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Thinking of filing Ch. 7


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Hey guys I have been on and off the forums for some time trying to get my credit up to date and better but that hasn't happened.

Most of last year and the first part of this year have been very rough. Im barely able to pay for my necessities.

To start off Im a young (23) single father and although I dont have the amount of debt I have seen posted from other I still have more than I can handle.

I looked at my cr and have a total of 20,279 in debt of which 18531 is my truck. so that leave 1750 for revolving debt. But I also have another 5k in collections and closed accts. I also have a judgment that has just been served to me on 4/3/09 for 5k. So that gives me a grand total of a little over 30k for everything.

My question is should I just go ahead and file bk? Ive tried numerous time to try to make payments to a separate bank acct. to put away to send to creditors but every time I get close enough to pay one off something happens to where I need the money! I cant even make my truck payment anymore.

Any advice would greatly be appreciated!!

Thanks All!

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I would say no, but your truck seems to be hanging around you like a millstone.

You should probably file because of the truck.

The judgment also gives me concern. While you are probably uncollectable, you can wipe the judgment clean with a BK filing.

I give you this advice as long as you don't have any assets that are not EXEMPT from taking.

Just as a tip, I blew the engine and transmission on my 1/2 ton Chevy Silverado I use for snow plowing last year. (during winter of course!) I had bad credit, and needed a truck to snow plow my business and found a much better 3/4 ton dodge Ram on the gsa.gov web site for $4000. The kicker is: I bought my previous 1/2 ton truck for $13,000 used from a dealer and it was a big piece of junk.

Yes, the 3/4 ton Dodge Ram is an ugly lime green USDA Forest Service surplus color, but every truck owner in town is jealous over what I paid vs. what they paid for their truck to snow plow with. This truck would have easily been $14,000 USED from an auto dealer around here.

There is no need to spend what you did spend on a truck, given your situation.

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It is a very small amount to file over. Do you have income? It sounds like you do. You probably won't like this advice, but you'll be better off selling that truck and buying a beater. The cash that gets sucked up by that truck is killing you.

At 23, I thought I was cool with a new expensive car. By 26 I was broke, sold my vehicle and bought a beater. By 31 I own two homes and have the ability to pay cash for any vehicle I want with what's in my checking account. And guess what? I still drive the beater I bought when I was 26 and have no plans of giving it up. Had someone with a bit of experience explained this to me when I was 23, life would have been so much easier.

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