Hello All,
I have made some extremely stupid decisions this past 2-3 years and it has left me in a huge hole that looks impossible to get out of and I am looking for advice or any suggestions on what to do.
I have been a gambling addict for the past 2-3 years and as of 2 weeks ago have finally confessed to this and I am now seeking help and have been free for 18 days now, this is my current financial situation:
| Creditor Name | Payment Due Date | Original Loan Amount | Current Balance | Monthly Payment | Percentage of Debt | Interest Rate | Loan Term (Months) |
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This is a breakdown of my monthly Living Expenses: Item: Monthly Expense
INCOME: $5,766.00 Monthly Take home pay. As you can see I have a total monthly debt/expenses of $7,437.92 with only an income of $5,766.00. I have $11,000.00 in savings, and I am debating between using this 11k to pay off some of this debt, but even if I do I still cannot meet the monthly min. payments. So I am also considering to stop all of the payments on my unsecured loans and save approx. $1,600 ea month and use this and the 11k as a potential settlement 6-9 months down the road once these accounts go to collections. My other option (I think) is to file for Chapter 13 Bankruptcy, but I'm not sure that I would qualify because of my income. Any help or suggestions would be greatly appreciated.
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