Married 15yrs raising 13 year old. My wife and I have been struggling with credit card debt for quite some time (10-12yrs). All this time, everytime we used credit I had in the back of my head that this is not the right thing to do. We have now decided something has to be done.
We both have good jobs average pay she work 40hour weeks and I work 53 hour weeks. Have been for 14 years, same job, same desk, same two people in here with me. Don’t even have a window to look out of. Anyway, Its a good stable job.
Our debt has been rising about 2K per year, Its now around 25K. Plus my wife is going to school part time, so we had the idea to take out student loans to pay our high interest debt. Which did work to a certain extent, but now we have about 14K in student loans that will have to start paying on preaty soon. We’ve been able to keep up so far.
We have a house payment and one car payment, which are not that big of deal.
My seemingly long hours and stress of making our payments on time along with the insults of these CC companies. (Namely Chase). Has just about gotten the best of us.
We are at the point now where we are ready to close all our accounts, give up the whole credit card thing and get out of debt. I just don’t know now If I will be able to work as hard just to pay this back.
My wife and I, we both work very hard at what we do. I feel like we are in that working class bracket where you make too much to qualify for help, but not enough pay our bills.
Don’t get me wrong, I would like to pay my debts. Its just to what sacrifice I’m willing to go thru. I would have no guilt in filing a chapter as our accounts have been maxed out for several years and I’m sure they have made there principal back. I feel like we’re there best customers…
A: Should I file a chapter and let the court set our payment high and continue working hard just to pay it out and be broke.
B: Quit my job because of stress, liquidate my assets and file chapter 7. And be broke.
I definitely don’t think you should quit your job. 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.
The best plan would be to approach this in stages. The first step would be to click here to find a local bankruptcy attorney you like. Go and meet with that attorney and get all your questions answered.
After you meet with the attorney you will better understand the protections and benefits bankruptcy will offer you. Those protections from creditors will help to reduce your stress and depression you are feeling now and make life more tolerable.
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.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.Big Hug!
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