Desperately in need of advice

Anonymous · ‎09-03-2019

Hi all, I've been putting off this post for months because, frankly, I'm so ashamed I allowed myself to get in this position. Long story short, over the last couple of years I have accumulated massive debt, mostly credit cards, and things have been slowly becoming seriously unmanageable for about a year. Everything included, it's around $45,000.

Three years ago, things were great. My BK7 had been discharged and I was on my way to rebuilding. I had gotten some really nice credit lines, etc. But, I suffered some medical issues, one of my sisters is very ill and last year was basically homeless, so I was paying for hotel rooms for them until they could find a place. Also, honestly, a lot of it was due to my reckless spending early on (not anticipating the health and family issues).

Right now, my stress levels are off the charts because I just don't know what to do. I thought about consolidation, but that doesn't seen like a good fit. At this point, I think my only option is a BK13. My concern with that is that I've heard horror stories from people who said after everything was paid, they had nothing left over. I guess I just need to talk to people who have been through this. I do want to pay it off because it is my debt, but I'm just overwhelmed by it all.

Here's a breakdown of my debts:

Most of the debt is held by one company, NFCU. All of the cards are maxed out, most are closed under hardship programs, and even with the hardship programs, I'm having trouble keeping up.

NFCU:

Visa - $18,000 - Closed

CLOC - $7,000 - Closed

Auto - $9,000 - Active

Synchrony:

Marvel CC $2,000 - Closed

Walmart MC $1,000 - Closed

Amazon $2,000 - Closed

Discover - $1,000 - Active

Capital 1 (2) $500 each - Active

Merrick $1,000 - Active

sports1965 · ‎09-03-2019

Unfortunatly your only choice is negotiate or file BK13!

Or u can just play the wait game for as long as u can and when the sue file!

Get a good attorney if u file BK13!

@Anonymous wrote:
Hi all, I've been putting off this post for months because, frankly, I'm so ashamed I allowed myself to get in this position. Long story short, over the last couple of years I have accumulated massive debt, mostly credit cards, and things have been slowly becoming seriously unmanageable for about a year. Everything included, it's around $45,000.

Three years ago, things were great. My BK7 had been discharged and I was on my way to rebuilding. I had gotten some really nice credit lines, etc. But, I suffered some medical issues, one of my sisters is very ill and last year was basically homeless, so I was paying for hotel rooms for them until they could find a place. Also, honestly, a lot of it was due to my reckless spending early on (not anticipating the health and family issues).

Right now, my stress levels are off the charts because I just don't know what to do. I thought about consolidation, but that doesn't seen like a good fit. At this point, I think my only option is a BK13. My concern with that is that I've heard horror stories from people who said after everything was paid, they had nothing left over. I guess I just need to talk to people who have been through this. I do want to pay it off because it is my debt, but I'm just overwhelmed by it all.

Here's a breakdown of my debts:

Most of the debt is held by one company, NFCU. All of the cards are maxed out, most are closed under hardship programs, and even with the hardship programs, I'm having trouble keeping up.

NFCU:
Visa - $18,000 - Closed
CLOC - $7,000 - Closed
Auto - $9,000 - Active
Synchrony:
Marvel CC $2,000 - Closed
Walmart MC $1,000 - Closed
Amazon $2,000 - Closed
Discover - $1,000 - Active
Capital 1 (2) $500 each - Active
Merrick $1,000 - Active

FireMedic1 · ‎09-04-2019

Since your under 4 yrs. If you file Chapter 13 within four years of filing Chapter 7, you cannot discharge your debts after you complete the three- to five-year Chapter 13 plan. You can still file the Chapter 13 to keep creditors from suing you, garnishing your paychecks or levying your bank account. This may require filing another Chapter 7 bankruptcy when you have passed the eight-year mark.

If you can pass the 4yrs. You can file Chapter 13 four years after filing Chapter 7, you can have a very low monthly Chapter 13 payment plan and receive a full discharge of all remaining balances after you complete the three- to five-year plan. For example, you could pay as little as $100 a month for three years inside a Chapter 13, paying very little to your creditors and yet still discharging the remaining balances owed.

Talk to a lawyer to see what they can do. Good Luck!

Anonymous · ‎09-05-2019

@FireMedic1, thank you so much for your reply. I had no idea about that four year requirement. I filed my BK7 in December of 2015, so I think I can wait a few months to file the BK13.

Now I just need to find a good BK attorney. Thanks again.

FireMedic1 · ‎09-05-2019

No problem. Look for a board certified BK lawyer when you do persue one. Good Luck!!!!!!!!