Need Advice!

[tnsltwn]

I am 22 and live at home. I make 32K a year gross. I have a leased VW that I got in March. My reason for being here, 22K in unsecured debt. I am considering Chapter 7 because I will have to move out in 6 months and my hours are getting cut at work to exclude overtime and that would cause me to not be able to make minimum payments. I am aware fully that this is a reaction to my bad choices with credit cards but need some advice as to whether I should clear this up now or what my best route would be? Using a debt reduction calculator if I paid $600 a month it would take 41 months but that is assuming I do not charge anything else up and get a better job. I am considering the BK because I am tired of this mental frustration of making ends meet because of being financially irresponsible and as a result have become very financially knowledgeable of what to not do in the future. My biggest concern is not being able to get a new job because of credit report check. Thanks!

[JRScott]

You could get thrown into a chapter 13. If you are living with your parents and pay no rent or other such expenses you could be left with disposable income such that they put you in a 13.

The unsecured debt you have, is it all CC?

If you have any student loans they cannot be discharged.

It might be best to wait until you are moved out to better see what your expenses will be and to help qualify for a ch 7

[tnsltwn]

Thank you for your response. Yes it is CC, 1 personal loan and 1 LOC through my bank. I am meeting with the attorney on Wednesday and I guess well see I just wanted to hear from people who have gone through the process and what their advice would be.

[JRScott]

You're welcome.

Just be honest with the lawyer and lay everything out in the open. They can then best advise you.