Hi all,
Just signed up because unfortunately I've come to a point where I think I need to seriously start looking into personal bankruptcy and this place seems like a great resource.
Here's my book, I'll try to put in as much relevant information as possible. I'm trying to figure out if this is something worth pursuing given my situation.
- 27 year old, single male.
- I own a 2005 Nissan Altima that is paid in full, I own it. I have no other assets. I rent an apartment and own nothing else with a value over $1k.
- Net monthly pay is $2,100.
- $63,000 in student loans (13k is federal/fixed interest, $50k is private/variable interest). I pay about $600/mo. I know there is basically no chance that student loans are erased in bankruptcy.
- My father and I own a small business. It has been a struggle the last four years and obviously with the economy the last 6-8 months things have really been especially hard. Things were starting to go really well until Sept/October when a ton of our clients (SMB) started going out of business, but we're trying to fight through the tough times and bounce back. I have so-so benefits (which obviously means more out of pocket expenses), never get paid on time (I get paid when the clients pay) so I'm about 3 weeks late on all my payments each month and because my student loans are so large I never got a chance to get a month ahead with a little cash in the bank. Also, because it is essentially just my father and I running the business I do not have time to get a second job for added income, 60-80 hour work weeks are the norm.
- I have about $10k in CC debt that I've picked up over the last four years. I don't spend frivolously, almost everything on the CC's is living expenses, mostly food and gas. If you break down $10k over 48 months it's about $200 a month - so that's a few tanks of gas and a week of groceries that I've need to put on cards. Basically the reason I got into CC debt is because of my $600/mo student loans.
So in summary I'm a mess and I'm tired of living like this and I really don't see it getting any better, even if I do go find another job because they pay most likely won't be anything great and I'll still be in the same situation. Should I consider filing? Is there any chance my case would be approved? Any other information would be appreciated, thanks!
Just signed up because unfortunately I've come to a point where I think I need to seriously start looking into personal bankruptcy and this place seems like a great resource.
Here's my book, I'll try to put in as much relevant information as possible. I'm trying to figure out if this is something worth pursuing given my situation.
- 27 year old, single male.
- I own a 2005 Nissan Altima that is paid in full, I own it. I have no other assets. I rent an apartment and own nothing else with a value over $1k.
- Net monthly pay is $2,100.
- $63,000 in student loans (13k is federal/fixed interest, $50k is private/variable interest). I pay about $600/mo. I know there is basically no chance that student loans are erased in bankruptcy.
- My father and I own a small business. It has been a struggle the last four years and obviously with the economy the last 6-8 months things have really been especially hard. Things were starting to go really well until Sept/October when a ton of our clients (SMB) started going out of business, but we're trying to fight through the tough times and bounce back. I have so-so benefits (which obviously means more out of pocket expenses), never get paid on time (I get paid when the clients pay) so I'm about 3 weeks late on all my payments each month and because my student loans are so large I never got a chance to get a month ahead with a little cash in the bank. Also, because it is essentially just my father and I running the business I do not have time to get a second job for added income, 60-80 hour work weeks are the norm.
- I have about $10k in CC debt that I've picked up over the last four years. I don't spend frivolously, almost everything on the CC's is living expenses, mostly food and gas. If you break down $10k over 48 months it's about $200 a month - so that's a few tanks of gas and a week of groceries that I've need to put on cards. Basically the reason I got into CC debt is because of my $600/mo student loans.
So in summary I'm a mess and I'm tired of living like this and I really don't see it getting any better, even if I do go find another job because they pay most likely won't be anything great and I'll still be in the same situation. Should I consider filing? Is there any chance my case would be approved? Any other information would be appreciated, thanks!
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