Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Considering Chapter 7, right move?

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  • Considering Chapter 7, right move?

    Hello all I've been lurking here for a few weeks, and finally decided to post now that we will be talking with a lawyer in the next few weeks. My wife and I both work full time, and have one young child in daycare 5 days a week. We've been treading water for the last few years, just bringing home enough to pay minimums, keep the utilities paid and buy food. We do admittedly spend too much eating out, which is partially do to our schedules, but even cutting that out would make little to no difference in our overall debt. We are making no progress in paying off our debt, and I don't see that changing possibly ever, barring a financial windfall. Together we make roughly $60,000 per year, there is no change in that on the horizon, our jobs are secure but there is no avenue to improve our income with them. We have roughly $38,039 in unsecured debt, consisting of credit cards, and one personal loan for a failed business. The rest of our debt consist of our home, we bought it 5 years ago and would like to keep it for now. We also have one vehicle that we are upside down on, and unsure if we should let it go or try keep it. The remaining debt is one student loan, obviously not looking to get that discharged, but wasn't sure if what we owe impacts any part of this. I'll list our debts in detail below.

    Capital One Quicksilver - $8,756 (Behind 2 months, minimum payment is half of my paycheck, simply can't do it.)
    Chase Slate - $3,440 (Current)
    Chase Ink - $4,900 (Current)
    Home Depot - $4,929 (Current)
    Ashley Home Store - $1,746 (Current)
    Pella Windows & Doors - $6,034 (1 late payment, they claim we never paid, we have proof, they closed our account anyway)
    Amazon - $1,961 (Current)
    Care Credit - $520 (Current)
    Discover Personal Loan - $4,253 (Current)
    Various medical bills I do not have in front of me, roughly $1,500

    Total = $38,039 ($51,732 with vehicle)

    State Farm Bank (Vehicle) - $13,693 (Current, no late payments, KBB value is $7,414 on trade in, $9,969 private party)

    US Bank Home Mortage - $96,858 (Current, no late payments)

    Navient Student Loan - $11,495 (Current)

    We have no majorly valuable assets, 2 computers worth probably a few hundred combined, a PS4 worth maybe $150, a grill worth a couple hundred, and a secondary vehicle that is 20 years old and has a KBB value of $944.

    We're currently waiting on our tax refund, which is only $3,400. We intend to use most of it on paying for a lawyer, and the rest will be spent on what is appropriate according to he/she. I feel like going for Chapter 7 is our best option, as I don't see us being able to pay this debt down for many, many years. My main concerns are what to do with our vehicle, we're obviously very upside down in it, it's a 2012 model with nearly 80,000 miles on it. If we let it go we would need to be able to get into another car quickly, as our secondary vehicle is unreliable and only used if we have an appointment and need to drive separately to work. We also want to keep our home for the next few years, we don't want it to be our forever home but we're not looking to move right now either. So I'm open to any thoughts here, is Chapter 7 the right move, should we keep or let the car go etc? Thanks in advance.

  • #2
    Perhaps try to get two reliable vehicles before filing? Maybe stop paying all unsecured debt now so you can afford the decent vehicles? How long have you had the one with the loan, maybe a cram down might work on it? 722 redemption dot com comes to mind to find a replacement before or after filing.

    i do know not to drain retirement accounts to file, not take out anything against the home, as in do not trade unsecured debt for secured debt!

    also, when you are considering it is time to file, it is. Don't try to fix it for more years then end up filing anyways.


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