Not sure what to do -- BK, other options (NJ state)

[ftomasze]

Long story short I had life by the balls up until a few months ago...I was heavily into manufactured spending (buying GC and using those to pay my CC back and reaping the rewards, rewards so high that my preception of money was so f-d up that I got into some serious debt).

Now, in debt up to my elbows I finally came clean to my wife about the trouble we were in...88K in CC debt, a mortgage, student loans, and a 3 year old about to start pre-school. I'm obviously disgusted by my actions but I am seriously motivated to try and take back our financial life.

I have gotten good advice off of these forums before and am coming back for more, if anyone chooses to help...

Let me first get to saying that I am not yet late on any payments, all of my accounts are current...from what I have read online CC companies won't start to work with you until your accounts go delinquent...I would rather not do that because somehow my credit score is preserved in mid 600 range (probably because I haven't been late with anything). Also, all of my other bills are current (utilities, car insurance, car payment, mortgage, etc).

I am wondering if a BK is the only answer here, my wife doesnt earn much ($15/hr) and works part time...myself on the other hand earns about 100K a year after bonuses...we own one car outright and have about 40K in equity in our home, so I dont know if refinancing will be helpful either.

I obviously am most worried about my home and our cars...everything else would be a wash...I have researched both chap 7 & 13 and probably wouldn't pass NJ's means test for a chap 7.

Luckily I already have 2 jobs (I am a Registered Nurse) and OT is somewhat feaisable but I also dont want to be working 80+ hours a week and miss out on my kids childhood.

Any advice please.

[Anonymous]

Idk, you guys might actually pass the means test. Do you have childcare expenses or anything. You could also try to pay down the debt little by little of a while too. Or maybe some debt consolidation help is a consideration. Although for us, that didn't really seem like the route that would be ideal. Could your wife pick up some extra work?