as a pGY2 with a 590 credit score (due to debt to income ratio) who is unable to secure a mortgage without huge money down--- my monthly credit card debt of 43,000 dollars is around 1200 dollars a month, and killing me. Would it be suicide to do a bankruptcy chapter 7 on the credit so that I can try and have a life. In 3 years post residency - how bad would this hurt me?
Bankruptcy is the last way out. Do not, and I repeat, do not, under any circumstance file bankruptcy unless you have no other way out.
I could list all the things that you need to be aware of if you ever file bankruptcy, but a quick google search can probably do a little better.
Anyhow, look for other ways to solve your problem.
Here is a little of my unsolicited advice. **Warning** This is general. It may or may not apply to your situation.
1. Cut up all those credit cards if you haven't already.
2. Reorganize your finances, find a way to cut all the cost you don't need....like that cup of starbucks every morning.
3. Try to consolidate all those card. (Even if it means taking all those amount to a new card that will offer a little lower intro or overall APR)
4. If that does not work, call the credit card companies (or send a letter). Let them know of your situation and see if you can arrange a lower monthly payment so you can pay off your debt. Please do the math first. Work out a way to pay it off in 10, 15, or 20 years and show them you did your homework. The company will always be glad to receive their money, and not have to worry about sending your account to a collection agency.
5. If you're lazy, call a company. Most of them are scam, and will charge you a huge interest to do the work for you. Some of them are helpful though.
6. Run away from America. Hopefully to a country that doesn't extradite to the US.
I never proof read this, plus it's a Saturday night, I'm stuck in the house rather than enjoying myself, and oh yea, I'm drunk. Take whatever I say with a grain of salt.
