Hi all. My income is variable. Last year I grossed about $90k, but net profit was only about $32k. I work in music, so most of the rest went to paying other musicians, workers, and multiple expenses.
Before this I had a full-time job in another field. Within two years I went through a divorce (2023), a layoff (2024), and a back injury, and ended up in a bad financial spot.
My debt (about $135k):
- ~$80k credit cards. About $20k of that is 0% financing on music gear.
- $24k SBA EIDL loan
- ~$17k car loan. I’m current and want to keep the car.
- ~$6k owed on my 2025 taxes (filing soon)
I’ve been living with family for about two years. Four of us share an apartment.
I’ve stayed optimistic that I could work my way out, but I’m hitting a wall. I just got off the phone with a bankruptcy attorney. Based on his questions, he said Chapter 7 isn’t doable because of the combined household income and because most of my debt isn’t business debt. I’ve read the Chapter 13 posts here and it sounds miserable.
My question: how crazy would it be to keep paying the 0% cards, stop paying the rest, and wait to settle once the banks act?
The cards I’d stop paying, rounded:
$13 – blue credit card company, two word name. $800 minimum, because of plans I put on it. I could even consider just stopping this one.
$12k – blue octagon logo
$7k – logo with the American flag
$5k – blue octagon, Amazon card
$4k – red boomerang logo
$4k – business card, blue, two-word name
$2k – red logo, two words
$1k – business card, blue octagon logo
$1k – airline card, blue octagon logo
$1k – red boomerang logo
$1k – phone company card
Also: is it normal for a roommate or family household’s income to block Chapter 7 when I only pay rent and split bills? Should I get a second opinion?
Thanks for any experience.
submitted by /u/gsthnmy
[link] [comments]