Desperate for Answers

felyasocal · ‎04-20-2018

I am in a really bad situation. Just not sure what the best plan of action is for me.

I have good to exellent credit.

I am about $50K in debt. 2 CCs with about $15K each at 0% for another 6 months or so 3 more CCs with small balances.

All and all, I am paying off about $1000 a month. I am recently divorced and can't really afford to pay more.

What should I do? Continue paying? File for bancruptcy (some of the cards are in my ex-wife's name and I am paying for them as well).

I am making minimum payments, but since there big balances are 0%, it's all going towards the principal.

Is bancruptcy the answer here or can I do something else? Consolidation? Please help. I am really desperate. I really don't have any family here so I am not sure where to ask for advice.

Thank you

jlitnns · ‎04-20-2018

@felyasocal wrote:
I am in a really bad situation. Just not sure what the best plan of action is for me.
I have good to exellent credit.
I am about $50K in debt. 2 CCs with about $15K each at 0% for another 6 months or so 3 more CCs with small balances.
All and all, I am paying off about $1000 a month. I am recently divorced and can't really afford to pay more.
What should I do? Continue paying? File for bancruptcy (some of the cards are in my ex-wife's name and I am paying for them as well).
I am making minimum payments, but since there big balances are 0%, it's all going towards the principal.
Is bancruptcy the answer here or can I do something else? Consolidation? Please help. I am really desperate. I really don't have any family here so I am not sure where to ask for advice.
Thank you

How much of the cc debt is your ex-wife's? And, why are you paying for it? First thing I would do would to stop paying for anything in her name, not your problem anymore.

If your credit is good to excellent you may be able to get a personal or consolidation loan, maybe not for $50k, but maybe for $30-35k and that would relieve some urgency.

felyasocal · ‎04-20-2018

I am paying her cards, but it's my debt. That can't be avoided.

About half of 50K is on her cards. We are on good terms. I just did this because she a large limit card with 0%. She is paying her fairshare too, but she doesn't make a lot of money.

longtimelurker · ‎04-20-2018

@felyasocal wrote:
I am in a really bad situation. Just not sure what the best plan of action is for me.
I have good to exellent credit.
I am about $50K in debt. 2 CCs with about $15K each at 0% for another 6 months or so 3 more CCs with small balances.
All and all, I am paying off about $1000 a month. I am recently divorced and can't really afford to pay more.
What should I do? Continue paying? File for bancruptcy (some of the cards are in my ex-wife's name and I am paying for them as well).
I am making minimum payments, but since there big balances are 0%, it's all going towards the principal.
Is bancruptcy the answer here or can I do something else? Consolidation? Please help. I am really desperate. I really don't have any family here so I am not sure where to ask for advice.
Thank you

Sorry that you are in this situation, but for matters this complex: DON"T take advice from an anonymous internet forum (except for my advice of course!). Look up a local non-profit credit counselling group, and see what they say. Bankruptcy is a big step (sometimes the best one, sometimes not) so you need to talk to someone knowledgable.

felyasocal · ‎04-20-2018

Where can I get free or inexpesnive credit counsling?

Anonymous · ‎04-20-2018

Look Here

jlitnns · ‎04-20-2018

@felyasocal wrote:
I am paying her cards, but it's my debt. That can't be avoided.
About half of 50K is on her cards. We are on good terms. I just did this because she a large limit card with 0%. She is paying her fairshare too, but she doesn't make a lot of money.

Fair enough, I would follow the advice above and get some free credit counseling and avoid BK if you can.

felyasocal · ‎04-20-2018

Thanks. I'll def look into councling. I just don't want to spend anymore money on things like that. Hopefully they will have some free advice or cheap advice.

I am also going to apply for a few more cards with highlimits and transfer my debt from wife's cards to mine. She shouldn't have to suffer for my mistakes. Although she was guilty too =)

Trying to avoid BK at all costs. I would rather suffer and eat breadcrums for the next 3 years than deal with BK. Wouldn't you agree?

CH-7-Mission-Accomplished · ‎04-20-2018

Be very careful about opening new cards and then balance transferring from your wifes cards to those in your own name. Your reason for wanting to do so is honorable but if you have to file a BK in short order, that could be seen as fraud.

What is your annual income and what are your monthly expenses? Do you know if your income is below the limit permitted for a chapter 7?

Seems like you might be able to file a BK7 and eliminate your 25K and then you could pay off her 25K with the $1000/month you have been spending. But doing a BK7 for 25K doesn't make a lot of sense unless your income is like 30K.

Do get some legal advice before you take any steps. I think most credit counseling is a fraud -- just set up to take a cut of your money. Talk to a real lawyer who handles BKs as their only business -- not a family friend or divorce lawyer who knows a little bit about BKs.