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Interested in filing need some advice.

New Member

Re: Interested in filing need some advice.

Thank you for your kind introduction and reply. I know I'm not alone out there, me and a million people are in the same boat.

I know this will sound crazy but I have already made adjustments to my life style. Paying these bills down really sets me back mentally (may be a poor choice of words) I'm Use to living what I consider, large. Late teens early 20s always beautiful cars, good resturants, clothes like you can't imagine.

Met someone and moved in together. Going on 3 years I've made what I consider big adjustments. From no more shopping sprees, to not eating at resturants on a regular basis, to even cheeping out on personal hygiene products such as tanning, cosmetic products, colognes. I consider this an adjustment. Unfortunately moving into our first place we needed things and racked up credit cards. He was able to handle better then I was.

Current monthly bills I need to pay to "stay alive"

rent: $2160 (split between two people)
car: $640
insurance: $160
cable: $200 (split between two people)
furniture bills: $130 (split between two people)
electric: $40 (split between two people)

Roughly this adds up to $1035 - leaves me with about $1000 a month. Can't pay almost 14 cards minimums and have a life. Even if it was sitting home with Raman noodles, just doesn't seem practical.

This whole saga I'm writing is just the truth I'm not looking for rude comments. Do I live beyond my mean state yes. Rent cost here in NJ is the big reason I want to buy. I could probably say hundreds a month if we owned something.

lassrly- I added up just a few collection/ cc bills I found and I'm at 5000 that's not even the half of it. I'm guessing it's another 6-7k. Seems un manageable.

Ive done things like change my license and cars to a different state to save hundreds. I'm trying here trust me!

Message 11 of 20
Valued Contributor

Re: Interested in filing need some advice.

Cutting back isn't skipping eating out once in a while and missing your tanning appointments. It's not continuing to use your cards and not make payments. If you have $1000 "left over" then you should be investing into your debt and going without until you pay it off. 10-12k in debt is not much especially when you admittedly live above your means.

STOP using your cards, cancel cable, sell stuff, NO eating out at all, use cheap soap and shampoo, etc sell your car and get a beater.

You say you want to buy a place, but can't budget now, and if you file bankruptcy you won't be eligible to purchase in 2yrs anyway.

If you really cutback on things, make a real budget then you should be able to snowball that debt away fairly quickly and be in a much better place quicker than filing BK for 10-12k debt.

I ended up filing chapter 7 after contemplating it for 2 years. I was never late on anything but was ribbing Peter to pay Paul. I had over $100k in CC debt fir numerous reasons. We canceled everything we could, and sold both our vehicles, and stopped using cards for over a year. Went without if we didn't absolutely need it. We still ended up having to file simply because we were going further into debt each month we didn't file and I finally went and seen a lawyer who assessed our situation and said you should've done this a long time ago, but I tried everything to prevent it.

Fortunately it has been going well and been smooth, but it wasn't the process I wanted to take. I had to do what was best for me and my family and BK was the best choice, but not an easy one.

Maybe I'm getting the wrong vibe but it just seems like you got yourself into a little debt and continue to spend but wanna try to wipe it away. That's fine, whatever....You just have to address the real issue (spending) or you're going to end up in the same situation but not be able to file again for 7yrs.
Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 12 of 20
Frequent Contributor

Re: Interested in filing need some advice.

Yeah for $12K in credit cards, so not worth filing BR.

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In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Message 13 of 20
Highlighted
Established Contributor

Re: Interested in filing need some advice.


Isosunrise7 wrote:

Thank you for your kind introduction and reply. I know I'm not alone out there, me and a million people are in the same boat.

I know this will sound crazy but I have already made adjustments to my life style. Paying these bills down really sets me back mentally (may be a poor choice of words) I'm Use to living what I consider, large. Late teens early 20s always beautiful cars, good resturants, clothes like you can't imagine.

Met someone and moved in together. Going on 3 years I've made what I consider big adjustments. From no more shopping sprees, to not eating at resturants on a regular basis, to even cheeping out on personal hygiene products such as tanning, cosmetic products, colognes. I consider this an adjustment. Unfortunately moving into our first place we needed things and racked up credit cards. He was able to handle better then I was.

