Advice needed....

[osu76]

My wife and I are in roughly 70k in cc debt. 25k is in my name and 45k is in my wifes name. I have the opportunity to get 25k from a family member to pay my debt off and just have my wife file. Do you think it's worth spending the 25k to pay off debt or should i file with her? We have seen two lawyers so far and we have one more to go. One says chapter 13 and another says chapter 7. We are 20k below the means test income and the chapter 7 lawyer says that it's a pretty easy case for us. We are not sure why the other said chapter 13, but he didn't make us feel very comfortable.

Ultimately is me paying 25k to keep my credit score worth it? I haven't missed a payment yet on my cc. Or would it be better to use the 25k down the road for something else and just rebuild my credit? Thanks

[NoMoreCards]

Because you have been timely with all your payments before the BK, I think I would include your 25K debt and file with her. Granted your credit score will tank, but not as badly as others because your credit history has been basically good up to filing. Don't get me wrong, your scores will still go down but that drop would be worth 25K in my book.

I think a fresh start is better than having your wife file, while owing 25K still.

[readytofile]

I can't tell you what to do, but I'm willing to bet that if your score is still not bad and you're current in your CC bills that your score isn't going to change that drastically. According to the numbers my lawyer provided me with(and this is just a future estimate according to a credit report program) my current score is 684 and my projected score one year post BK should be around 675.

Of course there's a lot of other factors that go into your decision that I just don't know like your house value and car values, etc.

[keepmine]

Were I you, I'd go ahead and file jointly. Save the $25K assisatnce for post bk when you may run into a jam.

[frogger]

Were I you, I'd go ahead and file jointly. Save the $25K assisatnce for post bk when you may run into a jam.

This is some good advice!

[cupcake]

Were I you, I'd go ahead and file jointly. Save the $25K assisatnce for post bk when you may run into a jam.

I agree; great advice.

Prior to filing, I was so freaked out about my credit score tanking. It almost consumed me. Now, since discharge, I realize that I was truly a slave to my credit score. Your credit score does not determine your self worth as a person and it WILL go back up again, especially if you were current on your payments when you file. You WILL get credit again (if you want it) and it's not the end of the world.

Good luck!

[OhioFiler]

There are more issues to consider than just the level of debt you have.

Is there equity in your home? Cars? Other assets? This may be why the one attorney suggested a C13.

If the only consideration is your credit score I'd file with your wife if I were you.

[osu76]

Thanks for all the replies. We met with our 3rd attorney today and he said we should go for chapter 7 also. He recommended not taking the 25k and using it for a rainy day down the road. It's nice to know that there is a light at the end of this tunnel. Thanks again for the replies.