So I have approximately $25k in credit card debt and I'm weighing my options as far as possibly filing for Chapter 7 bankruptcy. I have accrued the debt over the course of the last ten years or so since turning 18. I feel like I am suffocating under the weight of this debt. I am paying approximately $600/mo and that is only the minimum payments so I'd assume it will take me years to pay that back at that rate. I have other debt too including student loans totaling around $15k but I know I am stuck with those. I also have my car loan for around $10k but I would like to keep that since my mom cosigned for me and I don't want to mess with her credit.
My main question is should I file for bankruptcy? I feel like I am wasting $600 per month since I will never pay it all back anyway. I cannot move out of my mother's house either because such a large portion of my income has been going towards credit cards. I actually lost my job about a month ago so that makes things worse. I think my best bet would be to file for bankruptcy since I am only 28 and it will only affect my credit until I am 35 so I will still be young at that point and might be ready to buy a house by then. On the other hand, if I do file for bankruptcy, I don't want that to affect me getting a job or being able to get my own apartment. If I don't file though, I won't be able to afford my own place anyway unless I am making $3,000 per month or more to offset the $600 to $700 per month on the credit cards.
Would it be better option to just stop paying the bills and let them go to collections and eventually be charged off? I don't want to keep paying them and wasting $600+ per month but at the same time don't want to hurt my chances of getting a good job or moving out by filing bankruptcy or having my accounts go to collections. The struggle is real... any advice?
Submitted February 01, 2017 at 11:52PM by diamonddisc89 http://ift.tt/2jyxvw7
