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    #1

    my situation, your thoughts?

    hello, i am seriously thinking about filing bankruptcy, but not sure if my situation is bad enough to warrant it. of course i think it is, but.... its not up to me.
    i got laid off from my job april 8th, i have a hair over 10 grand in credit card debt, and i still owe 5000 on my car. i NEED to keep my car, and am more then willing to keep making payments on it. my credits cards combined are costing me $200 a month. that not might seem like that much to some, but to me and my situation, that extra $200 would make a world of difference right now. living on unemployment, while supporting a family, is not turning out to be very easy. im at a point where some months im spending more on the credit cards then what im paying on them. also having NO luck finding a job or any kind of work. if i file bankruptcy i would wanna do chapter 7 i believe it is, where i wipe out everything.
    so do you think bankruptcy would be a good choice for me? or am i just overreacting?
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    #2
    forgot to mention, i am current on all my payments. im afraid if im late ill lose my promotional APRs and my mininmum payments will go way up

    Comment

      #3
      I wouldn't file BK just yet...you need to get your job situation stabalized first, then file (or not). You may be able to find a job a week from now or 6 months from now....but remember, once you file, you will not have ANY access to credit for some time.

      Best of luck to you~
      May 2008 Hired 1st Attorney/Stopped paying CCs
      May 21, 2009 Retained 2nd Attorney
      May 28th - Filed for Ch 7 (FINALLY!)
      9/11/09 - DISCHARGED!!!!

      Comment

        #4
        You don't sound like a strong bk candidate based on the info you provided.
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

        Comment

          #5
          Originally posted by jakegday View Post
          forgot to mention, i am current on all my payments. im afraid if im late ill lose my promotional APRs and my mininmum payments will go way up
          Yes, one day late and your payments will be too high to pay ever agian. For some reason credit card companies think this is the best way to do business. Miss one payment and they will make sure you miss the rest of them too.

          That being said, I wouldn't file until you can find another job then decide if you still need to file or not.

          If you have to stop paying the credit cards to get by then do that, it'll still be awhile before anyone would sue you (under 10k and on unemployment that is unlikely). You can worry about filing if and when that happens.

          I went 6 months without paying on $300k+ credit cards and nothing except phone calls (that went straight to voice mail).

          Comment

            #6
            I don't really have enough information to make a truly informed opinion on your situation, but based on the bear bone facts you presented, I would not file given your current facts. Yes, you are going thru an extremely stressful time now.

            Liz and the other posters are correct - your best bet right now is to stabilize your income before considering BK. It may actually hurt your financial recovery more to file BK too early. BK only gets rid of the debt, it does not help with the income side. You might want to (if you can) negotiate with the creditors for a hardship program for the next year or so. JMO.
            Filed CH 7 9/30/2008
            Discharged Jan 5, 2009! Closed Jan 18, 2009
            I am not an attorney. None of my advice is legal advice in any way..

            Comment

              #7
              I am considering the same thing. i don't know your income potential, but you are thinking about Bk for a reason.
              Filed Aug 28 2009
              341 Oct 2 2009-Asset Case
              Discharged Dec 16 2009
              Waiting for tax return and asset buy back to close

              Comment

                #8
                What was your income when you had a job?

                I concur with the others, a BK is "usually" premature until you have your employment situation sorted out.

                At this point, (although it will seem like beating your head against a wall), contact your credit card companies and let them know you lost your job and try to get payment forbearance.

                As for BK in general, the amount of debt is relative, a person with $10K in debt, but only earns $20K per year gross is a solid BK candidate as it is just as unrealistic for that person to pay back that debt as it is for the person making $65,000 and has $50,000 in CC debt.

                Comment

                  #9
                  when i had a job it was roughly 30,000 a year. maybe a pinch over depending on overtime. even if i was to find a new job now, it certainly wouldnt be starting me out at what i was making before. and now that i have another child on the way, i feel my financial situation pretty much cant and will not improve

                  Comment

                    #10
                    In that case, a BK is in your future, but I would wait until you find a job.

                    Comment

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