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