I’m NOT a numbers person.
I get diZZy just looking at that image.
Which is probably why I’m in financial hell right now and for the next four & half years. Actually, add a couple more years for the BK to actually drop off my Credit Report. I think it drops in 7 years, after filing date.
I’m going to share some rough numbers because I thought of something last night. I know, frightening!
But here are my thoughts.
I am discharging approximately $87,000 total. Roughly.
$87,000 / by 5 years = $17,400.
So I am discharging (if successful, that amount of debt EVERY YEAR!)
Now, I thought to myself… hmmm… that means:
$17,400 / by 2 = $8,700 (one year / 2)
That means that I have gotten out of debt by $8,700, in the last six months.
This does not include my payment to the trustee which comes nowhere close to this number.
Looking at the decision I made to go into a Chapter 13 now looks like the right one. There is no way I could pay down my debt any other way, because there is that sneaky INTEREST. It would have taken me years and years.
With retirement looming and a teenager growing, there is just no other out!
I think I did the right thing. Today I think I did. But we know what an emotional roller coaster this is.
Bankruptcy is not for wussies!