Hi forum experts,
I'm so glad I have found this forum since there are so many threads with great useful discussions.
I have been unemployed since just before covid and is currently overseas. We (wife with a 2 and 4 year olds) decided that we should stay overseas because covid situation in US is bad and we can live very cheaply overseas at wife's family house. Hopefully maybe April 2021, we would then come back to Texas. I was working in CA in 2019, late 2019 went overseas, planning to move into my parents house in Houston in 2021, then start to look for job again.
Since we've been overseas with no income we have liquidated and used all of our 401k and now is in credit card debt and will not be able to pay monthly payments soon.
Current assets are:
1. a few grand in cash
2. a car w an $8k loan
3. personal stuff like laptops clothes etc.
4. smiles on our faces still
Debts:
1. $150k in student loans currently on forbearance
2. $50k in cc debts all current on payments
3. $8k car loan
Questions:
1. Is it alright if I pay off the car with a balance transfer on a credit card. This would lower the monthly payment. I then continue to pay minimum monthly payment on the card for at least 90 days, then sometime after file for bankruptcy?
2. One of the credit cards has $30k balance on it and has a high monthly payment of $800. Is is ok if I stop paying only this one card and continue to pay all the other cards so that I could continue using the other cards? Will me stop paying on one card affect the other cards or affect bankrumpcy filing 6 months from now
3. Do I file in California or file in Texas? My car has been with my parents house in Texas since I left CA to go overseas in 2019.
I plan to file some time mid 2021 after I settle in with my parents in Texas. Or can I file while overseas?
4. Should I try to discharge the student loans as well? Does filing student loans affect the cc debts? Like if the student loans fail does that make it harder for me to file the other debts?
5. Anything else we should consider??
What a crazy year it's been for us and everyone else in the world. I hope we can make it past this chapter in our lives.
Thanks for your help!
I'm so glad I have found this forum since there are so many threads with great useful discussions.
I have been unemployed since just before covid and is currently overseas. We (wife with a 2 and 4 year olds) decided that we should stay overseas because covid situation in US is bad and we can live very cheaply overseas at wife's family house. Hopefully maybe April 2021, we would then come back to Texas. I was working in CA in 2019, late 2019 went overseas, planning to move into my parents house in Houston in 2021, then start to look for job again.
Since we've been overseas with no income we have liquidated and used all of our 401k and now is in credit card debt and will not be able to pay monthly payments soon.
Current assets are:
1. a few grand in cash
2. a car w an $8k loan
3. personal stuff like laptops clothes etc.
4. smiles on our faces still
Debts:
1. $150k in student loans currently on forbearance
2. $50k in cc debts all current on payments
3. $8k car loan
Questions:
1. Is it alright if I pay off the car with a balance transfer on a credit card. This would lower the monthly payment. I then continue to pay minimum monthly payment on the card for at least 90 days, then sometime after file for bankruptcy?
2. One of the credit cards has $30k balance on it and has a high monthly payment of $800. Is is ok if I stop paying only this one card and continue to pay all the other cards so that I could continue using the other cards? Will me stop paying on one card affect the other cards or affect bankrumpcy filing 6 months from now
3. Do I file in California or file in Texas? My car has been with my parents house in Texas since I left CA to go overseas in 2019.
I plan to file some time mid 2021 after I settle in with my parents in Texas. Or can I file while overseas?
4. Should I try to discharge the student loans as well? Does filing student loans affect the cc debts? Like if the student loans fail does that make it harder for me to file the other debts?
5. Anything else we should consider??
What a crazy year it's been for us and everyone else in the world. I hope we can make it past this chapter in our lives.
Thanks for your help!