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Please help What was your income to your debt?

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Established Contributor

Please help What was your income to your debt?

My wife and I sit down today and just try to figure out if bankruptcy is the best way to go .

So we would like to get some number
What usually is the debt to income ratio ?
More clear how much you make a year and how much you own
Amex ED (2000) Amex BCE (2000) Amex macys (5000) Amex Gold , VENTURE (5000) MC PLATINUM (600) CAP QUICKSILVERONE (1250) CAP QUICKSILVER (4500) CAP QUICKSILVER (3500) PENFED AMEX (5000) PENFED CASH REWARDS (25,000) PENDFED REWARDS VISA SIGNATURE (20,000) UPROMISE (1000) NFL (4000) OVERSTOCK (2800) HSN (3200) DISCOVER IT(8500) AMAZON PRIME (10000) MARVEL(7000) BOF VISA(2000) BEST BUY VISA CITI (9000) BLISPAY (9000)Amex Magnet (10,000) Uber (3100)

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Message 1 of 14
13 REPLIES 13
Valued Contributor

Re: Please help What was your income to your debt?

Everyone is different.

Some have kids, some don’t.

Some are self employed, others aren’t.

etc...

Way too many variables.

 

If you can’t pay your minimums after cutting out cable, dining out, etc., then BK may be best choice.

 

How much do you owe?

How much can you pay each month towards it?

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
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Message 2 of 14
Highlighted
Established Contributor

Re: Please help What was your income to your debt?

So more info
We make 5800 monthly
1850 rent
1200 cars
1000 foods
320 cell
140 cable
250 house Bill gas electricity water
73 gas
The rest go to credit card
I own 43k pendfed
6k BB
12000 Capitol one
Amex ED (2000) Amex BCE (2000) Amex macys (5000) Amex Gold , VENTURE (5000) MC PLATINUM (600) CAP QUICKSILVERONE (1250) CAP QUICKSILVER (4500) CAP QUICKSILVER (3500) PENFED AMEX (5000) PENFED CASH REWARDS (25,000) PENDFED REWARDS VISA SIGNATURE (20,000) UPROMISE (1000) NFL (4000) OVERSTOCK (2800) HSN (3200) DISCOVER IT(8500) AMAZON PRIME (10000) MARVEL(7000) BOF VISA(2000) BEST BUY VISA CITI (9000) BLISPAY (9000)Amex Magnet (10,000) Uber (3100)

WELCOME TO 100K CLUB . LAST APP 08/29/18 Credit Score 8 TU 720 EQ 705 EX 724

Starting Score: 640
Current Score: 720
Goal Score: 850


Take the myFICO Fitness Challenge

CARD I want .
Chase Freedom and US cash +

Now back to the garden until 2020
Message 3 of 14
Super Contributor

Re: Please help What was your income to your debt?

So you bring in 5800 a month and after adding up monthly expenses at 4800. You have 1000 a month left over. Do you have a large family or a farm for food at 1000 a month? Not trying to be funny. Then 61,000 in total debts with the cards. Is there any way to lower food or sell something to pay off the debt outside of BK? All those cards over 100,000 would be gone in BK for one. If food could get down to 500. Theres 1500 a month and it could take 4-5 yrs to pay it all back. I know it looks like a long time. But it beats BK.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 14
Valued Contributor

Re: Please help What was your income to your debt?

60k in debt.

1k every month to apply.

 

I would not declare BK at this time.

If you are ready to file, don't.

You can dig yourself out.

 

Can either get a part time job?

Sell of refiance your car(s)?

Sell any properly of value?

 

I would try to negotiate your balances and/or interest rates.

Research negotiating with Penfed and Cap One.

They may or may not take lower balances to settle.

Some banks will take as little as 20-30% of the balances as a settlement especially if they think you are going to file BK.

 

BK may not even be an option for Ch 7.

Ch 13 will make you pay back 40-70k of your debt through monthly payments.

This will give you a BK and make you pay as much or more than if you negotiated.

Ch 13 can be as long as 60 months.

 

 

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





                           
           
Message 5 of 14
Community Leader
Super Contributor

Re: Please help What was your income to your debt?

Do a practice means test for your state

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 6 of 14
Valued Contributor

Re: Please help What was your income to your debt?

If they have $1000 left over each month right now, how in the world would they pass the means test?

That is $60k towards debt in a Chapter 13 based on their current bills.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





                           
           
Message 7 of 14
Moderator Emeritus

Re: Please help What was your income to your debt?

 


@Shooting-For-800 wrote:

If they have $1000 left over each month right now, how in the world would they pass the means test?

That is $60k towards debt in a Chapter 13 based on their current bills.



Right.. I have seen people get put into a 13 with basically any disposal amount. 

Message 8 of 14
Senior Contributor

Re: Please help What was your income to your debt?

Just to chime in, you could also try cutting out cable and/or trying to lower cell phone bill by changing to the cheapest possible plan.
Currently rebuilding as of 04/11/2019.

Starting Scores:
EX 518
EQ 518
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Current FICO scores:
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Message 9 of 14
Regular Contributor

Re: Please help What was your income to your debt?

I would cut cable, your housing expense should be no more than 30% of your income but moving is costly. Cut your food expense in half I'm not sure where you live and how large your family is but food is easy to come by. Shop ads, use digital coupons, learn rewards programs to get cheap hygiene stuff, don't eat out at all. Always take time to eat breakfast even if it means getting up 15 min earlier.

Nov 2019 EX 780, TU 760 EQ 752, June 2019 EX 778, TU 788, EQ 790 April 2019 FICO EX 802, TU 790, EQ 804, Oct 2018 Fico'd EX 817, TU 811, EQ 798
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Message 10 of 14
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