I’ve been trying to avoid it but I think time has run out. Between the rising cost of living and being in a dead end job, and being unable to find a second, I’m out of options. Here’s my situation:
Total Unsecured Debts: $50,136
PL#1 – $20,440 (4 years left on the term)
PL#2 – $16,300 (4 years left on the term)
CC#1 – $4243 (12%)
CC#2 – $1876 (17%)
CC#3 – $7318 (0% through 03/2027)
Tax Debt: $7200
Minimum monthly payments are currently $1275/month. Car payment is $533, still owe $20k, KBB is $15,000-$17,000. So I’m underwater there.
In PA and median is $72230. I’m over median by $10k, so I likely won’t qualify for Ch7. My plan was to ride out the two PLs and use my annual bonus to pay off CC#3 at the end of the promo, and continue to use subsequent bonuses in this manner (I know, they’re not guaranteed) However, CC#1 isn’t coming down at all due to increased medical expenses. I began vetting attorneys about a year ago and the consensus seemed to be 100% repayment around $1700/mos, which scared me away from Ch13. But I don’t think I can dodge the inevitable anymore. My paychecks seem to be shrinking and I just learned that our benefits will increase in 2027
submitted by /u/Top-Chemistry5775
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