Holding off on bankruptcy till end of May
I wrote that last post right after I got off the phone with the DR counselor. I was really pumped up from being told I was doing all the right things as far as working the plan goes and that I am making progress on the front end of my debt snowball.
The adrenaline rush had me quite optimistic for a little while.
The rush is over and reality has settled back in. I don’t have a big enough shovel, period. Not looking at that fact doesn’t change it. I can spend a ton of years and money paying back astronomical amounts of debt that will be more interest and fee charges than principal by the time I pay it off. The banking industry does not deserve my hard-earned money to pad its profits. I’ve paid back a significant amount of the original principal I borrowed. I dug that out and added it up after I found all my old paperwork.
I’m waiting to hear from my accountant about any tax implications of Chapter 7 bankruptcy. I’m holding off until the end of the month because my students have final exams through May 21. I get a lot of tutoring hours during finals and sometimes those hours are really wacky depending on each school’s schedule. I tutor mostly private school students, so schedules vary all over the ballpark. I can get some 10-12 hour days in.
Bankruptcy filing will mean I have to spend some time working through the process and I don’t want to miss any tutoring hours or have to decline any students because of a court date or attorney appointments. I can schedule an appointment with my attorney the last week of this month. School will be out and my tutoring schedule will either disappear or decline significantly.
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