It's not really said around here to say yes you should file for BK. We just take it as its your decision and give the advice on what could or would be best. Like yes all your debts would be DC'ed and you'd be debt free. On the other hand you posted about major lates. BK will delete the debts. But it wont delete the lates. They are there for the full 7yrs and a blow to your score till then. GW letters to a creditor that got burned won't happen. Least I havent seen it on here yet. So on the bright side you'd be debt free. You wont incur any more lates so the old ones will age now. I'll leave it on a high note for you. Good Luck on your decision.
Honestly, you should have filed while you were unemployed.
If you can pay your bills, BK is not an option by definition.
I would just IGNORE all debt until (if) the file a lawsuit.
You can also settle a lot of debt for 20-70% of the balances depending on the lender and the age.
I doubt you can file BK 7 with $52k in income.
At this point, BK does not make a lot of sense to me especially Chapter 13.
What is your credit FICO credit score for each CR?
If under 600, I would just give up EVERYTHING that are upside down in. The ATV, etc.
Obviously you have to have a car.
I would quit paying all credit cards and save some cash for food and emergencies and savings.
Then I would organize all my debt by age.
Anything more than a few years old will be falling off your CR in a few years (7 years I believe.)
The older the debt is and has gone unpaid, the more options you actually have.
DO NOT make partial payments or any payments unless you are going to just pay the whole debt off.
As soon as you send $1, the age of the debt starts over.
Once you are 6 months behind, you will see some serious low ball offers for settlement.
NOW....if you own a home that has $100,000 in real equity in it and are in foreclosure...that is a different story.
IF you can somehow qualify, which I doubt, for Ch 7...it is nice to take the hit and start over.
Basically, they take your income and subtract your BASIC living expenses (rent, groceries, gas, electric, car, child support, thats about it) and whatever is left can be used to pay your creditors. So if you have more than $200 or so left each month, then you do NOT qualify for a Chapter 7 since you can pay the creditors $200+ per month for the next 5 years in a Chapter 13 BK. In addition, any raises or tax refunds or even inheritance you get will also go to your creditors while in Ch 13 plan (sometimes happens sometimes doesnt, but it is the rule.)
The advantage of Ch 13 is that it may help someone keep their home and personal belongings.
Chapter 7 is suppose to liquidate ALL items of value except a small amount. They can even take your car in some cases.
Look for a Chapter 7 qualifing form online for your state. It should have a budget breakdown.
GL!
