Should I file bankruptcy?

[theing]

What is the name of your state? Illinois

I have a good job paying about 85K a year but also slightly over 50K in credit card bills. I have a house with about 15K in equity, two junk cars, a mean wife, and a kid in reform school. I talked to a lawyer who said I may have trouble qualifying for a Chapter 7 because I still have some money left over after subtracting my expenses from my income. But those expenses don't include the credit card bills I'm stuck with, which are what puts me in the red.

Would either Chapter 7 or Chapter 13 make sense in my situation? If I do go the Chapter 13 route, would I have to pay all of the 53K in bills, and would I have to pay any interest on the debt? It's the interest that's killing me. What period of time would I have to pay back the debt, 5 years??? I don't want to make a mistake here.

 

[planner]

Try and re-run your expenses. Pull all the stops out, the biggest underestimates come in medical, house main. and car main.

Also, think of expense, buy a new car (keep it reasonable), join a health club, give more at church, buy life/disability insurance, get internet access, and marriage counseling.

You need to get your disposable income below $100 or negative.

Good luck.

 

[planner]

P.S. if you do go this route, get a different attorney. You don't want the old attorney questioning your motives.

Also, stop paying the creditors today.