Basically I want to do the right thing for my family. What the financial payoff is of filing and not filing.
Situation: 2 income household. We rented a house we couldn't afford 1800 per month with the illusion that we would own it one day (verbal agreement between family). After they repossessed both vehicles we finally made the decision to downgrade to a small apartment. And bought a car for $4000 from family member.
At the end besides a very low credit score we have the following:
30K vehicle repossesion debt
$10K in medical + credit cards + payday loans+ misc debt
And finally
$8K in student loans
$5K in backed taxes
$2K family members
My questions is regarding the $30K. We make about $3,600 (Net - filing 0 on W-2) and have a budget of about $3,100.
Im worried about how filing for bankruptcy Ch7 will prevent me from pursuing certain careers whatever it may be. I know I want to work in the financial world as my own boss as I think this is the only true way to reach financial freedom for my family and I. Is having 2 car repossesions on my credit for the next 7 years any better than a bk next to them for 10 years.
We made a wrong decision which trickled down to a whole bunch of bad things. To pay down this debt faster, I am now searching for a second part time job early mornings since we moved from a small town to a larger city. I want to do the right thing and pay back what we owe. I believe that our children learn best about responsibility by example and bk just seems like the easy way out. At the same time we have 5 children 2 of which are in their last 2 years of highschool (Junior and senior), 2 in grade school, and a 1 year old handsome baby boy. I know we can pay this debt off in a few years with work and discipline. I'm confident of that. At the same time the money I can save by filing for bankruptcy Ch7 can mean college money and things for the kids. I would like to hear both sides of the arguments. I know what the moral thing to do but understand that it may mean time and money away from the kids. At the same time I want to hear the benefits of filing and not filing.
Situation: 2 income household. We rented a house we couldn't afford 1800 per month with the illusion that we would own it one day (verbal agreement between family). After they repossessed both vehicles we finally made the decision to downgrade to a small apartment. And bought a car for $4000 from family member.
At the end besides a very low credit score we have the following:
30K vehicle repossesion debt
$10K in medical + credit cards + payday loans+ misc debt
And finally
$8K in student loans
$5K in backed taxes
$2K family members
My questions is regarding the $30K. We make about $3,600 (Net - filing 0 on W-2) and have a budget of about $3,100.
Im worried about how filing for bankruptcy Ch7 will prevent me from pursuing certain careers whatever it may be. I know I want to work in the financial world as my own boss as I think this is the only true way to reach financial freedom for my family and I. Is having 2 car repossesions on my credit for the next 7 years any better than a bk next to them for 10 years.
We made a wrong decision which trickled down to a whole bunch of bad things. To pay down this debt faster, I am now searching for a second part time job early mornings since we moved from a small town to a larger city. I want to do the right thing and pay back what we owe. I believe that our children learn best about responsibility by example and bk just seems like the easy way out. At the same time we have 5 children 2 of which are in their last 2 years of highschool (Junior and senior), 2 in grade school, and a 1 year old handsome baby boy. I know we can pay this debt off in a few years with work and discipline. I'm confident of that. At the same time the money I can save by filing for bankruptcy Ch7 can mean college money and things for the kids. I would like to hear both sides of the arguments. I know what the moral thing to do but understand that it may mean time and money away from the kids. At the same time I want to hear the benefits of filing and not filing.