$8,700.00 Down in 6 Months

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!  Winking smile

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!  Winking smile


4 thoughts on “$8,700.00 Down in 6 Months

  1. And that is why bankruptcy exists – to enable people to go through a few hellish years to wipe the slate clean.

    If you had to pay $87,000 back at 6% interest, over five years, you would be paying almost $1,700 per month.

    • Not that hellish is a good thing for you, but the basic thought is that you do your absolute best, then the slate is clean.

      • $1700.00!!! That would have been impossible, that is another great perspective.
        I have learned so much in the last year, I’m getting better all the time at budgeting. I am determined to make this plan work! Even if a bit hellish (cause yes it can be!) at times, 🙂

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