Hello all,
Great site. I've been reading it quite a bit today and it's very informative. That said, I'm still fairly ignorant on BK. I'm seriously considering it as I have come to the conclusion that I will have to be a two-job-working hermit for the next 5 years to get myself back in decent financial shape(I'm 30 btw). My situation now is this: $30K annual income, $7K student loans, $5K auto loan and the biggie $41K cc. More than half my monthly income goes to cc mininums alone. I was an extreme example of the college kid who gets several cc's after being in a dorm for just a couple months and just assumed paying them off would never be a problem. After getting a better job after college, my charging didn't slow down (gas, groceries? sure why not. That's not much) Without providing my full budget right now, I can say that I'm $250 in the red each month currently. I'm in a rent free situation even (parents old, death trap house they own) but I pay utilities. I'm current on all bills right now but the darkness is looming. In two or three months I will be in really bad shape. I have recent cc activity (groceries, gas mainly but a couple of "frivolous" buys).
Questions: Am I a BK candidate? 13 or 7? I need to keep my car, laptop, not much else really. How much will the rent-free situation likely affect my filing? When should I file? Any other thoughts, suggestions would be greatly appreciated. Thanks!
Great site. I've been reading it quite a bit today and it's very informative. That said, I'm still fairly ignorant on BK. I'm seriously considering it as I have come to the conclusion that I will have to be a two-job-working hermit for the next 5 years to get myself back in decent financial shape(I'm 30 btw). My situation now is this: $30K annual income, $7K student loans, $5K auto loan and the biggie $41K cc. More than half my monthly income goes to cc mininums alone. I was an extreme example of the college kid who gets several cc's after being in a dorm for just a couple months and just assumed paying them off would never be a problem. After getting a better job after college, my charging didn't slow down (gas, groceries? sure why not. That's not much) Without providing my full budget right now, I can say that I'm $250 in the red each month currently. I'm in a rent free situation even (parents old, death trap house they own) but I pay utilities. I'm current on all bills right now but the darkness is looming. In two or three months I will be in really bad shape. I have recent cc activity (groceries, gas mainly but a couple of "frivolous" buys).
Questions: Am I a BK candidate? 13 or 7? I need to keep my car, laptop, not much else really. How much will the rent-free situation likely affect my filing? When should I file? Any other thoughts, suggestions would be greatly appreciated. Thanks!
Comment