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Go bankrupt or pay and suffer

Say you owe 50k in credit, 40k on cars, and 125k in tax. You`re willing to do away with the cars and have other transportation, but the value vs. the balance makes it difficult to sell one and impossible to sell the other for at least the payoff. With 2 full time jobs that you hate, you still come up short each month by 300 and that`s with reduced payments on the credit and Uncle Sam giving you a break too by allowing a 500/mo payment. It`s bad enough that you work 80hrs per week and don`t get to enjoy any of the money for yourself, but at minimum payments on credit debt, it could take 7yrs to payoff debt and 10yrs isn`t out of the question considering what could go wrong. How long could you keep this kind of schedule going anyway before you crack and is it worth it? You have to take care of home and Uncle Sam...no options there, but should you bankrupt the rest? Like I said it`s going to take you 10 years to pay it off anyway and that`s if you keep the two full time jobs and get all the other breaks to go your way. If you go bankrupt, it will show for 10 years on your credit, but during that time you can begin to rebuild it with any extra money you get, but at least you aren`t stuck in a mandatory work to make payments you can`t afford situation. Credit,debt,finance folks...talk to me.
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Comments
Second, If you knew you didn`t have the money? Why spend what you don`t have? Credit Cards are what I call "Giving my money away Card" I`ve learned that if I can`t afford it, I simply don`t buy it. I keep a credit Card around to make some business payments, but again I make sure I have the money available or that I can at least pay the bill without sacrificing my family, I have 2 children, that want everything and if you ask me, I`d rather spend the 6.9% interest rate [the money] on my children than making Credit Card Companies Rich.
As for the cars, well get rid of them there is always public transportation.
Honestly, you set yourself up to your financial situation. My advice is to pay it off and suffer, since bankruptcy laws are very strict and no matter if you bankrupt, you will still be liable for the debt. I think they defer the payments or cut the interest..
Have you ever considered debt consolidation? I have someone that does that...