Is bankruptcy right for me?
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I am really considering bankruptcy but since it is a major decision, I would really appreciate some feedback from people. Heres my situation:
1. I am 22 years old (23 in 10 days, 33 years old when this is all over)
2. I make $25,000 annually at the most
3. I owe $20,000 in credit cards from cash advances which I used to pay my mortgage
4. I owe $430,000 for owning my home and pay $2800 a month for mortgage (I'm paying interest only, nothing on the principal; 2 loans by the way) not including utility bills
5. I receive $1400 from my room mate to pay my mortgage
Now with all these facts given, is it worth filing bankruptcy and having it last 10 years on my credit and finally having some peace of mind? Or, or, should I just get a second job, stress out, struggle my butt off to pay the mortgage and credit cards on top of that, and hope that the real estate market changes in a few years in order to get a refinance to lower my payment?
What do you guys think? Thanks!
Is bankruptcy right for me?Well I would never recommend bankrupcy to anyone..it's gotten much harder to file for it. But you're never going to pay those debts making $25,000 a year. All of your money is going to interest. I'm not an expert, but this is a bad situation. Even a second job probably won't help you. Talk to a financial counselor and see what they say.
Is bankruptcy right for me?all that you will be saving is 20,000 b/c bankruot. will not dismiss your mortage, i would get another room mate or get a second job or find a job that pays 50,000 a yr.
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