Current monthly bills I need to pay to "stay alive"

rent: $2160 (split between two people)
car: $640 
insurance: $160
cable: $200 (split between two people)
furniture bills: $130 (split between two people)
electric: $40 (split between two people)

Roughly this adds up to $1035 - leaves me with about $1000 a month. Can't pay almost 14 cards minimums and have a life. Even if it was sitting home with Raman noodles, just doesn't seem practical.

This whole saga I'm writing is just the truth I'm not looking for rude comments. Do I live beyond my mean state yes. Rent cost here in NJ is the big reason I want to buy. I could probably say hundreds a month if we owned something. 

lassrly- I added up just a few collection/ cc bills I found and I'm at 5000 that's not even the half of it. I'm guessing it's another 6-7k. Seems un manageable.

Ive done things like change my license and cars to a different state to save hundreds. I'm trying here trust me!

 

 


 

Your car and cable obligations seem quite extravagant, to be honest.

 

I'm not sure you fully grasp the entire cost of homeownership in this area.

 

Also, having your license and cars registered in a different state is insurance fraud. If you get in an accident they won't pay and you can even go to prison for it.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 14 of 20
Frequent Contributor

Re: Interested in filing need some advice.

Yeah, get rid of taht $640 monthly car payment _ NO ONE needs a car payment that high if they are in debt. PERIOD. Cancle cable, if you NEED internet then go and locate a budget internet provider in your area, such as qwest/centurylink. It might not be things you want to do, but it's things you need to do. Do you go and buy lunch every day? Stop that and brown bag it. You need to learn how to budget and what is a need vs a want. Your WANTS are outnumbering your needs. Honestly, close all your cards and go through a debt management company. They can help offer you classes as well to help yourself to financial freedom. You have no reason to file with such a low balance. You stated that you didn't learn at an early age, and it doesn't seem as if you have learned even now.

At the end of the day it's your financial future, however a bk attorney and a trusee is gunna look at you like you are friggen crazy to not pay bills but you can afford a $600+ car payment?

Ch7 BK filed 7/5/16, DC 10/12/16
Message 15 of 20
New Member

Re: Interested in filing need some advice.

car is a lease. no way out. swap lease is not option as I over pay for car as is. Not that I have an excuse for everything but just handing my car in will hurt my credit even more. price to drive a new car is not cheap these days folks.

Message 16 of 20
Valued Contributor

Re: Interested in filing need some advice.


Isosunrise7 wrote:

car is a lease. no way out. swap lease is not option as I over pay for car as is. Not that I have an excuse for everything but just handing my car in will hurt my credit even more. price to drive a new car is not cheap these days folks.


if you haven't been making payments on your CC's then your credit is already shot for the time being and will need to be rebuilt. $640 is a HUGE payment for someone that is in debt. I agree vehicles are not cheap these days, especially when you're buying expensive cars.  There are 100s of new vehicle options that people can get and still stay in the sub $300/mo range.  You have a lease, and usually those are even cheaper than financing so it leads me to believe you have a very high end luxury vehicle. 

 

at the end of the day...do what you whatever you want, but since you came here looking for advice then i suggest you take notice on your spending and budget like has been mentioned several times. That and it's time to start sacraficing and selling things. You have to prove to the courts that you have no other option, and they will go through all of your finances with a fine tooth comb. I suggest you contact a good BK lawyer in your area if you feel this is the option you must take. Otherwise, stop wasting money.  (stop wasting money regardless Smiley Happy )

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 17 of 20
Frequent Contributor

Re: Interested in filing need some advice.

i agree with others , would not BK and only use as last resort.

 

It's when you are sued and they have judgments and go after bank accounts and paychecks. you can always fight, settle or use the arbitration card to gain leverage.Some creditors might sue, some might not. Save BK.

Message 18 of 20
Valued Contributor

Re: Interested in filing need some advice.

You stated that you lied about your age on an application...that may cause you problems, it may even be a felony. I would be very careful and consult an attorney before I did anything. In the future keep in mind it is always a bad idea to lie on a credit application...always!!! It might not be an issue though since it was 8 years ago and you were a minor.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 19 of 20
Frequent Contributor

Re: Interested in filing need some advice.

good point sarge. I missed the age part.

 

I believe the OP would lose the ability to file BK due to the fraudulent application.

 

 

Message 20 of 20