I'll offer this... I am also a high-wage earner. I looked into BK 13 over 2 years ago. Since the BK 13 payment will be based on your disposable earnings and not on the "amount you owe," you probably have plenty of time to sort through your options. In terms of "recovering" your credit-worthiness, the sooner you file the quicker you will recover from a past BK, but then this may not be true under the current national economic strains. As a country, we have never been here before, so anyone who claims what may happen to your credit-worthiness can only base their claims on how we use to do business! If you decide to stop paying on your unsecured debt, then expect ramifications. If you are doing nothing other than paying the minimum payments each month, then I deem this to be throwing your money away. You can stop paying, wait to decide on a BK 13, and deal with the collection issues as they come up. Again, I am of the opinion that if you are a high wage-earner with large disposable income after the means test, it won't make much difference whether you owe $50K or $100K in unsecured. The calculation and negotiation of calculation will be based on your last six-month average income, not the amount of debt you owe. If you need to insight into what others have done to deal with a non-decision and ride out some collection issues, see the collection threads. In the material I've been reading, your situation is not unique. In fact, there is some evidence that many folks with no secured assets are likely to walk away frmo their debt and deal with a BK much later. In other words, the number of folks delinquent or approaching charge-off exceeds the number who are filing for BK ( 7 or 13.)
You can google "informal bankruptcy" and see what others' thoughts are on this matter.
You can google "informal bankruptcy" and see what others' thoughts are on this matter.
Comment