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.
NBAFan71 t1_je4cspl wrote
Reply to Is it time for bankruptcy? by Obv_thrownaway111
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.