So I’m considering filing for bankruptcy. Currently about 40K in debt, not including a house I purchased for a close family member but I don’t stay in. Tried to keep keep head above water but string after string of bad breaks has left me thinking there is no alternative. What could I expect if I do declare? would I qualify for bankruptcy? Would my financial situation be destroyed by doing this?
I’m considering filing for chapter 7. Long story short, I went back to school, have damn near lost everything and gained K in student loans, K in credit card debt and a K mortgage and I can barely keep my head above water. There are other factors too, but I’m trying to get myself back on track financially before getting married (my boyfriend and I have been together for almost six years). I’m 33, not some young pup, I know all the pros and cons, but since hindsight is 20/20, please tell me how it worked out for you. Whatever path you chose, are you glad you did it? Would you do it again? What suggestions do you have?
I’m scared and not sure which direction to move in. Any insight would be helpful. And remember the cardinal rule: if you can’t say anything nice, please don’t say anything at all. I don’t want someone to give me a false picture, but I also don’t need someone else telling me how terrible I am. I have creditors who call me every day to tell me that.
I did get a degree, but I’m a teacher, so my income is pretty fixed (as far as not being able to ask for a raise, negotiate, etc.), and with my own children in school I can’t move into a district that pays more at this time.