Your over $65,000 in debt on a 40k salary. It will be up to the means test to see if you qualify for a 7 or 13. If your a no assest. It will all be wiped out. You can keep renting. Have to have a place to live. Which goes into monthly expenses section. This is only about you. Your guys arent married yet. Your lawyer will explain it all. But you are deep in debt and should have no problems.
@TattnallTrio wrote:
I am sorry to read your situation. I can see you’re over extended. I’m not an attorney but if you’ve made any recent purchases on any of those credit cards the creditors can file an objection to your bankruptcy petition. Food and gas and basic needs are usually an exception. Large purchases and different.
I’d like to answer your last question about needing a co-signer in the future... lots of people (myself included) are able to get an auto loan for a brand new car immediately after discharge without a co-signer. The interest rate is usually 15-20%. I went to Carmax Toyota in Kenosha, Wisconsin. They sell brand new Toyota’s as well as used. Santander and Capital One both offered approvals for me.
Other credit unions and better terms generally come 2 years post-discharge.
In my opinion, you’re looking at a ton of debt. You can file for less than $2,000 which is better than fighting over 2 years to pay this stuff back. Your credit will recover. Some of your lenders may not give you credit again and that’s ok.
The main reason to file BK opposed to settling is with a bankruptcy you will NOT get a 1099-C notice of cancelation of your debts. Which is considered income and you will be taxed Federal and State income taxes on this amount. The 1099C’s can also push you into a higher tax bracket.
It’ll be simple to file. Don’t be afraid of what the trustee might ask you. It’s routine. Lots of us have filed and moved on.
Best of luck to you and if you have any questions about filing or what the judge may say, we will all be happy to help.
Both you and your partner may be able to
File separate Chapter 7’s. Or get married and file married. Either way.
Last thing, don’t have any money on deposit in Wells Fargo when you file. They’re known to freeze accounts.
Huh? Its the OP's debt. Why get married and then the fiance would have a BK on their reports and it isnt even their debt. Seriously. Not the greatest advise. OP didnt say anything about WF either. Thats with any bank basically to move your checking/savings to another bank if they are going to be burned in the process just in case. Keep the fiance out of it. Someone will have to have credit after they get married for future purchases.