I just don't know.

[UghUghUgh]

Hey everyone.

I am married with 1 child, living in PA. So far I am current in all my payments. However in the last 4-5 months or so my work hours have dropped considerably. There is just nothing available to pick up. As of next month I am starting full time school for 2 years, this will allow me a better job afterward. I applied to school over a year ago when I was doing well with work and saving money.

I had money saved but with my work not coming through we have spent it. I have been nickel and dimeing my CC's until one is maxed, this month I wrote myself a check for $1000 on one credit card to deposit into my checking so I could pay bills. So we are current with this 'rob peter to pay paul'. All total I have 73k in CC debt. most of it from 4-5 years ago (after a divorce, a move of over 100 miles, setting up a new household, I left ex have everything since he had no trade to fall back on and I knew his income would be low, I was denied unemployment even with a disabled child because I resigned from my last job) and then some recently with this recession.

Its like all of a sudden I have reached my end. Do I turn right to bankruptcy? or do I fall behind first. I can pay some of them but my income is going to drop to 1 w/e a month and whatever else I can pick up which right now is nothing. IDK what the right move is to make here. I called an attorney yesterday and have an appointment next week but I kinda wanted your thoughts before I do anything. The money has run out. It just seems that many of you suffered with being unable to make payments for months before you got to the point of BK so IDK if this is the right thing to do.

Thanks for your input.
Ugh!

[AngelinaCatHub]

Transferring 1K from a CC to you bank account, unwise. You need to keep paying that one for a while and stop using any of them. You need to let that 1K CC drop off for at least 90 days or better, six months. STOP immediately using any CCs. Stop paying on any except the 1K transfer for at least 90 day then go 90 more so it does not look preferential.

You do not need to be accused of fraud in going bk so soon after a cash advance. You do not want to look preferential in your payment to that one card so, 90 for the fraud to roll off, 90 for the preferential to roll off.

Can you get by for 6 months 180 days? Longer if possible. Also with that kind of CC debt for 5 years, think of the interest you have paid. You won't live long enough to pay that off if you pay minimum. If you can pay them all the minimums for 90 days that would look even better.

You sure look like a C7 candidate to me. Your only major mistake was that 1K cash advance. Investigate the C7 book from Nolo Press nolo.com for about $17 download in pdf format. Is very good education on all that has to be done. (It isn't as hard as you think). All the forms are in the book as well.

Also, read all the "stickies" on the C7 forum. That will help you a lot. Good luck. 'Hub

[UghUghUgh]

Thank you for the advice. I bought that book last night at the bookstore, am in the process of reading it. I will just keep paying on them as best I can.

[2Bshinyandnew]

Sounds like CH7 would be an option for you. I also played the credit card game for almost a year. I haven't paid any of the $60K in credit card debt I have in a long time, some cards as long as 11 months and so far, no one has sued me yet. I just set my phone to ring silent when a creditors number comes through.

I would schedule a few consults with attorneys in your area that specialize in BK before doing anything. In my non-lawyer opinion you should continue to make the monthly minimum on the card you took a recent cash advance on for 3 months. The cash advance wasn't a mistake if you intended to pay it back when you took it, just wait the 3 months to avoid problems. I would ask an attorney if you can stop paying the other cards right away if you intend on filing.

Don't worry about "looking preferential"...unless a payment is to an insider/friend/family member a preferential payment is not your problem and doesn't need to roll off. Of course, please ask an attorney for a definitive answer to this.

[OhioFiler]

When you no longer can afford to pay all your bills and provide your family the basics then you have to make a choice. Do you prefer your family suffer or those huge corporations who took billions in taxpayer money when they were having a hard time?

Take care of your family, screw the credit card companies and stop paying them today. Those companies won't be effected one iota by not receiving your $74K. File bk in 6 months or so and you'll feel 100% better.

[frogger]

You can get by for quite some time once you get over "paying all of your bills on time". When you narrow your payments down to the roof over your head, basic utilities, food, and vehicle expenses, your outgo goes down a lot.

Just decide who is NOT going to get paid this month!

[UghUghUgh]

Thank you guys! Isn't it the worst vicious cycle you ever were in? I use all my money to pay my minimums and then when the car needs tires or the dog has to go to the vet we swipe the Visa. Ugh!