Owe 127k; make 190k

Posters usually write in complete sentences when asking for advice, OP.

No private. Public. My kid spent K-12 with an IEP in MCPS. I hope yours can do the same. Your college-bound kids have a better chance of standing out in a crappy high school than a private when it comes to college admissions.

Community college then guaranteed transfer to state college. I know someone who did that who went on to get a graduate degree at Johns Hopkins.

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01/26/2024 14:11

Subject: Owe 127k; make 190k

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Anonymous

Anonymous wrote:
Posters usually write in complete sentences when asking for advice, OP.

No private. Public. My kid spent K-12 with an IEP in MCPS. I hope yours can do the same. Your college-bound kids have a better chance of standing out in a crappy high school than a private when it comes to college admissions.

Community college then guaranteed transfer to state college. I know someone who did that who went on to get a graduate degree at Johns Hopkins.

I don’t b/c I believe I will be recognized.-op

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01/26/2024 14:18

Subject: Owe 127k; make 190k

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Anonymous

What kind of debt is the 127k?

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01/26/2024 14:19

Subject: Owe 127k; make 190k

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Anonymous

Anonymous wrote:It's not bankruptcy, it's poor financial decisions.

+1.

Even if you were to file for bankruptcy, it would not solve your problems since you seem dead-set to continue to make bad financial decisions. You live beyond your means, but you contend that you will pay tuition for private high school and college.

First, you are moving to send your child to public school. That's a good start. You should sell the house, use the proceeds (if any) to pay off your debt. Rent, not own. Despite gaining equity, home ownership is a luxury and a drain on your finances. Everything from property tax to home maintenance and home care, (replacing appliances, decorations, updates, renovations) is a drain on your finances and your finances are not balanced between your income and your spending.

You should not plan to go back to private until you are living with positive cash flow, e.g. your monthly income exceeds your monthly expenses (including savings, emergency fund, transportation costs, housing and expenses costs, retirement savings) enough that you could save the full cost of annual tuition in less than one year.

You also need to take financial classes to learn how to budget and how to calculate what you can actually afford.

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01/26/2024 14:19

Subject: Owe 127k; make 190k

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Anonymous

Pay off the debt with the highest interest first.

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01/26/2024 14:25

Subject: Owe 127k; make 190k

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Anonymous

I’m confused.

Do you have credit card debt not listed?

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01/26/2024 14:25

Subject: Owe 127k; make 190k

quote

Anonymous

Anonymous wrote:

Anonymous wrote:It's not bankruptcy, it's poor financial decisions.

+1.

Even if you were to file for bankruptcy, it would not solve your problems since you seem dead-set to continue to make bad financial decisions. You live beyond your means, but you contend that you will pay tuition for private high school and college.

First, you are moving to send your child to public school. That's a good start. You should sell the house, use the proceeds (if any) to pay off your debt. Rent, not own. Despite gaining equity, home ownership is a luxury and a drain on your finances. Everything from property tax to home maintenance and home care, (replacing appliances, decorations, updates, renovations) is a drain on your finances and your finances are not balanced between your income and your spending.

You should not plan to go back to private until you are living with positive cash flow, e.g. your monthly income exceeds your monthly expenses (including savings, emergency fund, transportation costs, housing and expenses costs, retirement savings) enough that you could save the full cost of annual tuition in less than one year.

You also need to take financial classes to learn how to budget and how to calculate what you can actually afford.