I was laid-off last summer (5/31) from a good job, and I was the sole wage-earner in our household. The same weekend my wife was in a bad car accident that totaled our just-paid-off car. Our other car is paid-off. Between my severance, admittedly-meager savings, and the car insurance PROPERTY settlement, we had enough money to last 5-6 months. Yes, I know, it wasn't enough in savings.
I kept up with the bills as long as I could until it came down to choosing between food & debt. Food won. I had to stop paying my revolving debt and focus on necessities only.
I have since found a good job, but I'm in sales and the majority of my income is commission-based (salary+commission). I'm comfortable with that in the long-term, but in the short-term it is tight.
I have about 20k in CC debt. AMEX just served me with a lawsuit for just over 7k. Chase just warned me about a charge-off. My earnings currently are about 3-4k/month. My only bills are rent, utilities, and groceries. But with a family of four, there is little to no extra money leftover at the end of each pay period.
Yes, my wife has gotten a part-time job, which is helping, but it's just keeping our heads above water.
My question is, is bankruptcy the right path for me? Will that stop the lawsuit that I assume would garnish the little wages I'm making in the near-term?
Submitted March 14, 2019 at 09:15PM by thewineninja https://ift.tt/2F2xY1p
