Would it be smart to eventually file for bankruptcy?
I am 26, have been living in my car for the last year and a half traveling the country, and do gig work. I’ll try to make it short and with bullet points
Bought Kia forte July 2024 been doing gig work ever since Even at that point I could hardly get a credit card and my credit score (actual not the ones you would see on credit karma) was something ridiculous like 550 due to not paying a gym like $200 and a bike from affirm like $200 nothing even crazy at all. Had a payday loan but made all the payments up to that point for about a year. Got car 28k owed with 11% APR. I pay $486/month on it. After 2 years I still owe 23k. I realize I will never come out on top. Car has 80k miles now, getting scared something may happen but that paranoia will always be there regardless
Have 21k saved No rent, credit card payments equal $100/month give or take Making 5.5k -6.5k/month When gas was lower I was saving like $1,000/week after expenses now maybe $700
My credit was already screwed even before, I’ve been living in my damn car and I don’t want to settle down ever really because every time I do I just get stuck in bad situations I need the freedom to go wherever and whenever at least for a while longer maybe even a couple years
So why am I paying $500/month on a damn car that I know I’m not going to come out on top of?
I have 21k and hopefully praying that I have a good amount more before anything were to happen but if it does, even now? Should I just file for bankruptcy? Why give in to a system that has me living in my car just to save up? Why get myself stuck somewhere to fix my credit that was screwed before I ever got a credit card anyway?