MasConcepts Incorporated

Bankruptcy on 70k in debt

Im 30 and my wife is 30. We have 4 kids and one foster. I work full time and she stays at home with the kids. Over the last 2 years it seems I may have put us in a never ending cycle of taking loans to pay loans and never actually paying anything down. Also because I have a repo on my credit for 20k still owed and 14k in credit card debt from 2019 when I lost my job. The loans I can get are honestly stupid but I was just starting to see improvement in my credit. From 520 to 645 and didn’t want to default again on anything. I thought I had a handle on things. Put my 11k tax return for the last 2 years on my debt but cant seem to get out of the cycle with the internet rates on them. I have 21k in a repo. $35k in credit card and personal loan debt. 10k lean against a car i own. Also about 15k in medical debt.

I have 12 credit cards between me and my wife and 7 personal loan/pay day loans. Also mabey 13 different affirm accounts/upgrade. Im Currently current on everything but im at a point were i either take another massive loan out possible against my home of file bankruptcy. I also booked a cruise like 2 years ago and I plan to still go on it because its none refundable. $70 a month. Nothing crazy and I took a upgrade account out recently for another $800. I can pay that back next week from some side work that I did. Its not what’s drowning me. Its the crazy lines of credit that are. Ive worked a budget up with my wife and if all debts disappeared in a chapter 7 I know we could get back to a normal routine. I own my home in Florida and are car is worth like 2.5k at max. I would let the other go back unless I could get a better apr rate. Current is 36.4%. credit lines are 200%. 3.5k cost me $630 a month. Thats just one. What are some problems i could possibly face or battles? Im talking with a bankruptcy attorney on Wednesday more than likely I guess I’ll stop paying all debts starting this month for atleast 90 days from what I see. Mabey change my phone number so I dont get all these calls. Life took a little sharp turn a year ago. My job took my company car away so I had to drive to work in my personal car. The motor blew a few later and I got a cargo van with a loan for 2k and another loan for 1k for parts to fix it myself. Also had to start paying for gas and being 45 minutes from work came to about $200 a month extra. Then because of some back contractor work on my home i had to get a lawyer and cant use my ac system. Had to buy 5 windows units for my home. One for each of the kids and living room. Me and my wife go without. That was 1.2k Affirm loan. My power bill went from $120 to $300-450. I also have had to get space heaters for my home for the winter. So between the loans for the car, the ac, gas and power along with everything else going on it started to spiral out of control and I cant get ahead. Not to mention haveing to get 4 kids new clothes for school. Even going to resale events and thrift stores are expensive. With have no extra money I took another loan out. and another. Never tried to fraud the system and I was happy because I September this year all my credit cards for 2019 would fall off my credit. Is bankruptcy the best option or just stop paying everything and let the companies do what they want or bankruptcy for a fresh start. I make 65k a year. idk if that matters. Or debt settlement company.