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WorstPapaGamer t1_iya0jpc wrote

Reply to comment by MinistryofTruthAgent in Help! Drowning in debt. by nah_just_ocd

That was my initial concern with bankruptcy. Where do you live for 7 years?

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MinistryofTruthAgent t1_iya19xg wrote

Yeah. I see a ton of people telling OP to declare bankruptcy. Bankruptcy is the Nuclear Option. Yours going to be hell those years.

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MikeWPhilly t1_iyaa0bz wrote

Yep no disagreement. That it’s nuclear. Which is why the specialist. He is at nuclear territory. his monthly interest is basically 33% of his net. He’s at nuclear territory the real question is how to structure everything. I know what SF costs to live, I haven’t seen a budget yet but reality is I doubt he is even paying his interest per month. This means his debt is increasing….

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Upstairs_Ant3694 t1_iyacivi wrote

It really depends on a few factors. Could be hell going through bankruptcy, but it's not going to be easy paying down that debt over years and years either. Bankruptcy may be the faster route to a positive net worth.

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spoink74 t1_iyavygv wrote

7 years is not that long of a time. Bankruptcy is the answer here. Then for goodness sakes do not do it again.

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