Out of Money due to compulsive spending & Bipolar disorder

[Mich778]

I am at bottom. I went to see a psyc doc about depression & adhd. Well they prescribed Prozac and increased me up to 80MG over the last year and then a new psyc doc gave me Adderall XR . Sure, it eliminated by depression but sent me into something called Hypomania. My compulsive spending problem became much worse & now I am $70,000 in credit card debt.

I am on my third employer this year which is a contract assignment after getting fired due to poor performance in September after working with that company for 4 months.

Literally out of money. Have just enough money to pay rent and pay something on utilities so I don't get cut off and rent.

I started a contract job but won't see a paycheck until end of Dec at the earliest due to the terms being Net 30.

I don't have money to make any credit card payments. I called MBNA now BOA and asked if they can give me a 'payment holiday'. MBNA used to offer 1 per year. They said no and basically hung up on me, told me my account doesn't qualify. The rep did a credit pull while on the phone with him and asked me how I am going to pay all my credit card debt?? (I am current as of now with BOA and never missed a payment).

I may have to do chapter 13. By my calculations, it will take 36 months paying around $3,000 per month to pay off all the debt. If I miss payments because I don't have money then I goto default in the 30%'s. Then I won't be able to afford the minimum payments. All I know is my credit is likely going to be trashed if I miss a payment or two even if I make double or triple the next month. Discover, Chase & Providian (WAMU) already raised my rates to near 20% & 30% due to being too extended on my credit.

Also, I have $3,500 owed on AMEX gold which I cannot pay by December 4 which is the last day before I considered past due. What happens then?? Will they immediately shut my account and sue me??

[lrprn]

Welcome to BK Forum, Mich - glad you found us! Sounds like you have dug quite a financial hole....let's see what we can help you sort out.

It will help us help you better if you can answer these questions:
- Which state do you live in?
- Are you married?
- Do you have children?
- Do you have other adults living with you?
- Looking back the last six calendar months, how much income from all sources have you received?
- You mentioned rent. Do you own a house? If you do, how much equity do you have in it? (Equity is the amount the house is worth minus how much you owe on the mortgage(s) ) Do you want to keep the house if you file?
- Do you own cars? If yes, how many? How much equity do you have in each? Do you want to keep at least one car when you file?
- Do you own other assets (property, for example) that you would like to keep if you file bankruptcy?

Hang in there. We'll help you sort things out as much as we can. Again, welcome!