I’ll go from fully funding my 401k, a decent savings, and paying off debt to not being able to pay my debt. My first paycheck with the diminished pay will be in July. I’ll be pursuing chapter 13 because I don’t want to lose my house as my equity is higher than allowed in Indiana to keep in chapter 7.
From what I understand, they look at your finances 6 months to determine eligibility and how much you can afford to pay off unsecured debt in 3-5 years.
I’ve got home repairs and car repairs needed that I was planning to start this summer. I’m currently non benefitted and just had my fourth child. I took a month off. Paying for the csection and being off (no pto) has emptied my savings (~20k).
If I were to use my available credit to fix my home and car issues and was able to wait 6 months or so before I started proceeding with bankruptcy, will I get in trouble? If I don’t, I’ll have real issues in the coming years with my house and car while I’m repaying. I don’t really see a choice.
submitted by /u/Accomplished-Sun-920
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