74 weeks and I have done some calculating
Find a Conversation
|Thu, 09-20-2012 - 10:32am|
Well with only 74 weeks left in our Chapter 13 Bankruptcy payments I'm beginning to see what the ending balance is going to look like. Even though we will walk away with a balance still owed on the unsecured debt, I'm having a feeling of guilt. Our beginning balance was $125,995. Our current balance is $64,267.08. With 74 weeks @ $518. left to pay, our approx. $38566. that will leave us walking away from the unsecured debt (6 credit cards and the balance due on a surrendered vehicle) of approx. $26,000.00, give or take for the interest that we are paying on the two vehicles now. I did not run an amortization schedule to see the exact amount because I never know the exact date the payment is made.
Anyway the moral of my post is we will pay back around $100,000 in five years and walk away from $26,000 in debt. I feel somewhat guilty.....but then I think about all the people that DO NOT fill bankruptcy and simply call up the credit card companies and ask to settle up for a lump sum payment. What's the difference? They are walking away, sometimes paying only 60 - 70% of the balance. Walking away from paying a debt is hard for me to do. It really bothers me deep down inside. I used the money for purchases, be it food, clothing or whatever, and a debt is a debt. Will this both me the rest of my life that I walk away from this? How do I tell myself to let it go? Guess I need some words of wisdom.......