BK consult after Salary Plunge

[YMLDC09]

I'v been part of this community for a few years. I built my score but only to fail..again. Have a look:

Salary was 62,500 now 40,000.00.

CCs: 4500

LOC: 500

Student Loans: 300,000.00

Loans: 50,000.00 some secured but they won't come get them. They'd rather sue me.

Multiple Baddies/Collections/Lates

Chexsystem items

When I learned about the reduction, I freaked out. I was barely making it before the cut. The CC's are maxed but never late. I am a co-signer on a note that has been late consisitently. This is terrible. I had my initial consult and it ended up my attorney told me to go CH7 especially facing such a drastic cut. I don't see anyway out.

Never late on CC/LOCs. Should I stop paying everything except the car note?

Thanks everyone..

[northface28]

Have you considered getting a second job? Did I read that right? $300k in Student Loan debt? I dont think you be able to discharge that. $4500 in CC debt and the $500 LOC should not be a problem paying back. I think you need to get your financial "house in order". I really hope you dont have to file, especially since you are a co-signer on a loan. I had to file for the same thing, I co-signed for Mom and she hung me out to dry. Lesson learned, I will NEVER co-sign for ANYONE, under any circumstances. The risk is too great. Whatever you decide, good luck.

[Anonymous]

You do realize that student loans are nearly impossible to discharge, right?

[YMLDC09]

Like you..I will NEVER co-sign again. After doing the DTI ratio and spreadsheet, am going the BK route. Thank you for your advice. 

[YMLDC09]

I do know that and that's ok. They have income based repayment plans which I am on now. The payment is smaller than my car payment until I start making more money. Thanks for your reply.