What is going to prvent you from going into debt again if the court clears your debts? How would filing bankruptcy change your life? Do you have an agreed to budget with your wife that says how you plan to spend every dollar that comes into your hand? My wife and I use a zero based budget. Doing so has actually allowed us to stop taking on further debt for the last 4 months and made our monthly income go much further than it ever has. I like Dave Ramsey’s book “The Total Money Make Over”.

What type of lesson would you be teaching your 13 year if you become a dead beat?

Best of luck.

That seems fairly dramatic and potentially problematic. You should go and meet with a local bankruptcy attorney and discuss your intended plan and not make any assumptions. You might even qualify for a Chapter 7 right now.

Steve

These guys set around a board meeting table and think up ways to make money, but what they are inevitably doing is preying on people they know are not as educated to understand all thier rules, in fine print I might add.

Thanks..

I assumed when you said you had the same good job for 14 years that you enjoyed the work but with the stress from the debt on top it was making life generally stressful.

We are never debt free. Even if we don’t have obligations to banks and credit card companies we will always have obligations to others. You might enjoy reading “The Only Thing I Want Now is to Become Debt Free. What’s It Like? – Ray.”

Do you feel bad about going bankrupt? If you do, there is nothing that prevents you from paying back the amount forgiven latter as you can. But if you opted for the protections of bankruptcy is that something you would consider doing?

Steve

“A positive part of bankruptcy is that if you enter a bankruptcy repayment Chapter 13 plan then your monthly payment will be based on what you can afford.”
Yeah but how much can my health afford? I work above average hours in a stressfull job.

“Once you get the protection of the court with bankruptcy then you can start to look forward to rebuilding your financial life and letting you enjoy a fresh start.”
I would only see a fresh start when I’m debt free.

I just feel like we’re in a really bad situation as we are both responsible people. Sometimes I feel like we would be happier just living in a van down by the river. No joke.

Thank you for your quick response..