So i have spent the last 3 days contemplating on what decision I have to make. BK is def in the air but I keep hearing that the that the judge has to agree whether or not i go ch. 7 or 13. Here is my current income and expenses.
75k a year is what i make which turns to $3900 a month take home after taxes, ins, and ira.
Mortgage : $2000
Car : $260 (lease)
Condo Association : $140
Car/Home Insurance : $200
Utilities : approx $400
Gas : approx $200
Phone/Internet/Cable : $0 (I work in this industry so its paid for by company)
Food/Entertainment: Approx $400
So this is a total of approx $3600 in monthly expenses that is not including some other misc expenses that probably add up to $100 a month.
I am currently single and I'm planning on getting married in the next 3-4 years. I just bought my new home in June of 07. I am currently taking care of my family as I have two sisters who live with me and my mother and father. I am 25 and my sisters are 22 and 17. My father cannot work and my mother has a part time job because she has to spend time taking care of my father if needed. Luckily, my family lives with me because I am able to pass on some expenses to them. Currently, my 22 yr old sister pays the assocation fee, my mother pays me $600 towards the mortgage and all utilities. The problem here is that my family is planning on moving away in about a year so I cant count on them for long. I dont see the need to try to sell the house especially in this terrible housing market that is currently going on. I have a brand new condo and the builder is still building 70 more condos in my sub so I dont see why someone would want to purchase my home when the builder is selling brand new condos for right around the price I purchased mine.
So anyway...I currently have close to $1000 to put towards my credit cards and I am just under 70k in credit card debt. I only have credit card debt and nothing else. I am current on all of them...I have never been late on a payment with any creditor and I have never been late on my mortgage. At this rate, I am never going to be able to pay off the creditors, it will probably take me well over 10 years with interest and thats not including what could happen after my family leaves. I know i can probably find a roommate but i wont count on that for now.
I also want to know what happens if I file BK now and get married after a few years. What happens to my spouses income? Will that be reported as disposable income? If so, I wont even bother getting married until I get through this...that would be the last thing I would ever want to do to my wife.
Do i seem like a BK candidate? If you genuinely feel with my current situation that there is please let me know. I am thinking about a DMP too but that all depends on what the monthly payment to them would be.
So I hope this clarifies as much as i can in my current situation. If there is anything else you would like to know please dont hesitate to ask. Thank you for all of those who has responded to my most recent posts the last few days.