I've been steadily paying off my debt for well over a year now, recently got a new job to ease the financial burden but it seems like every time I try to get ahead of things something comes up that consumes more of my monthly income.
I am currently around $27k in debt. I have 3 loans out right now, one for about $11k, one for $9k and one for $3k. I also have two almost maxed out credit cards. $2500 and $1500. I make about $2100/mo after taxes. I know this seems reasonable to make monthly payments, and to be honest it is, but I'm also paying for things like rent, electricity, food, gas to get to work. (I live 40 miles away from work)
One of my loans (the $9k one) is a secured loan for a car. However, (I only just started researching this stuff when I learned what I did was very problematic) about a month ago I sold it to a local dealership to pay my bills, not pay off the car, because I hadn't worked in almost 2 months. So I no longer have the asset. (I am really concerned about this now but my bank knows and I'm expecting to hear something from them. I just hope they don't sue)
The only reason I'm even considering bankruptcy is because I am currently living with a roommate however he and his wife are looking for houses for themselves since they are "starting their family" and no longer want to live in apartments. They've given me a timeline for this and they expect to be closing on a place sometime in June. When they do I will no longer have a place to live. I've been looking into places closer to where I work but can't seem to find anything that isn't low income housing. Even the surrounding areas don't seem to have anything reasonable.
Currently I only have about $800 put away and I have 5 months to find a place. With my finances the way they are I won't be able to put much away every month which means I may very well end up homeless in June. I think my only hope is to file for chapter 7 and try to reduce those monthly payments in order to save money for either a place or like... a cheap RV :(
I don't really care about my credit score right now, I don't want to buy a house or a car, just want to be able to live.
Submitted January 25, 2017 at 09:48AM by JohnDidact http://ift.tt/2jxfsC9
