On the road to bankruptcy
Hi all,
I'm about $75,000 over my head, with about $50k in unsecured credit cards/loans. Late last year I made the decision that enough was enough and even with my salary, I would need about an additional $1000 a month to even try and pay off my debt in a reasonable amount of time. I made a lot of financial mistakes in the past, plus I was married and encountered problems there which didn't help financially later on. Now, living on my own there's no way I can make ends met and pay off any debt, and at least have a little left over to enjoy life.
I decided I need a clean start, so in November I sought the counsel of a bankruptcy lawyer. At that point we determined that I should wait about four to six months in order to get my income down closer to the median. I had done some outside consulting a few months prior, plus there were a few quarterly bonuses throw in from work which really jacked up my 'average' income. Though, the reality is I'd barely have enough to get by.
I've also pulled the trigger on not paying anymore of my debts, call it a New Year's resolution of sorts. Most of these I stopped about a month or two ago, and yes, the calls are already pouring in. In fact, today I got my first collections agency letter for an outstanding debt of $464.
Honestly I'm really worried about the process. It's only a matter of time before all my creditors begin to gang up on me and come after me, but I know it'll be worth it to stick to my guns.
So right now I'm looking at starting the process in April, unless I end up getting sued by a creditor before that.
I'm about $75,000 over my head, with about $50k in unsecured credit cards/loans. Late last year I made the decision that enough was enough and even with my salary, I would need about an additional $1000 a month to even try and pay off my debt in a reasonable amount of time. I made a lot of financial mistakes in the past, plus I was married and encountered problems there which didn't help financially later on. Now, living on my own there's no way I can make ends met and pay off any debt, and at least have a little left over to enjoy life.
I decided I need a clean start, so in November I sought the counsel of a bankruptcy lawyer. At that point we determined that I should wait about four to six months in order to get my income down closer to the median. I had done some outside consulting a few months prior, plus there were a few quarterly bonuses throw in from work which really jacked up my 'average' income. Though, the reality is I'd barely have enough to get by.
I've also pulled the trigger on not paying anymore of my debts, call it a New Year's resolution of sorts. Most of these I stopped about a month or two ago, and yes, the calls are already pouring in. In fact, today I got my first collections agency letter for an outstanding debt of $464.
Honestly I'm really worried about the process. It's only a matter of time before all my creditors begin to gang up on me and come after me, but I know it'll be worth it to stick to my guns.
So right now I'm looking at starting the process in April, unless I end up getting sued by a creditor before that.
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