Thinking bankruptcy is my only out at this point

Thinking bankruptcy is my only out at this point

budgetingTotal honesty here.

I stopped paying on my credit card last July. I was borrowing from Peter to pay Paul, had maxed everything out and was up against the wall. I sent them all letters telling them that I was not able to pay them at this time (DR letter from the book). I took DR’s class (just finished) and although I learned a lot on how to go forward, I not sure how to repair the past. I am getting a small income tax check back and called the credit cards last night and offer them 20 cents on the dollar. Several got real ugly, some just flat said no way, others said they would take nothing less than 55 cents on the dollar (Citibank). I am also one month behind on the mortgage. I was two but have made the extra one up. I bring in 2000.00 per month plus 600.00 child support.

Here’s where I’m at. The ‘was’ is what I owed when I stopped paying, the ‘is’ it what I owe now with late fees, over the limit fees etc.

I know I spent the money, I know I owe them. I’m trying to figure out how to make a bad situation better. This is my budget each month.

  • Mortgage 786.00 renting is not cheaper, I have checked several times
  • electic 100.00
  • Gas-car 150.00 I drive -65 miles. Car pooling-I drive every other week
  • Walmart 200.00 grocery, soap, clothing etc
  • House ins 60.00
  • Life ins 36.00
  • Car ins 25.00 liability only
  • Health ins 287.00 family coverage, high deductable, no maternity
  • Phone 30.00
  • Tythe 235.00
  • Dance 34.00 for my daughter
  • Water 50.00
  • Daycare 600.00

Please help if you can. I’m about ready to take my tax check and file bankruptcy and go forward from here.