filing for bankruptcy

[fame126]

my credit card bills are out of control. it's my own fault i know this but im tired of living from check to check each week. has anyone had experience with bankruptcy and maybe offer some pointers?

 

[OnionKnight]

my credit card bills are out of control. it's my own fault i know this but im tired of living from check to check each week. has anyone had experience with bankruptcy and maybe offer some pointers?

how old are you and do you own your car or making payments?

 

[fame126]

im 32 married with 2 kids. i own my town home and have 2 car payment and over 12000 in credit debt

 

[rugger48]

im 32 married with 2 kids. i own my town home and have 2 car payment and over 12000 in credit debt

No mortgage on the town home

 

[fame126]

No mortgage on the town home

ya i owe about 115k on a 180k loan

 

[Bigcountry08]

Prioritize, bankruptcy sounds like the easy way out, but me and my wife went to a lawyer to look into doing it and its not fun at all. We ended up opting out and just got our budget inline. We did without TV for a year and a half, and cut back a lot of our spending. By the end of this year we will only have my student loans left, which were the biggest portion of our debt.

If you have a lot of little credit cards look into consolidating them that's what we did. So instead of paying 500 a month to 4-6 companies you can pay 200 to one.

 

[fame126]

Prioritize, bankruptcy sounds like the easy way out, but me and my wife went to a lawyer to look into doing it and its not fun at all. We ended up opting out and just got our budget inline. We did without TV for a year and a half, and cut back a lot of our spending. By the end of this year we will only have my student loans left, which were the biggest portion of our debt.

If you have a lot of little credit cards look into consolidating them that's what we did. So instead of paying 500 a month to 4-6 companies you can pay 200 to one.

could you recommend a consolidation company?

 

[Swanson52]

Can you refinance the townhome? You'd pay off debt and roll it into a low interest solution.

 

[Bigcountry08]

Can you refinance the townhome? You'd pay off debt and roll it into a low interest solution.

I would defiantly say look into this basically gonna do what I said, but cut out the middle man with a consolidation firm.

Plus when we did the consolidations the card companies harassed us for the first few months till everything got sorted out.

 

[threeFs]

Look up Dave Ramsey. Buy the total money Makeover. I went BK7 because I was sued by 2nd mortgage for $60k on a short sale. I can get a mortgage in 2 weeks, then it has been exactly 2 years+1day. I know alllll about Bk my man, ask away.

 

[fame126]

Look up Dave Ramsey. Buy the total money Makeover. I went BK7 because I was sued by 2nd mortgage for $60k on a short sale. I can get a mortgage in 2 weeks, then it has been exactly 2 years+1day. I know alllll about Bk my man, ask away.

probably just gonna do ch 13 in my name only and keep the wife's good credit. she's not on any of the cards and only her car loan

 

[threeFs]

probably just gonna do ch 13 in my name only and keep the wife's good credit. she's not on any of the cards and only her car loan

It depends on your income to debt ratio. Chapter 13 is a court supervised payment plan. If you're going to pay, just pay. I don't see a point in having a BK on your record and also paying. If you're going to fk up your credit, you might as well not pay and get a bk7. The Bk7 lowered my credit from 720--->583. 2 yrs later it's back to 698.

 

[threeFs]

And the other thing is unless you get on a written budget where each dollar is accounted for, you aren't going to solve your problem. The Bk process is going to mandate you do that anyway so you need to start on that now.
What's your monthly total income?
2 car payments? How much is owed on each car? You need to sell/trade the cars first. It's only a stupid car.
The odds are you and your wife make decent money. But the odds are also that you have a spending problem. 2 car payments + 12k in credit cards means you are clearly living without any budget whatsoever.
If you answer my questions I can help you, but the car(s) need to go and you need to drive something you can afford. You also really need to look up Dave Ramsey and buy the total money makeover book. Or you can not do what I'm telling you, and pay a lawyer to tell you the same thing.
BK 13 or 7 won't solve your problems until you learn how to spend less than you earn.
Sorry bro, tough love, but this is real.

 

[hvactech]

What state do you live in?

 

[fame126]

What state do you live in?

cali

 

[fame126]

And the other thing is unless you get on a written budget where each dollar is accounted for, you aren't going to solve your problem. The Bk process is going to mandate you do that anyway so you need to start on that now.
What's your monthly total income?
2 car payments? How much is owed on each car? You need to sell/trade the cars first. It's only a stupid car.
The odds are you and your wife make decent money. But the odds are also that you have a spending problem. 2 car payments + 12k in credit cards means you are clearly living without any budget whatsoever.
If you answer my questions I can help you, but the car(s) need to go and you need to drive something you can afford. You also really need to look up Dave Ramsey and buy the total money makeover book. Or you can not do what I'm telling you, and pay a lawyer to tell you the same thing.
BK 13 or 7 won't solve your problems until you learn how to spend less than you earn.
Sorry bro, tough love, but this is real.

i have an 07 tundra with about 13k left and my wife has a 12 Mazda with 15k left our monthly combined take home income is 5500.00 give or take a cpl hundred

 

[threeFs]

i have an 07 tundra with about 13k left and my wife has a 12 Mazda with 15k left our monthly combined take home income is 5500.00 give or take a cpl hundred

OK I think you may not be upside down too bad in either but not 100%. In a perfect situation, you would sell them on your own, then buy a couple cheapies. More common would be a trade ins.
So 5500 net/month. What are each car payment? Mortgage/rent which one and how much$?
Something you should do for a few months (as long as the promo period) would be to balance transfer your credit cards to a 0% promo from a different CC company.
Do you have any money in savings? Any other debt? Student loans, etc? You also need to look hard at things you can sell on Craigslist or eBay, Garage sale, etc. I've done it all.

 

[Zero V]

Going through a bankruptcy myself, court date is in 8 days for the hearing. 26 years old.First off let me point out my total sum of debt was closer to 40K.For 12K man though you should be able to wipe it out with some extra work, no need to file.

 

[fame126]

i just want to wipe out all my credit and learn to pay with cash!!! i hate credit card companies and their greedy ways

 

[Zero V]

i just want to wipe out all my credit and learn to pay with cash!!! i hate credit card companies and their greedy ways

I only use cash now. I do not even own a credit card. My bank card and cash. That is it. I usually keep 1-2 checks from work un-cashed so I cannot spend the money. Though I have had car issues recently so I had to cash them and buy new tires as well as fight with traction, ABS, system issues and a coolant leak. Which puts me back up to living paycheck to paycheck.

I made some edits to my first post. With 12K I would not recommend filing.