Please help, in jam

[NissanMan]

I am going to have no choice but to file bankruptcy. Me and my long term girlfriend are probably going to get married sometime next year and we are making budgets on how to pay things such as rent and utilities when we rent a home or apartment together. Well from my younger days I was stupid and ignorant with credit cards (mostly trying to impress the ladies lol). But me and my mom cosigned cosigned for my sisters car and I damn sure dont want her to loose it. It will be paid off in December of this year. I also have my truck which I will be paying on for 5 years and am thinking about just giving it up but at the same time I am wondering what I would do for a vehicle so I more than likely will keep it or reaffirm the loan. I also have a third vehicle but it is an old beater with no value. It runs but it is not something you would want to drive all the time lol and I could care less about it whether it was taken or not. The blue book value on it is 0.00. I have about 14,000 in student loans that I know will not get discharged and the government is super easy and very nice to work with anyway so they arent a problem and I am current on them. The rest of my debts are unsecured credit cards. I have tried paying on them but figured at some point what is the point on paying on them. They were adding late and otlc every month along with high intrest rates. I owe MBNA about 3400 now-credit limit 2500 , Bank of America 6400-credit limit 6,000 Sears (hat'em)about 4400-credit limit 3500.00 and a local bank about 1700 also firestone 400.00. The fees are tacked on every month, the instrest is sky high and there all charged off. I hear that most of the time creditors will not come after you but just hound you. I dont care to do credit counseling because I wont have the money. I just have heard even if you pay off a car and you put it completley in someone elses name they can come after the vehicle. Also it is a 1997 Toyota Camry that according to the blue book is worth about 4,820. My vehicle which is a 2001 Nissan truck that was repaired after an accident is worth about 6500 and I owe about 10,000 give or take a 1,000 on it.

I just want to ask has anyone been in this situation and can they give me any advice. My sister is about to start college and lives at home, I am in a jam and want a fresh start.

[miss puff]

Have you checked to see if you are under the median income for your state? It sucks when you get that far behind on payments and the balances skyrocket due to late fees and over the limit fees. You probably could qualify for chapter 7 if you are under the median income. I am assuming it has been awhile since you have used your cards since they are all over their original credit limits. I personally would dump the truck, you are upside down on it anyways, and use the beater till you could save up some cash and buy something nicer.

Also consider that you and your future wife will probably want to buy a house at some point in the future and you might have some problems. Good luck and keep us posted.

[NissanMan]

We will buy a house at some point. That is why I am going to do bankruptcy. I have already figured that it would take longer to pay off the debt than the 10 years for the bk to dissappear from my credit report. If I dumped the truck I would go to a buy here pay here lot for something cheap. My old beater is definetley not economical for driving. It probably only gets 5mpg literally lol. I am just concerned about the sisters car. it will be paid off soon but I dont want them to try and take it.