attorney said there are 3 options.
1) Reaffirm my debt, see if they will take the cost of the car down to what it's actually worth. But, if I do this and I'm ever late (even a day) they could come take my car without warning.
2) Surrender it. Just.... not have a car and be done with it.
3) Retain it. Keep payments as is, no reaffirmation. But, right after discharge I can go to a lot and get approved for financing on another car and surrender my current one.
I did some research, and I ran across 722 Redemption. I sent the information to my attorney, and he said to apply and we'd see how it went. I got the call today saying I'm approved and as soon as I file and get a case number they will get me in touch with their "National Dealer". I'm afraid of getting rid of my car... it's a nice car, I just hate that I'm paying so much on it and for so long. What if I surrender mine, and then I don't find anything that works for me or I can't get financing?
It's all a scary thought for me. I just don't know what to do. I hope all of this makes sense... I get really scatter brained due to my illnesses. I just need some friendly advice...
Oh, and I have to come up with $900 (1/2 of total cost) before my attorney will file my bankruptcy. That's not easy when you're sick, missing work, and creditors are calling nonstop causing more stress on top of life's other issues.
My total cost to file is 1835. Is that a normal rate? I don't even know...
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