@Anonymous wrote:
@SH3L8Y wrote:That's really interesting. I guess those who received stimulus checks or the extra unemployment funds used them to pay down debts?
I used mine to file bankruptcy.
Between the $2400 I and my husband (not a joint bankruptcy because my debts were mine and most existed before marriage), I could have squandered it all trying to settle like one delinquent account as a partial payment or just file bankruptcy and take out the whole rotten credit card mess and rip up my end of the car loan I had with my ex, medical bills, and a lease with his landlord that he left owing lots of money to.
Paying down debt only makes sense if you have so little that the checks would get it close to zilch. Otherwise you just throw away money and the bankruptcy fee is only like $350.
Still have to be able to pass the worksheet test.
Out of curiosity how much debt were you talking about? I agree there's a walk away point, if I ever wind up with serious unsecured debt in comparison to income and it would take me more than ~6 years to pay it off, then even in my case a CH 13 would come out ahead.
The numbers might be different even if I qualified for a CH 7, which I don't and likely won't for a while.
