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all right i stumbled upon this forum and it seems like the only thing out there that isn't trying to sell me something. my wife and i are strongly considering filing chapter 7. im going to do my best to spell out our major debts and income.
our combined yearly income is aprox 70k of which we actually see aprox 50k a year due to health insurance 401k union dues and taxes. my monthly income changes month to month being im in a seasonal sales type business i make awesome money in the spring and summer and very little in the fall winter.
our monthly bills that we currently pay
2 car payments aprox 700
rent 650
utilites 300
insurance 120
cable internet 150
food 500
entertainment 300
gas 500
cell phones 120
student loans 200
this is just a rough budget my wife is better with watching the finances than i am. heres why we are considering chapter 7 due to the relatively decent income for a small midwest town.
medical bills roughly 1.2 million (i had a horrific car wreck about 4 years ago and didn't have health insurance 28 days in a coma and 4 surgeries and a helicopter ride add up quick) that amount is the lowered amount i was sent to a for profit hospital and the actual total was in excess of 4 million.
credit cards aprox 8k
judgements aprox 14k (this is due in part to some shady legal advice i got from a lawyer following my car accident)
misc. stuff 10k (ie had a repo, broke an apartment lease, didn't complete cell phone contract)
all this has left us with credit scores from the high 400's for me to the low 500's for her. im not seeing where we could honestly pay down over a million in medical bills in any amount of time and maintain any quality of life. the hospital doesn't bill 1.2 in one large bill they bill 30k for helicopter, 90k for this 18k for that and so on and so on its actually about 100 different "creditors" nailing my credit every month. the credit cards are very old in the 5-6 year old range and the judgements they aren't going anywhere ever. we are at the mind set that we can pay our bills comfortably with some left over but the hope of home ownership is just impossible with so much debt. and if we just file chapter 7 it will all be whiped clear and it would give us a head start on rebuilding our credit. we know chapter 13 is looked upon more favorably then chapter 7 but in my line of work i will bring home 1200 a week in the summer and in the winter am lucky to bring in 600. so theres alot of stashing cash in the summer so that we can eat in the winter. im honestly looking for some unbiased advice both of our families are of the mindset hindsite is 20/20 and i shouldn't had been speeding down a gravel road.
our combined yearly income is aprox 70k of which we actually see aprox 50k a year due to health insurance 401k union dues and taxes. my monthly income changes month to month being im in a seasonal sales type business i make awesome money in the spring and summer and very little in the fall winter.
our monthly bills that we currently pay
2 car payments aprox 700
rent 650
utilites 300
insurance 120
cable internet 150
food 500
entertainment 300
gas 500
cell phones 120
student loans 200
this is just a rough budget my wife is better with watching the finances than i am. heres why we are considering chapter 7 due to the relatively decent income for a small midwest town.
medical bills roughly 1.2 million (i had a horrific car wreck about 4 years ago and didn't have health insurance 28 days in a coma and 4 surgeries and a helicopter ride add up quick) that amount is the lowered amount i was sent to a for profit hospital and the actual total was in excess of 4 million.
credit cards aprox 8k
judgements aprox 14k (this is due in part to some shady legal advice i got from a lawyer following my car accident)
misc. stuff 10k (ie had a repo, broke an apartment lease, didn't complete cell phone contract)
all this has left us with credit scores from the high 400's for me to the low 500's for her. im not seeing where we could honestly pay down over a million in medical bills in any amount of time and maintain any quality of life. the hospital doesn't bill 1.2 in one large bill they bill 30k for helicopter, 90k for this 18k for that and so on and so on its actually about 100 different "creditors" nailing my credit every month. the credit cards are very old in the 5-6 year old range and the judgements they aren't going anywhere ever. we are at the mind set that we can pay our bills comfortably with some left over but the hope of home ownership is just impossible with so much debt. and if we just file chapter 7 it will all be whiped clear and it would give us a head start on rebuilding our credit. we know chapter 13 is looked upon more favorably then chapter 7 but in my line of work i will bring home 1200 a week in the summer and in the winter am lucky to bring in 600. so theres alot of stashing cash in the summer so that we can eat in the winter. im honestly looking for some unbiased advice both of our families are of the mindset hindsite is 20/20 and i shouldn't had been speeding down a gravel road.
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