pay off bankruptcy early
should i file bankruptcy or pay off the debt?
married couple. both are 38. we have a child due in June.
We live in Vegas and want to move and get an affordable home. We do not own real estate. She has $5k and I have $20k in debt, both accounts are in collections. The only asset we have is 55,000 in a retirement account.
I filed Chapter 7 in 99. My current income as insurance and financial advisor is too high for 7 here in Vegas. Right now it is around $45k but can get much higher.
A chapter 13 concerns me because of the 3 years of payments, its effect on my credit and potential to get another good job should we move, and we may not be able to get a house should we move.
I could liquidate the retirement and pay off the debt and have about $10k left after taxes and early withdrawl penalties. This would also include the tax liability for the $19k I took from my account last year.
As a financial advisor, I know that the withdrawl we took last year was stupid.
MOM is giving me 50K for home purchase.
BK or pay?
if you’re in debt, i suggest you take a look at this site. just fill out the form and take it from there.
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