Buried in Debt

[Anonymous]

I have $170k in debt. I have a job where I make $105 per annum. I lost money in Crypto currency. What is the best way for me to overcome this debt?

[Kree]

Depending upon what type of debt, you sound like a prime candidate for bankruptcy.  could you clarify what type of debt this is? There is a huge different in 3% auto loans with resale value and 25% unsecured credit cards.

[Anonymous]

I got 6 personal loans and 10 credit cards

[Anonymous]

How did you lose money in cryptocurrency, and how much?  How much of that $170,000 is crypto purchases by CC?

Honestly, if you charged up crypto purchases and the price dropped, just sell off enough to cover 3X your minimums and wait it out eventually.  Unless you were banking on alt-coins forever going up.

BK is an option, but make sure your job allows you to BK.  I have friends in the banking industry who can't BK and they're permanently trapped in COs and collections and lawsuits over huge amounts.

Also, can you work part time jobs, maybe for Uber or Instacart?  Either of those can bring in $1000-$2000 a month on your off hours and weekends, which is enough to cover 1/4 to 1/2 your minimum payments and knock out balances faster.

[Anonymous]

I did balance transfers with my credit cards and took out personal loans, started buying ripple at $3.20 when it's going up. invested all my savings too. Invested around 400k and when it started crashing sold all my position at $1.90 and took losses.

[marty56]

A DMP program could reduce the interest rates on your CC debt to 0% but you need to PIF in 5 years.  I would also avoid BK.

[Anonymous]

Well, I'd avoid BK through any means possible if it was me.  What's the minimum monthly payment on that debt, and what's your take-home income after housing, bare minimum food, bare minimum utilities and insurance?

[Anonymous]

It's 7-8k. My takehome is 6.5k . I need atleast 3k for bare minimum requirements.

[EvilEgg]

If i was in your situation, i would sit down and type up how long all the diff options will take you to get out of debt, and back on rebuilding your credit. I fil

If you do a payment program, it will most likely still hurt your score, and it can take a long time. If your payments are that high, i think even with a payment program you will be streched to the max. One unscheduled expense (car, home, ....) and you right back to were you started.

If your job/personal situation allows, maybe do a BK. It will sting, but you can get financing after it, and it will drop-off after 10 years.

You can still get financing with a BK, it's just a bit harder.

Can you get a debt consolidation loan with a lower rate/payments? Just make sure if you get a loan, you can pay off the other loan(s) infull, partial payment doesn't help with lowering your monthly payment, it actually increases it.

If i was you, from your posts, i would consider BK, if it doesn't affect your income.

I did it when i was younger & dumber (i'm older now), my score was below 600. It knocked me down a peg, but it was the best option in my situation (i was working 80+ hrs, and still only barely paying minimum or over limit fees).

If you go the BK route, don't hide money, don't favor one creditor over an other. Get a consultation with a BK lawyer and a consultation with a payment program counselor (go to more then one).

Hope it works out for you, it will take time, but you have a good income.