Reply to Owe 127k; make 190k

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Reply to "Owe 127k; make 190k"

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[quote=Anonymous][quote=Anonymous]It's not bankruptcy, it's poor financial decisions. [/quote]

+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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