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Probably Filing CH7 in VA

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RobertJ
Established Contributor

Re: Probably Filing CH7 in VA


@citymunky wrote:

While we don't have the full picture, like your income, housing expenses, etc, (that is 100% ok if you don't want to share that info) I can agreed that filing for CH7 over 13K in debts besides the vehicle seem a bit extreme. However, with all those individuals debts, it seems like you are drowning by trying to keep maintaining all those minimum payments. 

 

Things that might help:

1) Reduce spending if possible.

2) Pick up a side job or side hustle.

3) If you don't have an emergency fund that can cover at least $500-$1000, save up (advice find a bank that high has APY HYSA or MMA, a regular savings account is not going to cut it.) But you should know that working at a FI.

4) Make a plan to pay off debts (Debt Snowball by paying off smallest amount first or Debt Avalanche by paying off acct with highest APR first). 

 


I agree with most in this thread in that I would not file bankruptcy over such a small amount of debt.  This advice is right along with what I would tell you.  




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