is my case fishy in any way?

[mgs0987]

I am 22 years old and have made some pretty stupid decisions with money...
I am not unemployed, nor have I been in the past 2 years. a majority of my debt is on credit cards which I used to support myself before being employed, and for various things and making ends meet because even with my job I have still been living beyond my means.
I make roughly 38k a year with bonus
I am roughly 30k in credit card debt and now (thanks to the advice of one of the attorneys I had a consultation with) have 2 cars
one is 569 a month lease with Honda financial
the other is 256 a month, a loan with fifth third bank.
The rest is about 67,000 dollars in student loans which obviously can not be included in bankruptcy.
I am looking to file and include the lease and my credit cards.

Will the fact that I have a job and no dependents look really bad? I just made dumb decisions and am ready to get my life back on track. I'm really worried.

[mgs0987]

a little clarification...the attorney suggested that I buy a new (used) car that I can afford after the bankruptcy and reaffirm the loan. He said I will qualify for a better interest rate and overall it will save me money. I'm still tempted to just struggle for the next year and make payments on everything because I heard time needs to pass after large purchases. I have charged quite a bit on my credit cards lately but really for just dumb stuff like eating out, groceries, car maintenance, etc. Its not like I went on a shopping spree to the mall...most of the charges were at walmart or fast food.

[SMinGA]

I agree w/ the attorneys advice: get rid of the $567/mo lease and keep the more reasonable ($256 is much more reasonable) vehicle payment.

To assess where you stand regarding bankruptcy - a good beginning step:

Analyze your budget... What are your required bills? Rent, utilities, insurance, car payment, etc? The things that will remain after bankruptcy - so count student loan payments but not credit cards. What are your expenses? Groceries, clothing/dry cleaning, gas for your car, etc.? You need to come up with a reasonable budget - it may mean cutting back in some areas but it should not mean going without necessities. What is the bottom line, as in what remains when you deduct your bills & expenses from your income?

Just as you have done with your vehicle, this is a good time to decide if there are other things you should change. Bankruptcy can be a fresh start, but you mentioned you have been living beyond your means. You need to work on that now, as getting rid of the credit card debt will not change your personal habits. And bankruptcy will not cure your situation if you continue to spend more than you earn. You'll most likely need to cut out - or at least cut back severely - on the fast food & eating out.

Good luck!

[keepmine]

Nothing fishy about living above your means and using cc's to support yourself while unemployed. That's the story many of us can tell.
Given the totality of your debt load {the $67K in student loans surving bk}-I say file and get rid of the cc debt and car loans.
Stop using your cards now. If none of the purchases were luxury items, just stop paying all the cards.
You may have misunderstood one thing your lawyer suggested. Buy the car before you file and reaffirm. Post filing, your credit score is toast and you won't get as good a rate as prehaps you can get now. However, given your debt load you may not qualify for an auto loan right now. Part of credit underwriting decisions is, your DTI atio and yours is off the chart.
Is the car you have fianced with 5th Third reliable, If so, I'd suggest keeping that one.

[mgs0987]

Yes the car with 5/3rd is a 2008 Civic i just purchased 3 weeks ago per the suggestion from the attorney I met with (he will not be the attorney I file through, he charges too much). I have heard that you need to wait at least 1 year from a balance transfer to file BK? is this true? I owe citicards approximately 13k and most of it was a balance transfer done back in November. I have paid on time, every month, slightly more than the minimum. I have never been late on anything, ever. I'm just so incredibly stressed out...I dropped out of college for the time being so I can try to work some OT and pay stuff..but I just dont seem to be getting anywhere. I decided I would definitely file BK and so I purchased the civic 3 weeks ago. Then I started having second thoughts. I guess theres really no turning back now. Thanks for the advice everyone.

[LadyInTheRed]

(he will not be the attorney I file through, he charges too much).

Don't bargain shop for an attorney! There are too many stories around here about people who hired a cheap attorney and quickly found out they got what they paid for. If you stop paying your credit cards and the car lease, you will save enough to pay an attorney in no time.

[LadyInTheRed]

I have heard that you need to wait at least 1 year from a balance transfer to file BK? is this true? I owe citicards approximately 13k and most of it was a balance transfer done back in November.

The lookback period for cash advances is 70 days. So you should be okay. 12 months is the lookback period for transfers of assets to insiders. So, if you took a cash advance and gave the cash to a friend or family member, that could be a problem.