Not sure what to do
Divorce has been constantly delayed. Paid attorney 15k. On top of temporary child support.
I’ve lost two jobs due to asking for time off to go to mediation, or court hearings that resulted in getting reset(so far 5 resets)
Credit cards are maxed out( 12k, 13k, and 1400 respectively) apr are 24%
My truck loan is 26k
I used credit cards to pay bills during unemployment.
My jobs pay pretty well but the divorce cost me two. I work in refineries, you can’t ask for time off. It’s really cut throat.
I can pay it off, but the divorce is bleeding me dry. I can’t keep burning bridges with jobs.
My credit was 780 last year and now it’s like 650, maybe 625.
I make 3-4k a week when I’m working, about 12k a month. However, there’s no work in the summers. Not until late August. Sooooo I’m deeply fucked. (These are the good jobs, and I haven’t taken them because it’s a bridge I don’t want to burn, instead I stayed local for jobs that paid 600-1200 a week)
I tried getting 0% debt transfer cards but I don’t qualify. Or bankruptcy but that will follow me for a long time.
If this post seems like a mess, that’s where I’m at mentally. I just need some help, point me in the right direction. Literally anything will help
Deeply in debt, ongoing divorce
byu/Relevant_Opening_910 inpersonalfinance
Posted by Relevant_Opening_910
3 Comments
Pay the smallest debt of first. Snowball the rest. Best of luck!
How much real equity in the truck? If it’s significant then selling the truck and getting a beater could really take the pressure off you for a while.
I mean, the equation for getting out of debt is to spend less than you make, and put the rest towards the debt as fast as possible. There’s really no other way around it. It seems you have a variable income, and you listed the debts, but is there any room in your spending to tighten the belt? Although the time to ask that probably would have been before the first maxed out credit card, not after the third.
And if you’re going to list fixed expenses and say there’s no way to reduce them, there’s *always* some way to reduce them. Live with a friend/family member, eat from food banks, sell your possessions. And if you’re not able to find refinery work, take *literally* any other job. If you’re a blue collar guy, look into landscaping or handyman work.
For the divorce, is whatever you’re holding out on or fighting for worth this much? If it’s custody or something that’s truly non-negotiable, can you cede ground in other places to speed the process up? You literally can’t afford to keep going on in the same way you’re currently operating.