Good news is I make 60 grand a year. Up to 65 grand if I get a lot of overtime.

Bad news is I had to take out a lot of loans to get there.

140,000 dollars in private student loan debt.
70,000 dollars in federal student loan debt.
35,000 dollars in credit card debt.

Altogether they want about 2800 a month, which is about 70 percent of my take home pay. I convinced my student loan company to let me pay back the loans over a longer period on a graduated scale and got the payments reduced a little so now I’m only paying 2100 dollars a month on all of my debt. But that’s still over half of what I make and I can barely live a normal life.

What should I do? No one will refinance me at a lower rate because I’m such a high risk option with all of this debt. But I’ve heard that a bankruptcy court will crucify me because I make too much money, even though I’m barely scraping by because of all the payments. Help!

Technorati Tags: bad news, bankruptcy court, credit card debt, federal student loan, high risk, loans, much money, overtime, private student, risk option, student loan company, student loan debt

After three years of trying to avoid bankruptcy, it looks like my wife and I need to do it. Our combined gross income appears to be over the chapter 7 K limit because I had a lot of overtime this summer. Now that I’m down to 40 hours or less, there is no way to meet our payments. Chapter 13 is so expensive itself, it doesn’t look like a real option. What else can we do?

Technorati Tags: bankruptcy, chapter 13, chapter 7, gross income, overtime, real option

Last year my company did away with all overtime. Since then I have been using my savings to pay my credit cards and such and now that it is depleted I am starting to fall behind. How soon should I seek the advice of a lawyer for bankrupcy. I don’t see my company reinstating any type of overtime.

Technorati Tags: bankrupcy, credit cards, lawyer, overtime