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NBAFan71 t1_je4cspl wrote

That mortgage is way too high for that income level. Assuming you have had that for more than a year you are probably financing like 600-650k depending on rate and escrow and down payment. That suggests you financed 5-6x your annual salary in house.

It might not sound like fun but downsizing to a smaller house is probably a strong option especially if you have some equity in it that you can use to pay bills.

You also own the car free and clear. You can get a loan on that at a much lower rate and pay off the cc debt. That should get you some more affordable payments.

Bankruptcy at your income level isn’t going to get you much relief. Just a 5 year repayment plan that is still pretty onerous. You aren’t going to just wipe out that debt for free.

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Obv_thrownaway111 OP t1_je8bi5b wrote

I originally had about 100k in equity but once I foresaw issues, did a equity refinance and removed my wife from the mortgage. At that time, with whatever I had in debt, it was affordable. Things just piled after unforeseen expenses.

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innkeeper_77 t1_je606yt wrote

We have a smaller mortgage by hundreds of dollars a month, and larger income of over 10k/mo total- And it’s STILL way too tight and was probably a bad idea.

How many years are left on it? If that’s a relatively new 30 year, yes, people are right and you need to downsize.

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