Owe 127k; make 190k

[Anonymous]

Can you start over with the real numbers and using sentences? Where is the other 100k in debt? Is that 2 in private?

Definitely not bankruptcy

[Anonymous]

-Sell a car
-Take the metro
-Stop eating out
-Stop traveling
-Get rid of as many subscriptions as possible

You make a lot of money. You can do this.

[Anonymous]

Anonymous wrote:Can you start over with the real numbers and using sentences? Where is the other 100k in debt? Is that 2 in private?

Definitely not bankruptcy

Hello I have 127k in debt including
2 cars ; 1 in repo. 1 with 12500 owed
4800 mortgage total owed 642k.
Tuition ending in June 3800
29k to irs. on payment plan
5k to VA
The rest of debt is credit cards, medical, toll bills that I didn’t catch (eg 810 on a $8 toll).
Thank you.

[Anonymous]

Anonymous wrote:12 in private. Public next year will include a move.
Highschool will likely need private. College at 18/19.
Debt is 30k secured with repo /charged off car.
Owe 1200 on my car.
Mortgage 4800
Owe 640, house worth 670ish
Is this bankruptcy?

What kind of house is this? How many people live there? Sounds too big and too expensive. It would be for me and my income is higher than yours and my debt is much much lower.

[Anonymous]

Anonymous wrote:

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.

So don’t file and just pay off?

Yes. First, if you file for bankruptcy, you will not be able to afford private and you will be unlikely to be able to get financial aid for your child to attend private HS or college. Also, there are some types of debt that will not be dischargeable in bankrutcy and then you'll have given up all of your assets, have ruined your credit for the next 7 years and you will still be burdened with some forms of debt.

If OP sells the house, she can use the $30K or so proceeds to pay off the $30 revolving debt that she listed in the OP. Not sure where the additional $97K of debt is as OP does't write coherently or completely and doesn't seem to want to divulge that. I am assuming that from the way she's hiding it that the $97K is likely to be in categories that might make them non-dischargeable in bankruptcy and she will lose everything and still have those debts.

But OP needs to sell the house, use the funds to pay off the outstanding debt that she's identified, move to a cheaper area to live, use public schools, and learn to budget and live within her means. She's one of the millions who are living beyond their means, have little financial understanding of how to balance a household budget so that they live within their means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can you start over with the real numbers and using sentences? Where is the other 100k in debt? Is that 2 in private?

Definitely not bankruptcy

Hello I have 127k in debt including
2 cars ; 1 in repo. 1 with 12500 owed
4800 mortgage total owed 642k.
Tuition ending in June 3800
29k to irs. on payment plan
5k to VA
The rest of debt is credit cards, medical, toll bills that I didn’t catch (eg 810 on a $8 toll).
Thank you.

Just so you know, the almost $40K that I have bolded in your response is not dischargeable debt. That means that even if you declare bankruptcy, you will still owe that money after the bankruptcy. Your house, car and any other assets will be sold to pay off off the car debts, revolving debt (the CC, medical, toll bills). Your credit score will plunge, you will not be eligible for any credit cards, you child will no longer qualify for financial aid for either private or college and you will essentially rule out that your child can be accepted by any private school (because you would be too big a financial risk that you would not be able to pay the tuition).

So, bankruptcy would at best pay off 2/3 of your debt and leave you in a much worse financial situation than you currently are in. You need to find a different way to resolve the issues.

[Anonymous]

Any retirement savings?

[Anonymous]

Grow up and stop spending. You can pay that much

[Anonymous]

Anonymous wrote:

Anonymous wrote:12 in private. Public next year will include a move.
Highschool will likely need private. College at 18/19.
Debt is 30k secured with repo /charged off car.
Owe 1200 on my car.
Mortgage 4800
Owe 640, house worth 670ish
Is this bankruptcy?

What kind of house is this? How many people live there? Sounds too big and too expensive. It would be for me and my income is higher than yours and my debt is much much lower.

Yup---sell house, rent a 2 or 3 bedroom place for 2-2.5K, make it near a metro so you only need 1 car

[Anonymous]

Anonymous wrote:

Anonymous wrote:12 in private. Public next year will include a move.
Highschool will likely need private. College at 18/19.
Debt is 30k secured with repo /charged off car.
Owe 1200 on my car.
Mortgage 4800
Owe 640, house worth 670ish
Is this bankruptcy?

What kind of house is this? How many people live there? Sounds too big and too expensive. It would be for me and my income is higher than yours and my debt is much much lower.

One they cannnot afford. We make less no debt.

[Anonymous]

Step 1: don’t declare bankruptcy
Step 3: Start a TikTok where you document getting out of debt
Step 4: Profit

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can you start over with the real numbers and using sentences? Where is the other 100k in debt? Is that 2 in private?

Definitely not bankruptcy

Hello I have 127k in debt including
2 cars ; 1 in repo. 1 with 12500 owed
4800 mortgage total owed 642k.
Tuition ending in June 3800
29k to irs. on payment plan
5k to VA
The rest of debt is credit cards, medical, toll bills that I didn’t catch (eg 810 on a $8 toll).
Thank you.

Just so you know, the almost $40K that I have bolded in your response is not dischargeable debt. That means that even if you declare bankruptcy, you will still owe that money after the bankruptcy. Your house, car and any other assets will be sold to pay off off the car debts, revolving debt (the CC, medical, toll bills). Your credit score will plunge, you will not be eligible for any credit cards, you child will no longer qualify for financial aid for either private or college and you will essentially rule out that your child can be accepted by any private school (because you would be too big a financial risk that you would not be able to pay the tuition).

So, bankruptcy would at best pay off 2/3 of your debt and leave you in a much worse financial situation than you currently are in. You need to find a different way to resolve the issues.

OP should read this carefully three or four times. Declaring bankruptcy is a horrible idea given those non-dischargeable debts.

As for selling the house, I'm kind of torn. OP says they owe $642k on a house worth $670k. With only $28k in equity, OP won't have $30k in proceeds if they sell. They'd probably have to write a check at settlement. It might be worth it—$4800 is a lot to pay each month on OP's income—but OP would have to come up with more money to sell that house. It's kind of a nasty catch-22: OP is in debt in part because a mortgage payment they can't afford, but they may not have the money needed to sell the house.

I wish I had a good answer. OP, your financial situation is a mess. But bankruptcy is the absolute last resort.

[Anonymous]

What do you do can u earn more money that would help a lot maybe get a side hustle or four.

[Anonymous]

$4800 mortgage on $190k income? Did you have a higher HHI when you took out the mortgage?

[Anonymous]

Anonymous wrote:$4800 mortgage on $190k income? Did you have a higher HHI when you took out the mortgage?

No. It was a surprise to me. I thought payment would be closer to 3800, but with escrow , insurance (home ), and taxes I’m at 4800.
Previous rent was 4500 so I genuinely thought