My partner and I have already met with an attorney and will be filing for chapter 13 soon. We were hopeful we’d be able to file chapter 7 since our income is below the threshold for Texas for a family of four but after calculating expenses, we have too much disposable income. We most likely won’t be on a 100% plan. Our total debt is about $230k (mostly consumer debt but also student loans, attorney fees, and estimating trustee fees).
We’ve been drowning for the last two years and this is the only way we see of getting through it. What scares me the most is having a huge unexpected expense (since we have two children under 5) and us not being able to afford it since we won’t be able to save at all. Add to that the fact that we likely won’t be able to purchase a home for a very long time and it just gets worse.
I guess I don’t have an actual question, mostly just looking for some encouragement. We know this is what we have to do but it feels so scary to think about something going very wrong in the next 5 years that would hurt us even more than we are hurting right now.
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