Looking to File Ch 7

[tealk]

So I have about 25k in debt. I am looking to file chapter 7 on everything but my house and car. All is credit card debts except 2 things. The 2 are a line of credit through Dell($3,000) and Newegg($4,000). Both of these 2 are recent by about 4 months old.

I am worried they will file an objection to these 2 debts. What is the best course of action to take? Wait a few more months to file?

[DebtHater]

Not knowing exactly what the two revolving debts are comprised of I would say wait at least two more months (for a total of 6 months) before filing.

Being you are $25,000 in debt are you sure bankruptcy is you best course of action? I'm not asking for specific numbers but if your house hold income is $40,000 or better you may not have a debt crisis but possibly an income or budgeting crisis. If you income is $20,000 then I'd say BK is likely the best solution.

[tealk]

I make just over 42k a year, and wife does not work currently and hasn't worked for almost 2 years. (lost job and had 2nd kid).

Breakdown of the 25k roughly:
About $3k is medical bills
$7k is the total of the 2 debtors in question (Dell,Newegg). 2-4 months old charges. Mostly large purchases
15k is all credit card debt. (about 4k of it is new - 3 months old)

You think there is a better road for me to go down?

[SMinGA]

First step: assess your income & expenses, determine if you can live within your current cash flow. If not, you must find a way to make it work. Either by increasing income or decreasing expenses. If you don't address that question, filing bankruptcy will wipe out the debts you list but not fix your financial future.

What is your net income? What is your mortgage payment? What is your car payment, what is the car's value, and how long left on the loan?

[AngelinaCatHub]

Gee 'Tealk', what caused this glut of spending? All your debt (most) seems to have come at once.

You must know that once you get a 7 discharge, you cannot do this again. Eight years by law, and forever by sense.

It seems you might attempt to give back some stuff and/or settle these accounts with better terms. You really do not owe a lot. Of course, as 'Sminga' says, we don't know your other expenses, but I question this sudden splurge. 'Hub