Advice Before Filing Ch 7

[grahamm]

Hello All-

Chicago, Illinois Resident that never knew how important credit was until recently!
I have a well paying job about 35,000 annually and I'm contemplating filing BK Ch. 7 in the next two weeks. (Please Don't Judge)
I have 6,000 in parking tickets ( all fines and doubled tickets)
I have about 6 payday loans. Being sued by one NOW
My First Car was an voluntary Repo I Owed about 7000 (Engine Went Bad) Too much too fix
Banks Owed from stupid overdrafts.
My Now car is still 9,000 in deep, 3 months into that loan I lost my job and now just getting another one. But i am EXTREMELY BEHIND!
Sooo you see why I want to file bankruptcy.

I really want to keep my car, because I can use that as a second job for an Uber "like" company.
BUT i don't want the car to go bad and be in a messed a predicament AGAIN!.
My lawyer is confident on my tickets I just need help with the Down Payment for my payment plan and she'll get me a year to come up with that payment for the tickets. I do plan on getting a newer lesser miles car 1 year post discharge

So you guys have any opinions, advice, on anything I should and shouldn't do. I'm only 25 and by time I'm 35 i'll be OKAY ! I really want

[LadyInTheRed]

Welcome to bkforum. Nobody here is going to judge you. We all either filed BK, are about to file bk or considering it.

A reality check: $35K is not a well paying job. It may seem like it compared to your previous job and it is a lot better than a lot of people make, but you are well under median income for your state. Before you file BK, think about how you are going to live within your means afterwards. Make a budget that includes saving a little and stick to that budget. Start today so you are ready to make the best of your fresh start. Swear off pay day loans forever! You probably know this buy now, but they are financial quicksand.

Can you really afford that car? Don't answer that question based on income you hope it will help you make. Can you catch up on payments before you file BK and be certain to keep up those payments on your current income while also paying for insurance and maintenance? If not, and redemption is not an option, kiss it good bye and get a beater. Use public transportation until you can save money for one.

[LadyInTheRed]

grahamm, I want to clarify a bit about what I said about your income. You sound optimistic about your future and I don't mean to discourage that. Despite what median income is, you can do a lot with a little. But, be sure to temper your optimism with some pragmatism.

When I was about 22 in the early 90's I got a job making $30K. It seemed like an awful lot of money. It was twice what I was making in my previous job. I moved out of my roommate situation and got my own apartment. It was something affordable, but I never did sit down and make a budget and continued using credit cards when I wanted things and experiences I didn't have cash to pay for. I didn't save and thought everything was fine as long as I could pay my bills and make my minimum credit card payments. That $30K didn't seem like a lot for very long. That was the beginning of a 20 year road towards bankruptcy. If I had sat down and budgeted, started saving a little each month and developed good habits for living within my means when I first got that huge increase in income, I would not have had to file BK and I would be in a much better financial position today.

Your house of cards has crashed a lot earlier than mine did. Use this opportunity to develop the habits that I, at 46, am still struggling to solidify.

[grahamm]

Well Update on my situation! I actually gotten my car taken 9-14 and I'm filing 10/6 So wish me luck!

[grahamm]

grahamm, I want to clarify a bit about what I said about your income. You sound optimistic about your future and I don't mean to discourage that. Despite what median income is, you can do a lot with a little. But, be sure to temper your optimism with some pragmatism.

When I was about 22 in the early 90's I got a job making $30K. It seemed like an awful lot of money. It was twice what I was making in my previous job. I moved out of my roommate situation and got my own apartment. It was something affordable, but I never did sit down and make a budget and continued using credit cards when I wanted things and experiences I didn't have cash to pay for. I didn't save and thought everything was fine as long as I could pay my bills and make my minimum credit card payments. That $30K didn't seem like a lot for very long. That was the beginning of a 20 year road towards bankruptcy. If I had sat down and budgeted, started saving a little each month and developed good habits for living within my means when I first got that huge increase in income, I would not have had to file BK and I would be in a much better financial position today.

Your house of cards has crashed a lot earlier than mine did. Use this opportunity to develop the habits that I, at 46, am still struggling to solidify.

Well Update on my situation! I actually gotten my car taken 9-14 and I'm filing 10/6 So wish me luck!

[LadyInTheRed]

I'm guessing you mean 11/6. Good luck! As an under median filer, you shouldn't have any problems.