Thinking about filing Ch. 7

[Laxbam7]

Hello,

I am hoping to get some advice on ch. 7. I am in about 30k of CC debt and 60k in student loan debt.

Whew- this is very overwhelming. I have been making payments every month but clearly getting NO WHERE. I tried to map out and it looks like it will take me 6 years to pay this off. 

I make 49k a year and pay for my daughter's tuition of 1100 a month, 800 ( rent), 400 (car). .

I applied for a debt consolidation loan through Navy Fed and not approved due to my high debt to income ratio. I am just not sure what the best plan of attack is- I am left with not much every month to pay my debt down. Which has brought me to the possibility of filing ch. 7. 

Do you loose your car when you file or your 401k and Roth?

Can anyone offer me more advice on if this is something I should consider?

Thank you

[Anonymous]

I can't give you a whole lot of information about BK. But know, the student loans won't be forgiven in BK.

[Anonymous]

Right, student loans are not dischargeable under Ch7 or Ch13. BK is a big step. I would definitely consult with an attorney before making that decision.

As far as your car, you can either reaffirm or just keep making payments as long as it is current. The thing about not affirming is that you can walk away from it at any time.Your Roth should be safe.

Also realize that if you burn NFCU you will probably be blacklisted.

Good luck to you.

[Laxbam7]

Yes, I knew about Student loans. 

I don't have any line of credits with Navy Fed - just a checking account. 

Good to know about my Roth and my car. I am current on all my CC's and my car. Just feel like I am drowning. 

[Bruiser]

---

@Laxbam7 wrote:

Yes, I knew about Student loans. 

I don't have any line of credits with Navy Fed - just a checking account. 

Good to know about my Roth and my car. I am current on all my CC's and my car. Just feel like I am drowning. 

---

If you're drowning, I would consider filing. I'm not a BK attorney though, and you should consult one for legal advice.

My personal opinion would be to file if you're barely making it and there's that giant stress monkey on your back. Bankruptcy should never be treated lightly and should always be the last resort; but there are times that call for it, and I fully support those that need to file.

Before filing, to make things easier on you and your attorney, I would get together the following information:

- Gather any and all statements, bills, collections, and anything that has been sent to you about owing money that you can find.

- Run your credit reports and see what is showing. This isn't necessary, but I prefer to know what's going on before walking into an attorney's office.

- You'll need a list or a good idea of what property you own, how much is in your bank, how many bank accounts you have, any vehicles you possess, electronics, furniture, clothing, and a good idea of what everything is worth.

- Do you owe anyone money? Can there be a lawsuit filed against you or can you possibly have one filed against someone else?

- You'll need your ID, bank statements from the last couple months, your last 6 months of pay stubs, your previous 2 years of tax returns, and your social security card (for the 341 meeting).

[Laxbam7]

Thanks everyone for the insight. I spoke with an attorneys office today whom I was reffered too. I qualifiy for ch. 7. I am going to mill this over for a bit longer but I have a feeling I am going to move forward.