have an offer, can make it work, ???

[Zoe Girl]

Okay I have an offer that I can pull off, make the lawsuit go away, and be cleared of the debt based on my current (very low) income. It feels good. I am double checking that I can pull it off 100% and will let them know in the morning. I basically will be paying 8% of the total and avoiding bankruptcy. Does anyone know what bankruptcy costs? I want to compare a little, but not having that total bomb on my credit in addition to the foreclosure is important to me.

Any feedback is welcome, I am over my 'it isn't fair' deal about the foreclosure, I checked out and they do have legal standing in this, and I think it is the last thing to move out of my way in moving forward.

[SteveinMN]

Does anyone know what bankruptcy costs?
The cost to file bankruptcy papers and such is infinitesimal -- maybe a couple hundred dollars, tops -- compared to what bankruptcy costs in the long run in higher loan rates, greater down payments required, a lousy credit score (which can affect your getting hired for some jobs), etc. If you can at all avoid it, you're better off.

[Zoe Girl]

Thank you Steve. I am considering a career switch to legal and financial areas and out of education in the next year if there is not a break in the situation I have had the last 5 years. The effect of bankruptcy could affect those career choices in my mind, maybe not a deal breaker but not a help either.

[awakenedsoul]

It sounds like you've found your answer. That's great. I agree that a career change would be positive, from the descriptions you've posted about your job. Wiping out debt really does open up the way to new opportunities.

[Zoebird]

I think if it is totally do-able, then do it. You'll feel better about yourself than going through the emotional challenge of bankruptcy.

[Zoe Girl]

Okay, I am still okay with this but I had my middle of the night 'what if this happens' reaction without an emergency fund really available. I do have some ways of getting funds but I also just had a hugely expensive month where I wasn;t paying attention. In any case, deep breath and moving onto good emergency fund building again.