Should we file for bankruptcy? - r/personalfinance

The answer is yes btw.

Current gross income: 68k Projected gross income (Starting Jan '24): 118k This huge jump would be provided by a 16% pay raise and about 25 extra hours per week.

OP said they were making $100k until March. Bought a new construction for $586k (88k down) 11 months ago in LV. Paid for a bunch of upgrades. Zestimate says it's worth $522k and mortgage is currently $503k. Also of note is that he referred to the $88k as their savings, but in another post says it's proceeds from a previous home sale. Peak poor mentality.

Not counting our consumer debt, our monthly budget is as follows:

Mortgage-$3,403

HOA-$138

Utilities-$188

Groceries-$1,000

Life Insurance-$95

Auto Insurance-$380

Internet-$93

Cable-$100

Solar-$201

Our consumer debt, with minimum payments are:

Chase (20.24%)-$1,288.86 ($129/month)

Best Buy (0% until July 2024)-$2,150.58 ($35/month)

Credit Union (18%)-$2,701.92 ($68/month)

Wells Fargo (0% until April 2024)-$2,885.86 ($147/month)

Fortiva (0% until March 2028)-3,733.32 ($67/month)

BofA (0% until Feb 2025)-$5,128 ($51/month) A

Amex (7.99% until April 2026)-$7,761.67 ($263/month)

Chase (20.24%)-$10,136.02 ($385/month)

Amex (7.99% until April 2026)-$12,672.53 ($430/month)

Citi (0% until March 2025)-$15,988.07 ($160/month)

Personal Loan (17.24%)-$19,653.63 ($503/month)

Auto Loan (3.79%)-$36,160.77 (549/month)

Wife doesn't appear to work, and MIL is a leech. OP is still posting but it seems like they bought it planning on the MIL paying rent and she basically said frick that.

My mother-in-law (67) has stayed with us since the end of 2020 and we agreed her monthly rent would be $1,100 for 24 months. She still owes us a total of $11,500 (11 months x $1,100), but her workers comp ended, so her monthly income went from $4,800 to $1,800. She hasn't paid anything since January 2022. We recently told her that we needed financial help and she reluctantly stated that she'll have to look for a job. I blocked her IG page, because after constantly seeing her going out (concerts, eating...) and new hair-do's every month, I'm starting to resent her. Not surprisingly, my wife doesn't feel the same. And because of that, the saying "I can do bad by myself" has crossed my mind more than I would like.

Don't worry though, he has another transfer card.

We were also just approved for another 0% transfer card with a 15k limit.

I think a lot of posters are thrown off by his terrible formatting because the responses aren't overwhelming "yes file for bankruptcy".