Would you file bankruptcy if you were in my financial situation?

Answers:1   |   LastUpdateAt:2012-11-04 21:33:02  

Question
Stephanique
Asked at
Basically this is my offer ... MedlinePlus MedlinePlus I have lots of credit cards. Over $ 30k. I'm not here to make people tell me I should not have this debt. I know. Some of it (at least $ 10K) is my ex-wife. MedlinePlus MedlinePlus Unfortunately, I lost a good job in 2008 making $ 53 K a year (40 hours per week), and I've never been able to find another job doing this kind of money. At that point, I still had the income of my ex-wife as well, and we were making a total of $ 85 K per year. MedlinePlus MedlinePlus The credit card debt started after I lost my job well. MedlinePlus MedlinePlus I only make $ 30k per year now in my main job working 40 hours a week. I had to get a second job MedlinePlus bills to pay another year where I make $ 15 kA working another 25 to 35 hours a week. MedlinePlus MedlinePlus Now I can pay my bills, but I have enough time to take a personal life. My personal life is important because I just went through a divorce. She tricked me. My ex-wife ran some credit cards, and I got stuck with them. It's too late for her to help pay nothing now. MedlinePlus MedlinePlus As I work hard, I have hard time meeting women, and I am becoming quite lonely working all the time. MedlinePlus MedlinePlus No children from previous marriage. MedlinePlus MedlinePlus I have an apartment he bought in 2007 for $ 130k. Today it is only worth $ 100k. I still owe $ 125k on it, so it can not be sold without a short sale. I can not refinance to a lower interest rate or since I owe more than it's worth. Payments for the first MTG, MTG second and maintenance fees totaling about $ 1100 per month. MedlinePlus MedlinePlus I have not missed a payment on anything, but I'm just saving a few hundred a month after all the mortgage payments and credit card payments. MedlinePlus MedlinePlus I could take 6 to 10 years to repay the entire credit card debt if I can not continue to increase my income. MedlinePlus MedlinePlus I have no other debt. No student loans. No car loans. My car should easily last another five years. MedlinePlus MedlinePlus If I had the second place, I could probably qualify for Chapter 7 bankruptcy and also walk from the apartment and start over. I would have no choice but to file for bankruptcy with only my usual work as I can not pay all the bills without income 2. MedlinePlus MedlinePlus I can make enough money from my job and independent business side to pay my bills easily without credit. I would rent a cheap apartment and run my side business in the evenings. MedlinePlus MedlinePlus Should I keep working my butt off my personal life that I do not have to file for bankruptcy? What would you do?
Answer1DasiaAnswered at 2012-11-04 21:32:47
Find a second job working nights and weekends and pay off that credit card debt. No Bankruptcy is NOT the solution since it is a stigma you carry for years to come. Live in your condo and and after credit card debt tackle that 2nd mortgage. You can't afford a social life till you straighten out your financial life.
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