Getting Caught Up ..... Then working on rebuild........ ? HELP !

[Anonymous]

Hey Guys,
 
Edited.

I've been here awhile and read daily pretty much! I've posted here when I was thinking about BK 7 but didn’t do it at this point I think it’s best to go ahead and ask myfico fam for advice! I'm 27 living in Nebraska working FT making about $38K still kinda open to BK but unsure.

Scores - Last I checked 538EX - 563EQ -483TU From CreditWise(Have to renew MyFico and will post updated Scores when I do)

Income - Will be making gross about $38,950 / Year - So I’m making net about $2,640/Mo.
 
Debts
IRS (Taxes) $1,450 for 2013, 2015 and 2017 combined
State Taxes-$500
Capital One Checking – currently negative $450+
NFCU Checking – negative $450 and has been closed
 FedLoan Servicing Student Loans - $28,327.02 -Multiple Rates
-Deferred currently until January 2020

 Capital One Auto Finance - Current Balance $14,418.00 Interest Rate 18% (Can't get approved for refi)
- Past Due Part of June/July and August was due 08/21/19 - $872 (Making Payment of $465 Today)
Navy Federal CU nRewards Secured - Interest Rate 18%
- $834 / $800 CL  2 Days Past Due for $35
 
Comenity / Forever 21 CC - Interest Rate 29.24%  (Think I’m going to close today)
- $784 / $700 CL Past Due for July/August for $111
 
Finger Hut Interest Rate 29.99
- $782/$750 CL Past due for June/July/Aug. approx.$250  
 
Capital One Platinum (Unsecured) Interest Rate 18%
- $539/$500 Current but over the limit Paid on Time due 09/09 and will be paid on time.
 -----------------------------------
-Sprint Charge Off $860+
-First Progress Charged off December 2018 - $202
-Comenity/ Victorias Secret Charged Off 2013 - $400

-CNAC (JD Byrider Finance Company) Repo- $6,433 C/O 2016

-Cobalt Credit Union (Originally SAC FCU) Voluntary Repo $6,000  C\O Sept/Dec2014
(Listed twice on my credit with different info thus Sept/Dec. dates so fighting bureaus on that)

-Wells Fargo CC charged off 2013 $1,600 – received 1099 for them
-Nebraska Furniture Mart CC charged off 2013 -$1,900

So should i even try to tackle pay off? Should I BK 7 ? Help please and thanks in advance!

[FireMedic1]

Please dont take this the wrong way. Your post is way too long. And hard to keep up with. If you could list your debts one by one. Credit Lines, Balances, lates that go with it, or charge offs associated with each account. It would be easier for all of us to help. Guess you could say TMI.

Many are on mobile too. We'll be glad to help.

[Anonymous]

Thanks and sorry about that. I’ll definitely condense it all here in a sec. Typed this out and kinda felt all over the place. Editing.

[FireMedic1]

No problem. Were here to help. Just list the accounts and we'll go from there to come up with a plan to get this fixed.

[Anonymous]

Gosh why not do a BK7? You could reaffirm your car I think and just start from zero for the rest. It sounds like you might be ready emotionally for it (it took me a long while to get there to be honest). With your salary, while great for your area, may not be enough to be able to satisfy all your creditors? I'm sure others may have a different thought about that, but I was wondering why you didn't want to BK7.

Good luck to you!

[Anonymous]

Wellll......i dont know much about reaffirming the car loan but dont get to file and they say cant keep the car or something just don't know how it works. And either way stuck with the student loans. I figured it would be better to try to rebuild first.

[Anonymous]

Again, don’t take this the wrong way, but your debt is almost twice your yearly gross. Your discretionable income after your monthly obligations is approx $800/mo. How do you expect to pay $65k AND save? It would take you seven years to pay everything off, not including any interest or accumulating fees... or any hiccups along the way. Plus no savings for seven years. Your situation is exactly what BK is for. You could file BK and in seven years be in a much better place financially rather than barely reaching the surface to breathe air. Please consult with a BK attorney and get the facts rather than not considering it because you just don’t know how it works or what you are allowed to keep. GL!

[Anonymous]

Very true. I guess i chickened out before I spoke with an attorney few years back and they honestly made me feel dumb for considering it at the time although i had everything but my current car at the time. It was a weird experience but that makes sense. But what your saying makes total sense Gonna speak to someone in my area about it and read more into it. Thanks for the info!

[Anonymous]

Definitely going to look into it

[Anonymous]

Regarding your student loans (federal?), what are your future plans with those?
What plan(s) have you been on previously? Have you checked out the repayment estimator and can you afford the lowest payment plan (REPAYE?)?