No. of Recommendations: 10
$ 965 mandatory expenses/month (these are bare bone)

monthly pay after deductions a little over $2000


It appears that you have roughly $1000 per month that can be applied to your debt. Given that, I cannot see how you feel you will never pay this debt off. Unless of course you are spending that $1000 on things other than debt repayment.

Where is that additional $1000 currently going every month?

Again, you need to do whatever you feel is right for your situation but I truly get the impression that you are looking for approval from other people that it is acceptable to file BK. IMHO, you are looking to take the easy way out and not take responsibility for your obligations. I personally cannot condone that, particularly since it appears as if you would be able to pay this debt off without too much trouble.

Yes it will take years to pay it off but welcome to the world of inappropriate credit use. It is time to admit the mistakes that you have made and now work your way to paying them off. Unless there is more to your situation, I cannot see how it is as dire as you make it sound.

dt
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement