22 and considering bankruptcy...not a clue where to start.

[NoMreOT]

Im 22 years old and have been working at a detention center for 3 years. Ever since i started ive been workin 128 hours every 2 weeks some mandatory and some not. Being 19 when i started and making easily 45-50k a year i then started racking up credit card debt high car payment as well as a mortgage. i have about 700$ a month in credit card paymnents totalling to about 20k in credit debt. i NEED 1700$ a check to get by which wasnt an issue until now. We are now under new management and the county is taking away all our OT by hiring 100 new officers. With out overtime after all of my deductions..medical,retirement etc i bring home 900 dollars. cutting my income in half. i cant get a second job becasue my employer does not allow it. What options do i have?

[espo1357]

Im 22 years old and have been working at a detention center for 3 years. Ever since i started ive been workin 128 hours every 2 weeks some mandatory and some not. Being 19 when i started and making easily 45-50k a year i then started racking up credit card debt high car payment as well as a mortgage. i have about 700$ a month in credit card paymnents totalling to about 20k in credit debt. i NEED 1700$ a check to get by which wasnt an issue until now. We are now under new management and the county is taking away all our OT by hiring 100 new officers. With out overtime after all of my deductions..medical,retirement etc i bring home 900 dollars. cutting my income in half. i cant get a second job becasue my employer does not allow it. What options do i have?

You have many options, but based on the information you presented, you might consider chapter 7 and walk away from the home. You need to make better decisions, such as no credit cards and no mortgage. Just rent. Live small. Maybe dump the car and buy a used car too.

Good luck.

[Peeps]

Espo makes some good points about trimming expenses and you've probably considered most (if not all) of them as well. If you do choose a bankruptcy, keep in mind you'll be 30 years old before things start fallling off your credit report. If your current employer frowns upon a second job, how do you think they'll handle a personal bankruptcy if they find out about it?

Bankruptcy can help you with your $20k in unsecured debt but you'll still have to figure out what to do with the mortgage and vehicle expenses. Can you afford them on your existing paycheck, assuming your credit card debt is wiped out?

Maybe it's not feasible, but have you considered a full-time job in the private sector? There might be opportunities for OT and it's doubtful they'll have a problem with you having a second job. Just a thought.

Best of luck in whatever you decide to do.

[AngelinaCat]

It sounds like you are working for your state's Department of Corrections, or a similar system. If you are a certified Corrections Officer, you may be able to transfer that experience to another position. In our county, many officers in the Sheriff's Department started at our local County's State Correctional Facility.

Good luck!

[keepmine]

A others suggested, take a look at the totality of your situation,
Can you comfortably afford the mortgage and car payment post bk? Nobody wants to file bk, rid themselves of unsecured debt and still struggle with a mortgage and car note.