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