Friends who have been through a chapter 13, I have questions! I'm looking at chapter 13 because I feel like I can't get on top of my debt. There's got to be other options.
I'm up to date on all my bills, I'm just over drafting with each paycheck and running into the max on each of my credit lines.
I've applied for higher paying jobs. I haven't heard back yet. I have a doctorate; that's what's needed to be entry level in my field. I have two jobs and pick up extra shifts where I can. I make about 93k/year. My full time job is 30 miles away in a rural area. I need my car.
I've identified that I need to charge my 2 roommates more, so I've taken steps to do that. (Previously 750 per furnished room with shared bath, full use of the rest of the house and yard with utilities included; I'm upping to 875 in Reno NV). I own the house (mortgage is 1060/mo, HOA 185, utilities/internet all add up to about 300, cost of renovations went on multiple credit lines). Should I be charging even more? Studios go for about 900, 1br/1ba go for about 1200 in my market.
I've catalogued my monthly spending, and if I get rid of all the streaming services and don't ever eat out, that's about $100 saved a month.
I've been having my job take out an extra 100 each paycheck in taxes because I owed a few years ago, and I'd rather get a (relative) windfall than have it in my pocket now, especially if I have to come up with a big tax bill. Should I stop that?
I downgraded my Subaru lease to an older car I own so my insurance is less each month (168). I did take a loan out on it to pay the negative equity on the lease. That payment is $97 a month, way better than the 400 I was paying.
My wages (before I collect rent from roommates) are enough to cover my monthly bills including the mortgage, but the credit cards are where it gets sticky. Capital one: 280/mo Visa: 260/mo Home depot project loan: 120/mo Home depot credit card: 150/mo Department store line: 40/mo
I can't do anything about the student loan debt besides PSLF, which I'm already doing, almost four years logged and qualified payments documented. Monthly payment is 618 on repaye.
My questions are: how hard is it to go through bankruptcy? Am I still not charging enough in rent? Should I stop the extra money coming out for taxes and use it to pay bills? I took a loan out of my 401k to replace my furnace earlier this year, should I be paying that loan back more quickly instead with the extra tax money instead? What else can I be doing to get on top of this?
I'm not in contact with my parents, they wouldn't be able to help anyway.
Thank you!
Submitted October 31, 2020 at 08:21PM by Mandyspanties801 https://ift.tt/3kPrir5
