Hello, new here and have some questions

[solitary1]

I am 28, single and really do not own alot. I rent 685 per month, lease my car 548 per month. I have 4 credit cards total of all 4 would be about $16K. I have a private student loan for 8.5K, a personal bank loan for about 3K, I have a 401K through work which has 2 loans out on it right now. Big mistake after reading, that taking those loans did not help me catchup. I was thinking about filing ch.7. I have never had to go this route before and was wondering if i would loose my car? or my 401K. I added everything up and even with cutting out extra or non important costs in my life such as smoking and the like. I am still coming out -400 a month. Adding the late fees and over limit fee's I am never going to get out of this hole. I am planning on talking to a lawyer soon but was also wondering. I have a big screen tv that i bought 2.5 years ago cash with a tax refund. Can they take that from me? I am really worried about what they will take from me, as I recently moved here to michigan and have no family or friends out here so my tv and computer are pretty much all of the entertainment I have. I don't even have enough money after bills and food to ever do anything and have been staying home and working for a year now. My job is stable though I am just way over extended.

Any advice would be greatly appreciated.

[HRx]

I am 28, single and really do not own alot. I rent 685 per month, lease my car 548 per month. I have 4 credit cards total of all 4 would be about $16K. I have a private student loan for 8.5K, a personal bank loan for about 3K, I have a 401K through work which has 2 loans out on it right now. Big mistake after reading, that taking those loans did not help me catchup. I was thinking about filing ch.7. I have never had to go this route before and was wondering if i would loose my car? or my 401K. I added everything up and even with cutting out extra or non important costs in my life such as smoking and the like. I am still coming out -400 a month. Adding the late fees and over limit fee's I am never going to get out of this hole. I am planning on talking to a lawyer soon but was also wondering. I have a big screen tv that i bought 2.5 years ago cash with a tax refund. Can they take that from me? I am really worried about what they will take from me, as I recently moved here to michigan and have no family or friends out here so my tv and computer are pretty much all of the entertainment I have. I don't even have enough money after bills and food to ever do anything and have been staying home and working for a year now. My job is stable though I am just way over extended.

Any advice would be greatly appreciated.

Based on the information you presented, it seems to me like you've been living beyond your means! (your car note is just about equal to your rent!!!!) Or you've had to rely heavily on credit cards to supplement income you do not have to meet normal everyday life needs.

My first suggestions is that you first take a moment out to analyze your spending habits! Becuase if you can't adjust your spending habits, you can easily find yourself back in the same financial situations a few years after filing for Bankruptcy!

Once you have come to terms with your spending habits and have implemented a plan realistic action plan, move forward with a bankruptcy from there. At 28 you can easily rebound from a Chp 7 BK. But your main goal is to start free, debt free and not get yourself back into this situation again!

The cost of your car note compared to your rent tells me your priorities aren't in order! If your credit standing is still good, see if you can sell your car and get yourself into used car costing you no more than $300. Yes, the car probably wont be as cool, but you'll be putting a lot of your money back in your pocket where it belongs.

[solitary1]

yes, I agree. My habits are horrible. I try to live the high life when in reality I am middle class at best. But the car thing really isn't like it seems. The car should be 300 a month, it's a lease. But the car before that, i was hit in. Not hurt but and the insurance fixed it. Well after a year i start getting exhaust comming in the vents. So i get rid of it and lease this new car but they rolled what i owed into this. Making it almost double what i was paying but for 3 years. I have had it for 1.5 years so in the next year or year and a half it and the payment will be gone. But believe me I hav learned my lesson. I am already shopping and eating differently. All credit cards are closed and once paid off I am done with them. I would rather pay for things cash.

But I was younger when all this started and now I am smarter.


Thanks for the help.

[solitary1]

Sorry for the last post Todd, I was wrong and it is not going to work. I will filing next week. I have to reealize as you said, it's not what you have. I should learn to be a little more humble and save some money. I plan on going 7 and never getting a credit card again, and the next car will not be one that turns heads. I need to start living smarter.


thanks for the advice..